Dear Aware Super Team,
As we talked about with an advisor recently, I may be eligible to set up a transition-to-retirement account. The contract I had this year with the Department of Education was temporary, and my income will end at the end of January next year.
With no future employment, I want to put some of the amount I am allowed to withdraw at the age of 60 into my mortgage with a buffer to pay bills when casual work does not come in.
However, I do not see a link to set this account up. Could you please advise where to set this up? I am 60 in a week.
Dear Aware Super Team,
As we talked about with an advisor recently, I may be eligible to set up a transition-to-retirement account. The contract I had this year with the Department of Education was temporary, and my income will end at the end of January next year.
With no future employment, I want to put some of the amount I am allowed to withdraw at the age of 60 into my mortgage with a buffer to pay bills when casual work does not come in.
However, I do not see a link to set this account up. Could you please advise where to set this up? I am 60 in a week.
Dear Aware Super Team,
I may be eligible to set up a transition-to-retirement account. The contract I had this year with the Department of Education was temporary, and my income will end at the end of January next year.
With no future employment, I want to put some of the amount I am allowed to withdraw at the age of 60 into my mortgage with a buffer to pay bills when casual work does not come in. Doday next week?es anyone know if the link will appear after my birthday next week?
I require an email address for aware super Australia. Can anyone help?
After our last interview with our Aware financial adviser it appeared that this service was being discontinued i.e. no financial advice and no yearly interview. This is disturbing in that circumstances arise where advice is needed. I also got the impression that should one ask for a meeting the fee would be excessive. A phone call to the office doesn't really cut it when large amounts of money are involved. Can anyone clarify this situation for me?
Aware Finance and Aware Super were fined $20million on 17th February this year for systematic and serious breaches ie $50million charged to customers for no service. It is listed on Google. They have 18 years to pay this fine
Thank you
Members pay the fine...not the fund. Super funds have sneakily applied to the Courts to allow them to recoup fines from members funds.
Please send account balance for centre link purposes
on its way right now.
Not received yet!!! Hurry up!
What are your thoughts on their insurance? It seems unfair. These are the conditions in basic terms: 1)If your health changes (obviously for the worse), they reserve the right to cancel the insurance. 2) If you make a claim, after paying the claim, they reserve the right to cancel the insurance. 3) If your employment changes (with any increase in risk factors) they reserve the right to cancel the insurance. Has anyone had any issues with a claim or cancellation?
Hi JAK, at Aware Super your death and, if applicable, TPD cover will cease in the event that your membership with Aware Super ceases or if there is not enough money in your account to cover the cost of your cover or unless you made an election. Your cover may also cease if your account becomes inactive for a continuous period of 16 months or more or you reach age 70 (or 69 in the case of terminal illness cover); or you die. If a terminal illness or TPD benefit is paid for your full cover under the policy or if you have any residual death cover after payment of a terminal illness or TPD benefit, the date this residual death cover is paid for you under the policy your policy will cease. Also, if you commence military service (other than in the Australian Armed Forces Reserve if you are not on active duty outside Australia) or if we receive your request to cancel your cover, your cover will cease. Please refer to our member booklet supplement- Insurance (https://aware.com.au/content/dam/ftc/digital/pdfs/member/pds/mbs/MBS_InsuranceES.pdf) for more information regarding the insurance options we provide to our members. We hope the above information has been helpful. Thanks, Veena.
So Veena, basically are my above 3 points are incorrect, depending on the conditions you mentioned? YES or NO. The 3 points I mentioned above are the takeaways from your PDS, but of course it is very wordy and confusing. Hence I am asking you directly. For me to clearly understand & make the best decision can you just reply "YES" or "NO" to the each following questions:
1) Do you cancel the insurance when : - "membership with Aware Super ceases or if there is not enough money in your account to cover the cost of your cover or unless you made an election"? YES or NO
- my "account becomes inactive for a continuous period of 16 months or more or you reach age 70 (or 69 in the case of terminal illness cover); or you die"? YES or NO
- "terminal illness or TPD benefit is paid for your full cover under the policy or if you have any residual death cover after payment of a terminal illness or TPD benefit, the date this residual death cover is paid for?" YES or NO
- I "commence military service (other than in the Australian Armed Forces Reserve if you are not on active duty outside Australia) or if we receive your request to cancel your cover?" YES or NO
Hi JAK, thank you for your follow up message regarding the insurance cover available through your Aware super account. As everyone’s situation is different and where the PDS is not able to answer your questions, please feel free to contact us directly on 1300 650 873 or email us at enquiry@aware.com.au. We are here to help. Thanks, Veena.
What a f........n joke! They wouldn't even answer your questions with a simple Yes or No. (Even though you went to the trouble of writing the question and making it easy for them. It shows how dodgy they are. They didn't want to put their answers in writing.
I cancelled my TPD cover. Too many cases where fully eligible people were denied payments and given the runaround which caused more stress and personal issues than the disability itself. I chose to leave the premiums in my super balance and earn income on them instead, as they sure as hell wouldn't pay me out
Aware super I would like to know how your advertisement on TV represent super every time I see it I think of private health insurance not meaning to offend just my observation
Hello, Thank you for taking the time to leave your review, and we apologise for the delay in responding. The intention of our film is to highlight the amazing work our members, particularly nurses and emergency services workers, do every day to care for our community.
Kind regards,
Sam
I have a conservative growth strategy. Why have I lost over $7,000 in 15 days from my super? The stock market does not reflect these losses and things are improving after COVID, yet I am losing money by the thousands. Why are your investment strategies so poor? Or please advise why ‘conservative growth’ fund members are losing so much money? I do not wish to change this investment option as it is meant to be safest and low risk so why the poor performance? Not at all happy!
Dear Fee, Thank you for your question. Fluctuating returns are a normal part of the investment cycle. We have an investments team who are actively managing the allocation of risk in the fund to manage market volatility. At Aware Super, we remain focused on the long-term performance of your portfolio. There are three main ways we manage exposure to markets over time. These are diversification, active asset allocation and managing foreign currency exposure.
You can read more about our approach to investments on our website here: external link
If you have any other questions or would like to discuss your investment option with us further, we would love to hear from you. Please call us on 1300 650 873 or send us an email to enquiries@aware.com.au
Kind regards, Natascha
Their conservative growth option has performed horrible when benchmarked against other funds. Aust Super Conservative balanced has delivered approx 8% more in returns over the past three years. IOOF has the multiseries 50 which is similar risk, this has delivered approx 9% more pa over the past three years. Aware has a very ordinary track record with investment performance. Vic Super had a much better strike rate but i understand they are not calling the shots under the new merger.
my one is balanced growth and I lost $10,000 already. Im also questioning the poor performance! I know it is not good to change to Cash but I just dont want to lose money anymore because I m so close to retirement.
How to get payment code?
Hi Ananth, Thanks for your message. If you require any information that relates to your Aware Super account, please feel free to contact our Service Centre on 1300 650 873 or email enquiries@aware.com.au for more assistance.
We're here to help. Beau
What is the interest paid frequency - annually, monthly, quartetly?
Your super account consists of a number of units that are invested as you choose. The value of the units will go up and down depending on the strategy you choose. Eg shares, property, cash. Interest is not paid like a bank account. The value of your units will change daily. :)
What percentage fees are charged indirectly to Growth and Balanced Growth Funds before they distributed to customers
Dear Karen, Thank you for your question. Our investment fees reflect a broad range of fees and costs associated with the on-going management of the investments at Aware Super. These amounts are paid from the assets of the investment option before we calculate the unit price and are not deducted directly from our member's accounts.
You can find the fees for our diversified and single-asset class investment options in our member booklet supplement available on our website, or by visiting our website here: external link
If you have any other questions or would like to discuss our investment options in a personal call or email, please feel free to call our Service Centre on 1300 650 873, or send us an email at enquiries@aware.com.au
Kind Regards, Beau
Does insurance cover include mental illness including severe depression. Diagnosed as debilitating condition with no income.
Dear Nicole, Thank you for your question. Our Total and Permanent Disability (TPD) and Income Protection covers our members in the event that they are unable to work due to illness or disability. This includes both physical and mental illnesses.
If you would like to make a claim against your Aware Super insurance cover please call us on 1300 650 873 or send an email to enquiries@aware.com.au.
Kind regards, Natascha
Why is First State Super changing its name? I checked on abn and see new name of aware! how do they feel this is a good use of members money especially in this climate. how much is this costing us 10 million? why dont members get a choice how there money is spent
Hi Andy, Thank you for your question. Currently we're managing two brands under the First State Super banner - First State Super (our super fund), StatePlus (our advice business) - and we merged with VicSuper in July this year, meaning we now have a third brand to support.
As we look to the future, we've thought about the need to create a single brand. The name, Aware Super, was chosen in consultation with many of our members and unifies our member base, clearly representing who we are and the members we serve.
One recognisable brand is more cost-effective to build and support over time. We are very conscious of our responsibility to spend our members' funds prudently. By consolidating under one brand, we're able to amplify our impact and achieve greater economies of scale.
In addition, many of our members have spoken to us about the confusion of First State Super with many other brands that sound similar (such as First Super, Colonial First State and State Super). So we felt it was important to have a name that was clear, recognisable and best represented who we are and our intent.
Aware Super celebrates and honours the spirit and actions of all our members. The extraordinary Australians, who we are proud to serve. It also demonstrates our ongoing commitment to action and impact – for our members, their communities and the world we live in.
For more information, please visit our website: external link
If you would like to discuss this in more detail, please feel free to call our Service Centre on 1300 650 873, or send us an email at enquiries@firststatesuper.com.au
Kind regards, Beau
They have a poor reputation for losing millions of Members funds and only average returns. First State Super lost $400 million in three years on a blockbuster $1.1 billion takeover of financial advice business StatePlus before quietly stripping its assets and shifting ownership with a promissory note, in an unusual series of transactions that may have avoided potentially heavier write-downs. They could have kept the First State Super brand, but are trying to distance themselves from their history and all the complaints on this site by changing it. I cancelled all my insurance cover a few years back because I KNEW they'd never pay a claim and I could put those premiums elsewhere.
Is TAL the insurer for First State Super (as claimed by FSS) or are they just contracted to make recommendations to FSS’s Board of Trustees for life insurance claims, including terminal illness and total permanent disability (as claimed by TAL)??? Just want to know the legal/contractual relationship between TAL, FSS and myself.
Hi Brett Thanks for your message. First State Super’s death, total and permanent disablement and income protection insurance is offered to First State Super members under insurance policies issued to the trustee by TAL Life Limited ABN 70 050 109 450, AFSL 237848 (the insurer).
The insurance cover provided is subject to the terms and conditions contained in the insurance policies (policies) issued to the trustee by the insurer.
The insurance information provided in the Member Booklet and Member Booklet Supplement available on our website is based on the policies issued by the insurer, and information provided by the insurer about the operation of the policies.
The terms and conditions of the policies prevail over any inconsistent information in the Member Booklet (Product Disclosure Statement) and our Member Booklet Supplement. Insurance benefits will only become payable if the insurer accepts the relevant claim. Payment of any approved claim will be made by the insurer to the trustee and any insured benefit and any account balance can only be paid to a member by the trustee when a condition of release under the Superannuation Industry (Supervision) Act 1993 (Cth) is met.
If you would like to discuss your insurance cover with us, feel free to call our service centre on 1300 650 873.
Kind Regards, Beau
Ok. Your “insurer” denies being the “insurer” for terminal illness benefit. Instead they claimed to be there to make a “recommendation” which the trustees would then accept or reject. I may even have it in an email, but was definitely told this on the phone. Inconsistent advice to your members
Hi Brett, We want to ensure you that we are continuing to work in hopes of finding a resolution to your concerns. With any updates of your particular case, a representative of the fund will be in contact with you and will continue to assist you moving forward.
We appreciate your patience, and thank you for allowing us to investigate this further.
Kind Regards, Beau
Thanks for your update. The complaint manager has been back in touch. I reiterate that I am not unhappy with the attempted resolution this year, but it could have been started last year. Judging by the views of my review, you have many (over 1400) members who would be keen to know if we achieve a satisfactory resolution and payout of the benefit.
This is a highly unusual event, and would not lead to unsustainable demand if a resolution is achieved. BUT, people seem to want to know if they and their families will be looked after by their superannuation fund.
On a positive note, this has the potential to be sed for promotion of the benefits of FSS and associated life insurance.
Regards
Brett
Brett, I was way ahead of you and cancelled ALL my insurance cover a few years back knowing I'd never get a payout and your case proves my point. If black and white cases like yours get refused, then nobody stands a chance and if the heart attack doesn't kill you, TAL and FSS blocking you at every step will.
How often does the Board of Trustees meet to decide if individual life insurance claims will be paid out for terminal illness benefit and total and permanent disability? When is the next time these individual cases will be discussed? I have emailed and received no reply for over a week.
Hi Brett Thanks for your enquiry. A representative of the Fund Trustee has previously been in touch with you regarding the complaint on your claim. Our representative will be in touch with you before the end of this week to assist you further with your concerns.
We do appreciate your patience while we continue to investigate this for you, and endeavor to provide you with an update shortly.
Kind Regards, Beau
How do I make sure I get the FTC mobile app installed on my new huawei mobile phone ?
Hello, Thanks for your enquiry. To provide members with the convenience they’ve asked for, we’ve launched our First State Super mobile app to members. For a member using a Huawei android phone, you should be able to download the First State Super App from the Huawei AppGallery (App store), or Google Apps store, and login using the same details you would use to access your online account through our website.
If you have not previously accessed your online account, you will be required to register for online access: external link
If you are having any issues or need further assistance with this, please feel free to contact our Service Centre on 1300 650 873.
Kind Regards, Beau
Why has my super balance declined in the last few weeks from early February 2020 till today 27th February 2020?
Corona virus and other macro factors...these are out of your control. The ones you can control are MER fees to run these funds. And guess what....FSS sucks. Seek professional counsel and move your $$$ elsewhere to lower fees and higher returns. If you work in health care be sure to keep a small balance in fss to get the insurance benefits. Seek counsel and then move
Hi Michael, Thank you for your message. We understand your concerns regarding the impact the Coronavirus is having on the investment markets. We've published information on our website that'll help you with any questions you may have: external link
If you'd like to chat to us about this in more detail, please feel free to contact service centre on 1300 650 873.
Kind Regards, Beau
Has anyone else experienced problems accessing their loved one’s account due to not having an enduring power of attorney?
Why are there such big delays in FSS displaying unit prices, numerous times throughout the year ? Sometimes it gets a week behind in displaying the current unit prices.
Hello, Please accept our apologies for the extended delay in our response to your enquiry. We calculate unit prices for our investment options each business day, but this price does not reflect that day’s market movements.
It takes two business days before the prices are available. This time is needed to calculate the value of the assets we invest in and the number of units on issue.
This also means we will not declare a unit price on NSW or National public holidays.
From time to time, we may come across external issues that briefly affect our ability to update our daily unit price, but once rectified we expect to update this information on our website, when practicable.
If you'd like to chat to us more about our investment options, feel free to call us our Service Centre 1300 650 873.
Kind Regards, Beau
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