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Aware Super

Aware Super Questions & Answers (page 2 of 2)

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25 questions from our users

emile
emileasked

I am 70 years old. what is the cap of personal contribution without being taxed?

4 answers
Aware Super
Aware SuperAware Super

Hi Emile,

Thank you for your question regarding personal contributions. The current after-tax contribution cap is $100,000 a year. If the total value of all your superannuation and income stream accounts is more than the transfer balance cap of $1.6 million for 2018-19 (indexed) at the start of the financial year, then your cap is nil. Also if you are 70 but less than 75 years old to make personal contributions you must satisfy the work test (To meet the work test it means you have been gainfully employed for at least 40 hours in a 30 day period during the financial year in which a contribution other than Superannuation Guarantee (SG) is made)

I have included the link to our website below which explains personal contributions in more detail:
https://firststatesuper.com.au/member/super/contributions/personal

Our fact sheets are also really helpful and you can find more information about contributions under the heading "Growing your super"
https://firststatesuper.com.au/member/forms-and-downloads/factsheets

If you have any further queries or require assistance please do not hesitate to contact us on 1300 650 873, Monday to Friday between the hours of 8.30am - 6.00pm AEST. Thanks, Belinda

Rob
Rob

Hi Emile. You would have found FFS had lost you thousands of dollars since your comment. That's the gamble of adding extra into your Super. Better to invest it elsewhere.

LetsTalk
LetsTalk

Hi Rob, I had the same experience. They changed my Allocation without my knowledge and for that year I lost all the extra $16K of salary sacrifice! When questioned they said it's in the fine print which is hardly noticeable when read on a smartphone!
Must be about 8months ago, they lost $4K over a week even though i was predominantly on Conservative!

Ted Tye
Ted Tyeasked

Why does it take this super fund about 1 month to process withdrawals; are they having a liquidity problem with their super funds????

1 answer
Aware Super
Aware SuperAware Super

Hi Ted, we’re sorry for the recent delay in processing withdrawals and we’d like to explain the reason for the delay. We recently upgraded our online administration platform. As part of the upgrade implementation we had to place a temporary freeze on all transactions. This freeze created a backlog that was much larger than we anticipated, despite extensive planning. This led to delays in the time taken to respond to some member enquiries and transaction requests.

I am not trying to excuse or justify the delays, just explain why they occurred and confirm that they have nothing to do with liquidity. We have now processed a substantial amount of the backlog and will shortly resume normal service standards and response times. Once again, I apologise for the inconvenience this upgrade has caused some members. We are confident that once the new system is fully operational, there will be significant benefits for members using our online services.

If you have any questions, or are awaiting a payment, please call us on 1300 650 873 or send an email to enquiries@firststatesuper.com.au and we’ll work with you to resolve.Thanks, Kat

Helen Walker
Helen Walkerasked

Is first state super an industry superfund? You know compare the pair??

1 answer
ellen buss
ellen buss

First State Super is one of the largest superannuation funds in Australia offering members low fees, financial planning services and retirement benefits.The actual under writers for a lot of funds is TAL you can compare all the others and this is my opinion I would not go to first state super I hope this helps

Mary
Maryasked

Why does it take so long for FFS to allocate funds received on your behalf to your account? - the funds and paperwork are intact say on Tuesday - still on Friday funds not in your account. When they did appear the daily rate used was for the wrong date this fund does not answer your queries

3 answers
Amethyst1912
Amethyst1912

I have never had this issue, so cannot advise, except for you to ring your nearest State Super office & make an appointment to see a financial adviser. My best advice to you is to be on a first names basis with one of their FI officers - preferably the same one each time. They will send an officer to this appointment in a largish town if you are a long way from a State Super office. This is particularly relevant in the country. It's worth the effort to talk with someone face to face.

Mary
Mary

No one in customer service cares and there is no follow up to any request

Steve
Steve

Basically the way I see is that they have to change to become like the top tier funds such as Australian Super. Otherwise the members will start moving to other industry funds.

Rita White
Rita Whiteasked

Can you tell me why there is so much negative reviews about FSS?

5 answers
Burnt-Twice
Burnt-Twice

They have around 800,000 members, I dont see that to be many complaints really. Less than the Banks get.

Mark
Mark

First state super are very unpopular amongst my coworkers due to a complete lack of customer service, expensive insurance products, inflexible insurance product options and carefree attitude towards client security (google first state super security breach).
Cheers
Mark

Rosemary
Rosemary

Burnt Twice seems to reply supporting FSS each time (see other reviews)........many people just change funds or just don't speak up when things are not right. There are probably many others out there with similar problems. Seems strange that your comments pop up and undermine the voice of others.

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