As of September 14th, 2020, First State Super rebranded to Aware Super. This rebrand also included the amalgamation of StatePlus.
An incredibly stressful experience
I was with FSS for many years (approx. 15), paying also for Income Protection for over 10 years. I placed a claim as I had unfortunately fallen ill only to find that FSS refused to pay, leaving me struggling for the 2 years I was entitled for payment. They showed no concern that I was in hardship and had to use my super early to survive - leaving me now with no super.
It was a dreadful time as I was not only refused payment but also made to wait approximately 18 months whilst TAL and Metlife passed the claim from one to the other to assess. This experience was totally unexpected and extremely stressful.
Choose a better performing fund
Been with this mob since 2012. I recently moved to a better performing industry fund.
Handy hint. Ask your new fund to move your money across. Don't talk to State Plus.
I have been taking the minimum 4% allocated pension, but in recent years my lump sum has been shrinking. It should have been growing.
So the gross return has been less than 4% plus the 1.6% fees. Meanwhile the median return of all super funds has been around 6.5%.
I was sent a list of the 10 worst performing funds in 2017-18. State Plus was on it.
On top of that I have had a different adviser every year when my annual review came up and this year they forgot to remind me the review was due. I found half my fees are for 'advice'.
July 2018-Dec 2018 = $90 profit.
What a poor performing Super Fund between June-Dec 2018. Thousands were contributed and made only $90 in 6 months. FSS is a joke and has not been performing well in recent times. I have no confidence in them anymore. They are losing MY money. Time to switch.
Unable to transfer funds to my super fund for many months now .
Extremely difficult to transfer my existing funds from first state super to my SMSF. Now trying for many months
They don’t seem to have any interest about the customers . They are following a complicated process that makes difficult for any existing customer to close their account. Not willing to explain any information they are requesting but keep on sending the same email . Customer representative who answers the phone calls don’t seem to have any understanding of the specific subject matter ,no point calling them . So I have to say one has to be very careful before opening an account with them ( which is extreme easy and supportive ) because the exit is nearly impossible
Retirement Assistance sadly lacking
Went into a FSS 'walk in office' to get advice on our imminent retirement. We were told they could not help us. They wanted to slough us off to their privately contracted financial advice service and charge us $2,000 per person approximately to provide retirement assistance. All we received were brick walls to our questions. We left with nothing but a brochure on retirement income streams. Thanks for nothing FSS. At the very least a superannuation company should provide free assistance to convert an accumulation fund to a pension fund. They provided us with absolutely no assistance. Shame on you!!!
I have been with this fund since retiring 10 years ago, initially in the Balanced portfolio but for the last 3 years I accepted the risk and switched to the more aggressive High Growth.
Despite drawing a regular income, I still have almost all of my initial capital in the fund. An excellent result! I could not have achieved this making my own investment decisions. The balance has fluctuated and become “scary” at times but trusting in First State has paid off.
Fees are reasonable and member’s on line access is excellent.
Any direct dealings have been trouble free. I make a point of providing exactly what is required (i.e. dot the I’s and cross the T’s) and have found the service to be excellent.
Difficult to deal with, arrogant staff
Member since 1972, always difficult to deal with, i have retired and eligible to withdraw MY money but there is always a problem despite complying with rules. Latest issue is I needed cash for car repairs, completed the form they sent me and other documents expecting the money to appear. But no they wait 10 days and send me an email saying the form is too old and demanding a new form along with another bank statement and I D documents. I will now be withddrawing all my money and put it in a bank. At least it wont go backwards there. Hopeless! Make the effort and transfer to a fund that looks after its members.
Shop Elseware No Customer Service
I have found First State Super to be stuck in the past, beurecratic no customer service. They are not competitive and have a very antiquated way of doing business. They recently took a premium of over $400 out of my account with out my permission despite not having any insurance. I have contacted them on a number of times and could not even talk to a manager. I would definately look elsewhere when considering First State Super. They are fine if you dont have to contact them when they make a mistake they are very slow to fi
x it. I am still awaiting my refund.
A good and timely response to my questions
I had a query about the contribution tax in my transaction history. The FFS staff were quick to respond and gave me information that was accurate. I am also satisfied with the way my superfund is performing, knowing the volatility in today’s markets. My super has rebounded quite well since late last year.
Keep up the good work FSS
Failure to repay fees for no service
Been with the fund for 50 years! They refuse to acknowledge I was charged fees for no service and all they are concerned about is avoiding any responsibility and compensation (the critical point I have continued to impress upon them is that I was never told I was being charged for the services I continually declined). They have absolutely no reciprocal loyalty for their clients and do not address personal issues. I would be interested to know how many of the 40000 odd clients they are assessing get compensation and what their circumstances were.... Very interesting too that there is currently a barrage of positive advertisements on facebook - have never seen such advertising by stateplus since the brc. I suggest this is in response to mistrust and disloyalty they have to their clients! Would be more beneficial to publish the results of the review they are conducting. Not one bit happy with a fund I have been with for so long and have a substantial account with. I am planning a move to another fund with cheaper fees and better growth results. They couldn't give a damn regarding my intentions!
Took a year to receive payment of a death benefit.... sent details 6 times and they claimed to have not received them.
Completely unfair as we had funeral expenses to pay and are now completely out of pocket due to incompetent administration and inefficient handling of a claim.
Still waiting on payment despite it all being approved etc.
Rip Off Blood Suckers
I did casual work and had not choice but to put my super into a First State Super account. The super amount was $43.57. Although it is not a lot of super, it was taken by First State Super due to their stealthy opt out insurance policy. Because I did not know I had to opt out of their imposed insurance. I lost all my super.
$43.57 into super fund 31/07/2017
$0.29 interest earned
$6.54 - tax
$5.63 (Direct fee (net of tax) Not sure what this fee is for.
$31.69 Insurance premium I never asked for. My life and permanent disability insurance is with my main super fund. Who in their right mind puts a $31.69 insurance fee on $43???
Balance at 29/1/2018 $0.00
Limited Investment options
I have two super accounts because different funds offer different investment options. First State had a good performing property choice. My other fund has an excellent infrastructure choice but not a good performing property one. I wanted to combine the two but First State does not have a dedicated infrastructure choice. In fact their individual choice of investments are quite limited compared to other funds. Not only that, they only allow one free change of investments a financial year, after which changes incur a $50 fee. They have not kept u...p with the times. My other fund allows a change of investments once a month free. However I have now found a fund that not only allows changes once per day for free, has a dedicated infrastructure fund, as well as many other choices not found elsewhere, but also allows direct investments in the ASX300 that you can trade daily. Why on earth would anyone want a DIY super fund when you have this? First State has hardly progressed since last century. I'm not unhappy with them in any other way, and they transferred my money very quickly, you just have to transfer via your new fund, done automatically. But a lack of investment choices and penalizing you for doing so more than once a year....ah...see yah!!
- Verified customer
Low caliber investment managers!
I joined FSS's based on historical returns and the low fee. I was not looking for 10-11% "high growth" returns but a stable and secure investment and therefore opted for "balanced growth". Over the last one and a half year my net returns [(current balance)/(employer contribution - contribution tax)] were 2.7%. I could have got 2.8% with ING's Saving Maximiser account. I am disappointed and moving to another super fund.
- Verified customer
Poor performance 2018
Disappointing results on the growth fund June - Dec 2018 resulting in about 4% loss + inflation rate of near 2%... surely no CEO xmas bonuses went out this year. I've been with FSS, my employer default fund for 12 years and salary sacrificing for the past 5 years. With these results I think I should consider other options.
Account losing money rapidly
My account has been losing money very rapidly.
$4000 in the last 3 weeks.
The last 6 months lost approx $9000
It is like getting blood from a stone when trying to get information.
The person i spoke to on the phone indicated it was bad investments.
I hope whoever is making the investment choices is looking for a new job. ...
Lack on contact, bad returns, fees for no service
My husband and I have been with StatePlus since 2014. Our financial adviser left and we were not told by Canberra Office. This office used to be responsive but since the move to Nishi it is very difficult to get anything out of them, let alone a return phone call. Both my husband and I have left messages for contact with no results. We are both considering moving our money out of this fund to a more customer-focussed fund that has better returns and lower fees.
Disgusting treatment of widow
I first sent my application for release of my super on compassionate grounds in on the 22nd of October. Evidently, once my application reached your offices it sat on someone's desk for FIVE DAYS before someone even bothered to contact me and tell me I needed to provide further identification prior to my application being processed (I had in fact already provided the ID it just wasn't certified for the love of god).
This was on the 31st of October which I sent in that day using priority post.
It is now the 14th of November and I am yet to rec...
Am a new member and find the returns to be very poor and my fund is decreasing despite being assured that as a retiree drawing a monthly pension, my funds are in safe portfolios. I get the impression that the fund managers are not managing the funds well and hence their investments are risky. I am disappointed having them manage my super.
Questions & Answers
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!
Aware SuperAware Super
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: www.aware.com.au/member/investments-and-performance/how-we-manage-your-investment/investment-approach
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 firstname.lastname@example.org
How to get payment code?
Aware SuperAware Super
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 email@example.com for more assistance.
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What is the interest paid frequency - annually, monthly, quartetly?
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