As of September 14th, 2020, First State Super rebranded to Aware Super. This rebrand also included the amalgamation of StatePlus.
Poor preforming? Or what’s going on?
We’ve been following the sharemarket closely. Last 2 weeks was a great example of what others have said-
Share market rises by 1.5% over a couple of days and my super goes up by $750.
Share market drops by 1.5% over a couple of days and I’ve lost $2700!!!
I’ve read the cut and pasted comments, however, my partners balance in a larger fund does not behave quite like this.
Poor website/Lack of communication/No secure electronic document submission
The website stalls and crashes. Today one of my accounts is not even listed and appears to have been completely deleted. They send out lots of generic colourful advertising via post even though I have requested only electronic communication. No secure facility for electronic document signing/lodgement - I live in outback WA and have had to find somebody with a printer so that I could sign a withdrawal request and post it to Wollongong because they won't accept an electronic submission, even though they have a WA office. I spoke to them a week ago and they have confirmed receipt of my request but it has still not been processed and does not show online at all.
Can't get into website despite updating login details. Mobile app won't open despite re-installing. How dies Aware expect customer interaction if can't access our information. Nothing 'aware' about this brand.
I have been a member of this Super Fund for many years. Recently separated, under Court Orders (wording which was approved by Aware) husband needed to split some funds from his account with Aware (formally StatsPlus) to my account with Aware. After many phone calls and a letter no progress has been made. Their solution - open up a super account with Aware (formally Stateplus) have the funds put into this account, then rollover to my account and then close the newly opened account or operate two accounts. Certainly do not support their clients.
When I joined 11 yrs ago it was called health super. Then it became first state super & now it’s aware super. That is 3 name changes in 11yrs. I think the latest name change suits this fund best.
Be “aware” everyone.
I would imagine they have spent enormous amounts of members money on these name changes.
They cannot escape the reviews by changing names. There are numerous reasons I left the fund. Some of those reasons are already covered in other peoples reviews, so I won’t rehash them.
The last straw was their delaying tactics when I attempted to roll out of the fund. I have totally lost trust in them.
I do not recommend this fund.
Slow to process
I have noticed my balanced self funded fund is slow to adjust balance when Stocks go up but quick when they go down !. Feel I'm being robbed of what little interest I could have made.
Very limited social responsibility
This is my super company that I pay to lose money in the stock market. But it also continuing to invest in coal to produce electricity!! and other fossil fuels. To add further insults it is proposing to increase the bonus for CBA management despite the share price tanking, fines being paid to the regulator and lying and cheating customers as shown in the Royal Commission.
AwareSuper considers that by following Government orders to follow the law the Chief Executive of CBA is worth an increase in salary of $1million and bonus of $8.4.
Meanwhile my super has reduced.
Warning: you need to know this
I have FSS, including life insurance and terminal illness benefit.
You must have an enduring power of attorney (EPA) in place to claim terminal illness benefit. If you have no EPA in place and cannot communicate or fill in a form, they will not allow you to claim.
I was in a coma with terminal heart failure documented by the surgeon. I was therefore unable to speak to request the forms, or access the website and print them off. I miraculously survived, but now need a heart transplant and can’t work. My wife and the hospital social worker trie...d to speak with FSS (and my retail fund) but they refused to answer even very general/ hypothetical questions of “what if”. Now I can’t work until 6-12 months post transplant. The terminal illness benefit would have cleared our debts and helped greatly. Interestingly enough, my contact at FSS doesn’t have an EPA either, even though she works in the very industry that has this discriminatory practice. Update: my contact at FSS Super believes that there “needs to be some compassion” in cases like mine. The phone call was recorded by FSS. I don’t blame the poor frontline staff at FSS. They aren’t making the decisions about this, and have been very pleasant and professional. This case will end up going to the Board of Trustee’s (we’ll see if they have any compassion or empathy, as their frontline staff obviously do) and, potentially, the AFCA Ombudsman. Please be aware of this so you don’t fall down the same loophole. I’ve been interviewed about my whole experience with terminal illness, both in an online HR publication and a national radio broadcast. Now my union is interested in raising awareness of this loophole. Even if FSS are not shamed into action in my case, I can still raise awareness.
Ok but you could do better.....
I was a commonwealth employee for 34 years under the comsuper scheme. State super financial services, now State plus are contracted to look after the financial advice etc for comsuper.
Now as a private super fund things are a bit different. I have never kept a financial advisor for more than one appointment, they just disappear and I have found out at a much later date. I really cant keep up it it really annoys me.
Personally I kept asking myself, are they trying to steer me in a direction that maximises their profit and not mine? Never con...vinced my self either way but I always feel uneasy about how advice is tilted. The advice I got was ok but I did a lot of research and virtually had to argue what I wanted/needed, this is not the way to do business. I think I can do better so it will be bon voyage to them soon
Poor returns, high fees on allocated pensions
I had an allocated pension with StatePlus for 10 years. I'm sorry I didn't do more research on the performance of super-funds before I joined, but I was sort of hurried into it by a previous employer when I resigned from full-time work. The Royal Commission last year into financial services got me motivated. I discovered this fund does not perform wonderfully, probably in an average range and its investment fees are higher than many other funds.
I have now switched to another industry fund that has better performance (and I did look at this ove...
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!!
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.
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.
Very disappointed with high fees and lousy returns. Much information in my view withheld particularly in relation to what was laid bare by Royal Commission.
I was with this super fund for nearly 30 years and came out of it recently with less than impressive funds. I have since rolled the sum into another fund associated with a new job so hopefully things might build. You expect ups and downs with the markets etc but you rely on the fund manager (with experienced finance people) to make the appropriate investment choices and changes continuously over time for the strategy they have recommended for your age etc. One of the most frustrating and I think wrong actions is when superfunds automatically ta...ke out unwanted insurance premiums. I understand there are compulsory clauses and government legislation re insurance but it is when the information details are hidden in the plans or when starting a new job that you may have the option to opt out. It is often not clear and can be very confusing. And even though I was aware of these issues and looked out for them I still got caught out with all the superfunds I have been with taking out insurance i did not need or require. It then takes letters and phones calls to claim a refund. Opting in to non-compulsory insurance should be the default option, not expecting the client to opt out. First State have been helpful on various occasions when I needed assistance. The member account login service is also quite good.
Questions & Answers
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
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!
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
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.
How to get payment code?
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