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First State Super

First State Super

1.6 from 97 reviews

Disability Insurance shameful time frames

Please people be aware that when you really need your insurance you will be in for a long wait, I am 14 months in and still no decision. Documents sent to wrong insurers, requests not actioned with myself having to call weekly to make sure the claim is progressing, 3 weeks to send a document from one insurer to another insurer. I have a lawyer but hasn't made a bit of difference. Im now facing eviction from my home because I can't pay my mortgage. No regulatory body to look at how fund handles claim until a decision is made seems wrong to me. Please if anyone else is in same position please email me. This is not fair and certainly not ethical.
Jacaberc@aol.com

Transparency
Customer Service
Insurance Options
Income Protection
2 comments
Hi Jacqueline, We are sorry to hear about your experience. So we can further assist you and understand your situation can you please contact us on 1300 650 873 Monday to Friday, 8.30am to 6pm AEST. Alternatively please send us an email containing your membership number, phone number and best time to call to enquiries@firststatesuper.com.au Thanks, TrishThere realy is no point i have submitted a formal complaint which has taken almost rhe 90 days to get a response. I just wanted other people know of the poor service you provide when we really need it.

Highway robbery, they will steal all your money until there is nothing left

I have been with this fund for 3 years and they continually charge fees until there is nothing left in my account. They are poorly investing money also as it has made little returns. I cancelled the un needed insurance and they started it back up again just because they could. Stay away and switch funds as soon as you can.

Transparency
Customer Service
Insurance Options
Income Protection
1 comment
Hi Camellia, Thank you for taking the time to share your feedback with us. I am sorry to hear that you are unhappy with our fund’s recent investment performance and fees. Our pre-mixed options are designed to generate above inflation long-term returns through a blend of asset classes that offer diversification. While market downturns and short-term volatility can affect your account balance, they are a normal part of investing. To help you make an informed decision about your investments, we provide help through a team of phone based super advisers and educational seminars. These services come at no extra cost. As one of Australia’s largest superannuation funds, we use our size and stability to keep costs down. Your fees go directly towards the costs of managing your investments and providing great member services such as seminars and financial advice. As previously mentioned you can book these with myself or our service centre. I’ve included a link to our fees and costs booklet below for your information. https://firststatesuper.com.au/content/dam/ftc/digital/pdfs/member/pds/mbs/MBS_FeesandCosts.pdf Insurance in superannuation has recently undergone changes due to new legislation. Read more on the Protecting your Super laws here. However, If you join us through a participating employer, we are legally required to provide automatic insurance cover once we start receiving your super guarantee contributions. This cover is not compulsory and you can cancel it anytime. If you would like to discuss your account in more detail please call us on 1300 650 873 8.30am to 6pm AEST, Monday to Friday. Kind regards, Trish

Income stream balance heading in the right direction!

I've been in the income stream phase of my super since 2014. I have always taken the minimum amount out each month and although the sharemarket has had some instability over this time I note that I now have more money in my account now than when I first entered retirement. This was certainly not my expectation. I'm happy with their performance.

Transparency
Customer Service
1 comment
Hi LJD, Thanks for taking the time to share your positive feedback. I'm very pleased to hear that you're happy with our strong long term returns. Kind regards, Reece

They poorly invest my money and still charge.

Very unhappy with performance to date. Paid all year only to be in the red at end of year. Very poor investment choices and NO accountability . Customer service very lackluster with the attitude of we have your money so too bad! Literally would have been better off putting my money under my mattress

Transparency
Customer Service
Insurance Options
Income Protection
1 comment
Hi Konrad. Thank you for taking the time to provide your feedback. I am sorry to hear that you are unhappy with our fund’s recent investment performance. Our pre-mixed options are designed to generate above inflation long-term returns through a blend of asset classes that offer diversification. While market downturns and short-term volatility can affect your account balance, they are a normal part of investing. Long-term returns for the fund have been strong in an environment of low interest rates. However, as economic growth improves, some of those measures are being pulled back and this can cause episodes of market volatility as we have seen recently. More information on market volatility can be found in our blog - https://firststatesuper.com.au/member/forms-and-downloads/supernews/market-volatility If you would like to discuss your account with one of our Consultants, please contact us our service centre on 1300 650 873, Monday – Friday, 8:30am – 6:00pm. Thanks, Dan

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.

Transparency
Customer Service
Insurance Options
Income Protection
3 comments
Good afternoon, Rosemary, Thank you for taking the time to share your feedback with us. What you have outlined above is not the positive experience we endeavour to provide to our members. So that I can get a better understanding of the claims experience you have described, can you please send us a private message with your best contact phone number, membership number and most convenient time we can call you? I will then arrange to call you and discuss this matter further. Thank you, HarmonyThanks for your reply but after constant dragging on and what was clearly game playing by TAL, Metlife abd FSS, until I was too stressed and too ill to continue, I would believe that this would be just an extension with the same outcome. I have NO trust in FSS and certainly none for TAL and Metlife. My treatment was nothing but shameful.Good Morning Rosemary, I am sorry to hear that you have not had a good claims experience and have lost trust in our fund as a result. To investigate your described claims experience we do need some further information from you. Could you please send us a private message with your membership number, phone number and best time to call. If you do not feel comfortable private messaging your details, you are most welcome to contact our Melbourne based service centre on 1300 650 873 (Monday to Friday 8.30am to 6.00pm). Thank you, Harmony

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.

Transparency
Customer Service
Insurance Options
Income Protection
1 comment
Hi Rob, I’m sorry to hear you feel this way. We want every one of our members to enjoy the retirement they deserve – that’s why we’re determined to deliver great returns, low fees and a diverse range of investment options. If you’d like to discuss your account, the associated investments or anything else, we’d be more than happy to help. Please send us a private message with your best contact number and we can get in touch. Thanks, Leo

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

Transparency
Customer Service
Insurance Options
Income Protection
1 comment
Thank you for taking the time to share your feedback with us. We are sorry to hear of your recent experience with First State Super. What you have outlined above is not the positive experience we would like to provide to our members. So that I can look into what you've described in more detail for you, could you please send a private message to us with your best contact phone number, membership number and most convenient time for us to give you a call? I will then arrange to call you and discuss this matter further. Thanks, Kirra

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!!!

Transparency
Customer Service
1 comment
Hi Robin, Thank you for taking the time to share your feedback with us. I am sorry to hear about your recent experience with our Financial Planning office. So that we can discuss this in more detail, could you please send me a private message with your preferred contact number? I will then call at a time that is convenient for you. Regards Kirra

Satisfied

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.
Richard

Transparency
Customer Service
1 comment
Good Morning, Thank you for being a loyal member of our fund and taking the time to let us know about your positive experience with us. We’re so pleased to hear you have had a wonderful experience dealing with us directly and through utilizing our member online services. Please do not hesitate to make contact should you require assistance in the near future. Kind Regards, Harmony

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.

Customer Service
Insurance Options
Income Protection
1 comment
Hi duennak, Thanks for taking the time to share your feedback with us. We're sorry to hear you haven't been happy with our customer service. So we can discuss your account in more detail and assist you further, could you please send a private message with your preferred contact number? I can then make contact with you at a time that is convenient. Thanks, Leo

Losing money

First State Super is my employers choice. I am planning for retirement and sacrificing as much salary as I can. First state Super is losing it for me. My colleagues are also losing money with this fund. Time to find a better fund.

Customer Service
Insurance Options
Income Protection
1 comment
Good Morning Gary, I am sorry to hear that you are unhappy with our fund’s recent investment performance. Our pre-mixed options are designed to generate above inflation long-term returns through a blend of asset classes that offer diversification. While market downturns and short-term volatility can affect your account balance, they are a normal part of investing. Long-term returns for the fund have been strong in an environment of low interest rates. However, as economic growth improves, some of those measures are being pulled back and this can cause episodes of market volatility as we have seen recently. More information on market volatility can be found in our blog - https://firststatesuper.com.au/blog/market-volatility So we can discuss your review and account in more detail, could you please send us a private message with your preferred contact number? I can then make contact with you at a time that is convenient. Thanks, Harmony

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.

Customer Service
Insurance Options
1 comment
Hi Max, Thanks for taking the time to share your feedback with us. We're sorry to hear you haven't been happy with our customer service recently. So we can discuss your account in more detail and assist you further, could you please send us a private message with your preferred contact number? I can then make contact with you at a time that is convenient. Thanks, Leo

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


Terrible

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.

1 comment
Good Afternoon, Elise Please accept my condolences for your loss, I can appreciate this must be a difficult time for you. I am disappointed to hear about your experience with our fund. What you have described is not the level of service we aim to provide. I would like to look into why there was a delay with payment of this death benefit for you. Can you please kindly email enquiries@firststatesuper.com.au with your details and best contact phone number? I can then call at a time convenient to you and we can discuss in more depth. Thank you, Harmony

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

Customer Service
1 comment
Good Afternoon Chris, Thanks for taking the time to share your feedback with us. If you join us through a participating employer, we are legally required to provide automatic insurance cover once we start receiving your super guarantee contributions. You can opt out of or reduce your automatic cover using our "Application to reduce or cancel insurance cover form", or call the service center on 1300 650 873 and we can process your request over the phone. If you have registered for online access, you can also reduce or cancel your cover online via Insurance Express. Please see the below link for further information regarding our insurance: http://bit.ly/2TVZyDq If you would like to discuss your comment in more detail please private message me your best contact number. I can then call you at a time convenient for you. Thanks, Kirra

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 up 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!!

Customer Service
1 comment
Hi Dave, Thanks for taking the time to send us your feedback on our investment choices and fees. We work hard to keep our fees as competitive as we can, so last year, we reviewed our pricing to see if we could provide better value for our members. This lead to us removing all switching fees, so you no longer pay for each additional investment switch you make in a financial year. You can find more information about our fees here - https://firststatesuper.com.au/member/super/investment-options/fees-costs. We've also asked our investment team to provide more insight on our investment options and we will post this once it’s available. If you have any other questions in the mean time, please let me know. Thanks, Reece

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.

1 comment
Good Morning, Thank you for your feedback. I am sorry to hear that you are unhappy with our fund’s current investment performance. So we can discuss your feedback in more detail, could you please send a private message with your preferred contact number? I can then make contact with you at a time that is convenient for you. An investment (either inside or outside of super) that has exposure to assets such as shares and property will be subjected to short term fluctuations and volatility. This volatility can give you good returns, but can also produce negative returns in the short term. Past performance is not a reliable indicator or a guarantee of future performance. The value of investments can rise or fall. I have included below a link to our website that allows you to track the investment performance for each of our 12 investment options. Superannuation is a long term investment vehicle so we show up to ten years of investment performance history. https://firststatesuper.com.au/investment-and-performance/performance/returns If you would like to compare First State Super’s returns with other funds, please click on the link to access the independent ratings agency Chantwest’s comparison tool - https://firststatesuper.com.au/member/super/member-join/compare-funds Thanks, Emma

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.

1 comment
Good Morning, Thank you for your feedback. I am sorry to hear that you are unhappy with our fund’s current investment performance. So we can discuss you feedback in more detail, could you please send a private message with your preferred contact number? I can then make contact with you at a time that is convenient for you. Investment returns can be positive or negative depending on how the market’s performing. This is reflected in the way unit prices regularly move up and down. Past performance is not a reliable indicator or a guarantee of future performance. The value of investments can rise or fall. I have included below a link to our website that allows you to track the investment performance for each of our 12 investment options. Superannuation is a long term investment vehicle so we show up to ten years of investment performance history. https://firststatesuper.com.au/investment-and-performance/performance/returns Thank you, Harmony

Account losing money rapidly

Something smells.
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.
Really!
I hope whoever is making the investment choices is looking for a new job.

I have to find a new super fund as this is disgraceful.

3 comments
Good Morning, Thank you for your feedback. I am sorry to hear that you are unhappy with our fund’s current investment performance. Investment returns can be positive or negative depending on how the market’s performing. This is reflected in the way unit prices regularly move up and down. Past performance is not a reliable indicator or a guarantee of future performance. The value of investments can rise or fall. To help you make an informed decision about your investments, we provide help through a team of phone based super advisers and educational seminars. These services come at no extra cost. I have also included below a link to our website that allows you to track the investment performance for each of our 12 investment options. Superannuation is a long term investment vehicle so we show up to ten years of investment performance history. https://firststatesuper.com.au/investment-and-performance/performance/returns So we can discuss you feedback in more detail, could you please send a private message with your preferred contact number? I can then make contact with you at a time that is convenient for you. Thank you, HarmonyHi NeilM, Thanks for providing us the requested information via private message. We’re still in the process of investigating this matter for you and will continue correspondence through private message. Thanks for your patience, HarmonyFirst State have got back to me with a totally unacceptable answer. Yes investments across the board are down globally. Would that not tell First State to back out of investments that are losing $1000's each week and invest in something a little safer. The $12000 I salary sacrificed over 6 months is gone. I may as well have burnt it. I wonder who First State emplyees have there super with. I am guessing NOT First State Super.

Their administration is only interested in putting obstacles in your way but don't provide a helpful

I have had enough of First State Super. They seem to like to play power games. I have tried twice now to lodge a simple application to appoint my spouse using their binding death benefit nomination form. Twice they have rejected my application on the most technical grounds. On the first occasion they rejected the application because there was a supposed alteration which they didn't specify. I certainly couldn't see it. The second reason they gave is that the dates of mine and the witnesses varied. I didn't see this at all in the application. All dates were the same. On the second occasion just recently I was told that I had used either the wrong form or an old form. This was in spite of the fact that I had downloaded the application from their website. If if it is technically not the most updated form the information required is still exactly the same. I have had a gut full of First States' attitude and I will now be seeking a superannuation fund that is more responsive to its members rather than to play power games which are very unhelpful. It seems that State Super must be finding some sort of financial gain by making it hard for me to appoint a binding beneficiary. Perhaps they hope that a client will just give up trying to appoint a beneficiary. Perhaps they can charge more fees if I give up and don't appoint a beneficiary. I won't put up with this tactic any long . I just don't trust the funds integrity. I am suspicious that they just want to rip me off.

1 comment
Hi Dr Rod, Thanks for taking the time to share your feedback with us and we are sorry to hear of your recent experience with First State Super. What you have outlined above is not the positive experience we would like to provide to all members. Whilst accuracy is very important when completing binding beneficiary nomination forms, I'd like to look into this in more detail for you. Could you please send a private message to us with your best contact phone number, membership number and most convenient time for us to give you a call? I will arrange to then call you and discuss further. Thank you, Belinda

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Questions & Answers

I am looking at my Allocation (%), Number of Units per allocation and respective Unit Price. Apart from fluctuations in the Unit price, I noticed over a period of 1 year the Number of Units for each allocation had shrunk. In other words I now had less Units in total than a year ago even though i had not changed my allocation. The % Allocation had also adjusted. Please explain where the missing units had gone?
1 answer
Hi, We would be happy to discuss the questions you raised regarding unit balance and allocation. If you could please call us on 1300 192 602 we can discuss the specifics of your account. Thanks Jamie

Still waiting on my funds
1 answer
Hi Rosalind, We are sorry to hear that you are still waiting on your funds. Can you please contact us on 1300 650 873 between 8.30-6pm AEST Monday to Friday so we can look into your delay of funds. Kind regards, Trish

I would like to ask a question regarding financial hardship. I've been on Centrelink Newstart payments for over 6 months now and am really struggling to meet my bills and repayments. I have downloaded your hardship form. Once this is received by First State (with all the relevant documentation etc) how long does it generally take to process? Thank you
2 answers
Hi Johnny, Thank you for your question. Assuming you meet the eligibility requirements, financial hardship applications are prioritised and are generally processed within 3 to 5 business days of us receiving them. You may wish to confirm your eligibility with Centrelink before submitting your application. You can read more about accessing your super under financial hardship here: https://firststatesuper.com.au/content/dam/ftc/digital/pdfs/member/factsheet/module4/M4.30_AccessFinHardship.pdf Please be sure to supply all requirements listed on the document to avoid delays, and feel free to contact our service centre on 130 650 783 (Monday – Friday, 8:30am – 6:00pm AEST) if you have any further questions. Kind regards, DanThanks for your response and information Dan! Cheers

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First State Super
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