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First State Super

First State Super Questions & Answers

1.7 from 103 reviews

13 questions from our users

Fssz D.

Fssz D.asked

How do I make sure I get the FTC mobile app installed on my new huawei mobile phone ?

No answers

Michael Fuller

Michael Fullerasked

Why has my super balance declined in the last few weeks from early February 2020 till today 27th February 2020?

1 answer
willnash279
willnash279

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


brett H.

brett H.asked

Has anyone else experienced problems accessing their loved one’s account due to not having an enduring power of attorney?

No answers

Undies

Undiesasked

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.

No answers

LetsTalk

LetsTalkasked

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
First State Super
First State Super A.First State Super

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


Rosalind W.

Rosalind W.asked

Still waiting on my funds

1 answer
First State Super
First State Super A.First State Super

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


Johnny J

Johnny Jasked

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
First State Super
First State Super A.First State Super

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,
Dan

Johnny J
Johnny J

Thanks for your response and information Dan!
Cheers


Flora

Floraasked

Why have the losses this year been so terrible?

2 answers
First State Super
First State Super A.First State Super

Thank you for your question.

First State Super offer twelve options to invest in which range from high risk to low risk. As a member you have access to choose where you would like your funds invested.

To look at the different investment options we offer and the past performance please refer to the below link:

https://firststatesuper.com.au/investment-and-performance/investments/about-our-options/compare-investment-options

We also have some further information on our website about the recent developments within the economic market:

https://firststatesuper.com.au/investment-and-performance/market-updates

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.

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.

We also have a useful comparison tool available to our members on our website. Independent research company Chant West allows you to compare key features of over 200 different funds on an ‘apples with apples’ basis. You'll receive a detailed report comparing First State Super and other funds you select.

https://applecheck.chantwest.com.au/welcome?ProductCode=AC3Sup&ClientCode=FSS&Mode=FundWebsite&Launch=17aa2a5e-291b-4e85-91ba-9bbcc7efa96e

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.

Thanks
Harmony

Rob
Rob

I wrote that I was only $90 better off in June than what I was since January. My employer has contributed thousands to my Super in the past 6 months but I only have $90 to show for it. They've literally cost their members thousands of dollars due to their bad investments this year. But they deleted my comment as they obviously don't want it known. I'm not happy and I bet neither are many other members. Looking elsewhere.


emile

emileasked

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

4 answers
First State Super
First State Super A.First State 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
First State Super
First State Super A.First State 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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