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. ...
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...
Received a letter saying my account had been CLOSED.
Letter received saying my account has been closed and they would like me back. I have not closed and had consolidated 2 other fund accounts with them at the beginning of the year.
I feel physically ill.
Stolen IP Fees of ~ $3,000, offered $300 in return....still waiting....
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.
Superannuation is Confusing
As superannuation is confusing to even the most academic person, the laws do change every financial year. My experience with dealing with First State Super has been really efficient. I found the website and online account option really helpful and user friendly. Each superannuation company will vary from another though. It is worthwhile to take the time to research the site to find the answers you are looking for,
With telephone calls with First State, the staff have always been very kind and professional. And unlike others, they do ask...for feedback on the service provided, which was great. I do agree with some of the comments made here about problems with financial advisors, as it is really difficult to obtain helpful advice on each given situation. Though this may not necessarily reflect on First State Super or any other superannuation company directly. As many of the financial advisors are independent, and are only affiliated with a range of banking or superannuation companies. The Money Smart website is helpful to identify if a financial advisor is accredited, but to date, have not found a site that endorses any particular financial advisor. Superannuation is very complex and becomes personal to every person. Dealing with First State Super, in my own experience has been very helpful. Ultimately though, any financial decision that any one person faces, is their own responsibility. Not even Financial Advisors can be responsible if you make a right or wrong decision, as they all have disclaimers protecting them.
Robbers and misery creaters
I deposited a rather large personal contribution after confirming with FSS that the amount will be allocated to the super account on a particular date. The amount did not arrive on the date they promised and that resulted in a loss of $2300 to us. FSS repeatedly refused to honour their promise that led us to deposit the money in the first place and told us to screw off. We told them we had 25 week old premature twins that need attention after having lost a child before that and no empathy at all. Clear cut intention of rip off and stealing. Fin...ally, when we went to SCT and threatened to go to Royal Commission, they offer to honour their promise. Took 200 hours of our time over 3 months, several sleepless nights, lots of grief and disruption of care to our premature twins before they budged and that too out of fear of Royal Commission. We resolved to check how else they have been ripping their members off and realised that that their service guarantee is to ensure super contributions are deposited into account within 3 business days. They have not been doing that for 6 years with all my employer contributions. When I raised that issue, the customer service promised to respond in a few days and it is over 3 months now and no response. Liars and thieves, worse than criminals. Zoo animals are better than them. You will probably see a better service in Timbuktu than FSS. I suspect what they have done to me is what they have done to many others resulting in members being disadvantaged millions. Would give them a negative hundred stars if possible. Shame I have to choose one star.
- Verified customer
Worst customer service ever, its terrible and nasty real talk
If you like to waste your money and your time this is the answer ( First state super).I have been with them for 3 years now, horrible experience with their service team, sneaky and nasty and refused to pay my money back. Best thing they do is ignoring you enquiries and they are masters in deception. I will get heart attack soon because of them.
Same Experience - impossible to close account
I have exactly the same experience. FSS created a duplicate account in my married name when I got married. They did so without my consent and without any documentation. I have been unable to combine the accounts over 14 years while they have merrily charged me double fees. Every time I have tried there has been a problem. I am currently trying to do it again and transfer the balance elsewhere. They tell me they will not consider the refund of fees if I close the account. I have been trying to do so for over 1 month. Despite giving them m...y details and account numbers 3 times over, they have come back today saying say they can not find the accounts. One presumes they are willfully making it difficult for people to close accounts and transfer balances. The Regulator should do something about it. I also lodged a complaint with the FS Royal Commission, and would encourage other people to lodge formal complaints against this company. Truly dreadful Super.
No Customer Service, Deregistered my account and charging for services im not eligible for.
Ive had FSS for several decades as a legacy of what was forced on me for government work.
Since 2012 I have been in a horrible cycle of enquires attempts with a 2 week turn around to get a standard form letter automatically generated eMail back all of which list all these things available to me if I only ask, and ignoring that yes I have actually asked can you please answer. Lots and lots of long winded information, nothing informative!!!
This has ranged from trying to nominate beneficiaries that they reject. Ive also been trying to fin...d out exactly what the details of my death benefit policy is that I am paying for and why they are accepting premiums for something i'm apparently not entitled to as well as proof of my electing to take this this policy out. Ive asked very direct questions and a statement of account with all fees and policies and entitlements they bluntly refuse to provide. They have also deregistered my online account without any notification but now insist I print and handwrite a form to reinstate my own registered account I never deregistered. Pretty sure removing access to my own account is illegal and YES you read that correctly PRINT, HANDWRITE AND POST!!! - Hello FSS the year is 2018, 1990 wants its archaic manual processes back please. How does that work? I start an online account up by registering online they promptly cancel effectively locking me out of any information for my own fund but to start up the online account again I have to register on paper via snail mail??? Not to mention the ridiculous amount of manual forms I have filled out over the years only for these never ever to of been received or actioned. Perhaps FSS seem to miss the point that the fund is worthless if I don't have confidence I can even get any basic information let alone access the $ when that time comes. Missed the point FSS this is my money - not yours and your charging me onerous fees for a service you are simply not providing.
- Verified customer
First state super have no customer service, they never answer emails in a timely fashion
Hi have a FSS fund due to working as a police officer, I have made a claim for TPD as per the insurance offered via FSS, I have been told even though they took money out of my fund for coverage, that TAL life claim I am not covered by them, and MetLife claim I am not covered by them, the two insurers involved with FSS. FSS claimed they were going to sort it out within 6-8 weeks or the matter goes to tribunal. It has been over three months, the case manager [name removed] doesn't respond to emails, and I haven't heard anything from FSS. So where...did my insurance money go, if these rip off companies claim I am not covered. I have a serious back injury and PTSD, so the delay is not due to medical evidence, they have enough according to FSS. Read the Canstar ratings of super funds prior to getting involved with this company, I would give them zero, but that option wasn't available.
- Verified customer
Impossible to roll over out of First State Super, not accepting email and requesting post the docume
I had absolutely horrible and the same experience with other recent reviewers. I was trying to roll over my super fund out of First Super since 2 month ago, but still not able to do so due to my legal name is still not updated with First State Super yet.
At first, I was told to email all my scanned and certified ID + Request Form for name change which I did. But then that was it, no feedback or follow up, only auto response email saying they have received it.
Then, I called them to chase up the process. I was told all ID documents need to b...
Lack of Customer Service Very frustrating company!
They had my other beneficiary name incorrectly spelt on my profile. When I inquired about it the lady whom I spoke with she insisted that's how i wrote it on my form. I told her I have checked that and that beneficiary is my daughter how in the world I will spell her name incorrectly because I named her. So she asked me to mail another form which i did immediately and mailed to them it has been 4 mos now since I mailed my form to them but they haven't updated it!!!! What a shame!!! its only a name change which can be done as easy as 123 but they are so incompetent about it so how we gonna trust them of our hard earned super if that single thing they cannot do it properly!
- Verified customer
Transfer/roll over out of First State
Difficult to transfer funds out of first state super.
Been an ongoing issue for the last 6 months as there is always some glitch..
Has costed me so far around about $4000 from fees that first state is charging from still having an account with them.
Don't bother sending a response to this first state super offering to help.... This review is in response to your lack of assistance via the various phone and email correspondences ..
Questions & Answers
Has anyone else experienced problems accessing their loved one’s account due to not having an enduring power of attorney?
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.
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?
First State Super A.First State Super
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.
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