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Personal Fund profiles
| First State Super |
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Overview:
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Established in 1992, First State Super is a public offer industry superannuation fund. The Fund started in 1992 as the government superannuation fund for NSW public sector employees. First State Super became a public offer fund on 1 May 2006 and continues to look after NSW public sector employees and employers. Since becoming a public offer fund, First State Super can also accept contributions from members and employers outside the NSW public sector. First State Super is a fund that works only for its members, not shareholders, nor commissioned agents. The Fund's focus is superannuation with a simple product design that provides good value, consistently good investment returns and a Fund which is easily understood by most members. On 17 October 2006, First State Super launched 2 new products, Retirement Income Stream and Transition to Retirement Income Stream, both of which have received a SelectingSuper AAA rating. First State Super's objectives are to:
- To provide members with competitive investment returns.
- To support the well-being of members through high quality services and information.
- To provide investment choice.
- To maintain a strong focus on keeping costs low.
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| Year of Establishment: |
1992 |
| Value of Funds: |
$15 billion |
| Key Features: |
- A not for profit fund that works solely for its members. No front end fees or commissions payable to advisers.
- Exceptionally low fees with administration fees of $1pw per member and investment management fees ranging from 0.04% and 0.51%.
- A simple, easy to understand product.
- Competitive investment returns in the short and long term. The Diversified (default) option is a top 50 Rainmaker performer.
- A choice of ten investment options covering major investment types. A limit on options keeps investment expenses at a minimum.
- Automatic death and total and permanent disability cover for eligible members, additional cover including income protection is also available.
- Security in numbers with over $15 billion in assets and over 500,000 members, the Fund is financially healthy and growing.
- Comprehensive financial education program incorporating a website with access to fact sheets, newsletters, and investment performance (including daily unit prices) and investment updates.
- All information is provided in plain English to help members understand their super.
- Member access to personalised customer service and free seminars in and out of the workplace.
- Retirement Income Stream and Transition to Retirement Income Stream.
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| Administrator: |
Pillar Administration |
| Auditor: |
The Audit Office of NSW |
| Custodian: |
JPMorgan Chase Bank |
| Asset Consultant: |
JANA Investment Advisers Pty Limited |
| Lawyer: |
Ebsworth & Ebsworth, Minters |
| INVESTMENT OPTIONS |
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| High Growth |
Aims to achieve high long-term real (above inflation) investment growth with a target return of 4% pa above inflation over 5-year periods. |
| Diversified |
Aims to achieve high long-term real (above inflation) investment growth with a target return of 3.75% pa above inflation over 5-year periods. |
| Balanced |
Aims to achieve medium-term real (above inflation) investment growth with a balance of growth and income assets with a target return of 3.25% pa above inflation over 3 year periods. |
| Capital Guarded |
Aims to achieve consistent returns with an emphasis on income assets with a target return of 2.75% pa above inflation over 3-year periods. |
| Cash |
Focuses on short-term assets. |
Accumulation Scheme
(Effective earning rates) |
Growth Asset Weighting |
Performance to 31 December 2007 |
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1yr |
3yr |
5yr |
| High Growth |
90% growth & 10% income assets |
7.6% |
13.3% |
13.8% |
| Diversified |
70% growth & 30% income assets. |
7.3% |
11.5% |
11.9% |
| Balanced |
50% growth & 50% income assets |
6.5% |
9.5% |
9.9% |
| Capital Guarded |
30% growth & 70% income assets. |
6.0% |
7.6% |
7.9% |
| Cash |
100% income assets. |
5.7% |
5.2% |
4.9% | |
| Insurance Available: |
Death, Death/TPD, Income protection. |
| Extra Benefits: |
Financial seminars, Online transactions, Online account details including transaction details, Employer information seminars, Email newsletters, Retirement products. |
| Communications: |
Monthly to quarterly employee email newsletters, 6 monthly employer and employee reports; membership booklets; Employer reference guide, educational brochures & flyers, publications and monthly investment performance and daily unit prices available on website, Salary sacrifice/ after tax contribution calculator and pension calculator on the website. |
| Employer Services: |
Dedicated employer relationship staff, Worksite payroll staff training, regular employer newsletters, helpdesk, face to face employer training sessions. |
| FEES |
| Withdrawal fee |
$30.00. |
| Management Cost - member fee ($ per week/ annum) |
$4.33 per member per month. |
| Management Cost - investment fee (% p.a.) |
Investment management fees range from 0.06% to 0.48%. |
| Switching fee |
First switch in financial year is free of administration fees and subsequent switches are $25 per switch. |
| Other fees |
Application for information (Family Law Act) is $110. Splitting a benefit is $88. |
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