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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. First State Super has a Retirement Income Stream and a Transition to Retirement Income Stream, both of which have received a SelectingSuper AAA rating. First State Super also has a no commissions paid, fee for service financial, planning service - FSS Financial Planning. First State Super's objectives are to:
- To provide members with competitive investment returns.
- To provide investment choice.
- To maintain a strong focus on keeping costs low.
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| Year of Establishment: |
1992 |
| Value of Funds: |
$21.6 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 0.52% (SRI).
- 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 eleven investment options covering major investment types including a SRI (Socially Responsible Investment) option. 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. Level of cover increased since 1 April 2011.
- Security in numbers with over $21.6 billion in assets and over 560,000 members, the Fund is financially healthy and growing. First State Super has merged with Health Super. This merger is taking First State Super (including the Health Super Division) to over $30 billion and 770,000 members.
- Comprehensive financial education program incorporating a website with access to fact sheets, newsletters, and mobile phone iphone app provides easy access to key information, 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.
- Fee for service financial planning, FSS Financial Planning.
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| Administrator: |
Pillar Administration |
| Auditor: |
Deloitte |
| Custodian: |
JPMorgan Chase Bank |
| Asset Consultant: |
JANA Investment Advisers Pty Limited |
| Lawyer: |
McKenzie Thomas, 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 30 June 2011 |
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1yr |
3yr |
5yr |
| High Growth |
90% growth & 10% income assets |
9.0% |
1.0% |
1.2% |
| Diversified |
70% growth & 30% income assets. |
8.0% |
2.1% |
2.4% |
| Balanced |
50% growth & 50% income assets |
7.0% |
3.2% |
3.3% |
| Capital Guarded |
30% growth & 70% income assets. |
6.1% |
4.3% |
4.3% |
| Cash |
100% income assets. |
4.3% |
4.1% |
4.8% | |
| Insurance Available: |
Death, Death/TPD, Income protection. |
| Extra Benefits: |
Financial planning, Financial seminars, Online transactions, Online statements, Online switching, BPAY available and new insurance calculator, 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 Transition to Retirement 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 |
$36.00 |
| Management Cost - member fee ($ per week/ annum) |
$4.33 per member per month. |
| Management Cost - investment fee (% p.a.) |
Investment management fees range from 0.04% to 0.52%. |
| 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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