Aware Super
IndustrySuperannuation
Founded1992; First State Super prior to 1 July 2020
Websitewww.aware.com.au

Aware Super is an Australian Industry Superannuation Fund. It is Australias second largest fund, with $130bn under management following the merger between First State Super, VicSuper and WA Super in 2020.[1][2][3]

It was initially established in 1992 as First State Super to provide superannuation benefits to New South Wales government employees, but is now open to anyone eligible to receive superannuation.

Shortly after rebranding as Aware Super in 2020, it undertook a mass divestment that reduced the carbon footprint of its holdings in equities by 40%.[4]

Becoming public offer[edit]

First State Super became a public offer fund on 1 May 2006, opening up membership to anyone eligible to receive superannuation benefits. This was in response to feedback from existing members who were keen to remain with the fund when they changed jobs and moved from the public to the private sector. The change meant First State Super became included in comparisons of performance, fees and other features with other funds.[5]

Mergers and Acquisitions[edit]

In 2016, First State Super acquired StatePlus for $1.1bn to boost its advice offering. The asset has since under-performed, losing nearly $400m and been affected by a fee-for-no-service scandal which prompted an ASIC referral.[6]

In 2012, First State Super merged with Health Super, a not‐for‐profit superannuation fund for workers in the health and community services sector. At the time the merger meant the combined entity was the third largest superannuation fund in Australia.[7]

Becoming Aware Super[edit]

Since 1 July 2020 First State Super legally became Aware Super.[8]

Current Ratings and Awards[edit]

2020 - Chant West Finalist: Super Fund of the Year, Pension Fund of the Year, Best Fund for Insurance, Best Fund for Investments, Best Fund for Advice Services[9]
2020 - MySuper of the Year Finalist (SuperRatings)[10]
2020 - Best New Innovation of the Year Finalist (SuperRatings)[11]
2020 - SuperRatings Platinum rating for Employer Sponsored, Personal and Income Stream[12]
2020 - Chant West 5 Apples super rating; 5 Apples pension rating[13]

Controversy[edit]

In September/October 2011, a security vulnerability in First State Supers system was discovered by a customer. First State Super received considerable negative publicity nationally and internationally,[14][15][16] both for the severity of and ease of compromise of the exploit, and also for the actions and public relations that occurred in the aftermath of the notification.[17][18][19]

The Federal Privacy Commissioner investigated the event.[20] On 7 June 2012, the Privacy Commissioner found that at the time of the incident, First State Super was in breach of National Privacy Principal 4.1. As a result of First State Super and Pillars immediate action, the Commissioner ceased the investigation and closed his file on the matter on the basis that the response to the incident was adequate in the circumstances.[21][22] [23]

References[edit]

  1. ^ Grieve, Charlotte (7 October 2020). Big funds to vote against push to fast forward AGL plant closure. The Sydney Morning Herald. Retrieved 29 October 2020.
  2. ^ Toscano, Nick (9 July 2020). Top super fund dumps coal miners as emissions cuts intensify. The Sydney Morning Herald. Retrieved 29 October 2020.
  3. ^ Vickovich, Aleks. First State to add $4b with WA Super merger. AFR.
  4. ^ Mcarthur, Elizabeth. Aware Super cuts carbon emissions by 40%. Financial Standard.
  5. ^ Sydney Morning Herald 29 April 2006
  6. ^ Roddan, Michael. First State takes a bath on StatePlus purchase. AFR.
  7. ^ Financial Standard 30 June 2011
  8. ^ [1]
  9. ^ Super Fund Ratings. Chant West.
  10. ^ Ratings & Awards. SuperRatings.
  11. ^ Ratings & Awards. SuperRatings.
  12. ^ Ratings & Awards. SuperRatings.
  13. ^ Super Fund Ratings. Chant West.
  14. ^ iTWire – First State Super
  15. ^ Troy Hunt: Open letter to First State Super re responsible security disclosure
  16. ^ Security Researcher Threatened With Vulnerability Repair Bill – Slashdot
  17. ^ First State Super Security Breach Exposes Members Accounts
  18. ^ Super sloppy: First State customers kept in the dark
  19. ^ Claims First State Super flaw ignored for years
  20. ^ Archived copy (PDF). Archived from the original (PDF) on 21 March 2012. Retrieved 31 October 2011.CS1 maint: archived copy as title (link)
  21. ^ http://www.oaic.gov.au/news-and-events/media-releases/privacy-media-releases/first-state-super-in-breach-of-privacy-act
  22. ^ http://www.oaic.gov.au/privacy/applying-privacy-law/privacy-omi-reports/first-state-super-trustee-corporation-own-motion-investigation-report
  23. ^ http://www.oaic.gov.au/privacy/applying-privacy-law/privacy-omi-reports/first-state-super-trustee-corporation-own-motion-investigation-report#conclusion

External links[edit]

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Maliek Elvis
+23 188 845 957
Mon - Fri, 7:00-15:00

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