First State: Super for NSW Public Sector Employees, Now Open to All Aussies

First State

Twelve different investment options give you plenty to think about when planning your retirement with First State Super.

Members of First State have a lot of flexibility when choosing an investment strategy for their superannuation.

Not only do you have 12 differently structured managed funds to pick from, you can feel comfortable in knowing that none of your superannuation profits are coming from the manufacture of tobacco products.

This is worth considering if you want to make an ethical choice for your retirement growth.

Thinking about joining First State? Here are more reasons why

  • At the Super Review Super Fund of the Year awards in August, 2015, First State Super won the Best Public Sector Fund award for the second year in a row.
  • SelectingSuper awarded First State Super with a Workplace Super Product of the Year for Value Choice in November of 2014.
  • SelectingSuper also recognises First State Super as an AAA super when it comes to quality.

A closer look at First State Super

First State Super provides superannuation solutions both for the individual looking to better manage their retirement, and for employers who want to help their workers in building their pension funds.

After years of investing your superannuation, First State Super also helps with transition and pension accounts once you are ready to leave the workforce. You can even see the progress it is making using their online platform.

What’s internet banking like for First State Super?

First State’s online platform, eSuper, gives you convenient access to your super funds anytime, and from anywhere. To register for the service you will need your First State Super member number so that you can be issued a password. Once logged in you will be able to:

  • Check your account balance and transactions
  • Make any investment option changes
  • Update your personal details
  • Make contributions using BPAY or an online EFT form
  • Give First State Super your tax file number (TFN)

What super funds are offered by First State Super?

There are five pre-mixed investment strategies you can choose from that are designed to meet your stage of life and your financial plans. These include:

  • High growth
  • Diversified
  • Diversified socially responsible
  • Balanced
  • Capital guarded

While the pre-mixed super funds are combinations of various investment options, you can also opt to invest in a single asset such as:

  • Australian equities
  • Australian socially responsible equities
  • International equities
  • Property
  • Australian fixed interest
  • International fixed interest
  • Cash

You can also opt for the Life Style strategy, which qualifies as a MySuper and is the default option for those members who don’t pick a specific fund. This strategy consists of the diversified option for those members who are 59 years of age or younger, reverting automatically to the balanced plan once you reach the age of 60.

What pension accounts are offered by First State Super?

When you reach preservation age, which is between 56 and 60, you could access some of your superannuation funds, even if you are still working. The transition to retirement income stream gives you access to your super before you have officially retired. This could enable you to:

  • Use income from your super to help with your daily costs while you still are working.
  • Add more to your super before tax from your salary while at the same time adding to your salary from your pension income stream.
  • Cut back on your hours as you approach retirement without losing any monthly income.

With the pension accounts from First State Super you have the same investment options as with your super fund, except now your investments are in a tax friendly account and you can receive regular payments from your retirement money.

You will also be provided with estate planning options for your account that includes binding, reversionary and discretionary nomination of beneficiaries. As with your super fund, the fees you pay for your First State Pension Account are competitively priced, and rated lower than the industry average in comparison to other similar investment products.

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Tips when applying for a First State super fund

If after making comparisons in investment products for your superannuation between various institutions you find that First State is able to meet your goals, you can download their application online to get started as a member.

Keep in mind that if you are applying for a pension product you are going to need at least $20,000 to invest in the account in order to qualify for an income stream. Other information you will need to provide regardless of what type of super fund you are interested in include:

  • Personal details. You will be asked for your name, physical address and telephone numbers where you can be reached.
  • Tax file number. Your tax file number (TFN) is not only used to help assess the proper tax bracket for your withholdings, it can be used to help to find any lost or missing super funds which can then be consolidated with your super fund from First State.
  • Investment choices. You will be setting up your super fund details when you apply, and will need to allocate certain percentages into your different investment options. These details can always be changed using your online access later on, or you can choose the default option.
  • Beneficiary. You will be asked to nominate a beneficiary for your super fund.
  • Insurance options. Certain insurance covers are included as a part of the super fund, but you are permitted to choose additional covers as you see necessary.
  • Proof of identity. An identifying document is asked for in order to confirm your age and identity. This can include your current driver’s licence or passport.

You will be required to submit your application for membership to First State, who will then set up your super fund account and notify you of the details so that you can begin monitoring its progress online. If you are applying through an employer, they will be able to assist you in having your superannuation funds diverted to First State Super.

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