Aware Super

Aware Super is an Australian superannuation fund headquartered in Sydney, New South Wales. With $150bn under management and over 1 million members, it is Australia's third-largest superannuation fund.[1][2][3]

Aware Super
IndustrySuperannuation
Founded1 July 2020 (2020-07-01)
HeadquartersSydney, New South Wales, Australia
Key people
Deanne Stewart (CEO)
Websitewww.aware.com.au

History

It was initially established in 1992 as First State Super to provide superannuation benefits to New South Wales government employees. 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.[4]

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.[5]

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]

On 1 July 2020, First State Super and VicSuper merged to become Aware Super.[7] 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%.[8] On 3 December 2020, WA Super merged with Aware Super.[9]

In April 2023, Aware Super acquired a 22 per cent shareholder in Get Living, the built-to-rent developer that owns East Village, London.[10] It acquired the holding from the Qatar Investment Authority.[10]

Current Ratings and Awards

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[11]
2020 – MySuper of the Year Finalist (SuperRatings)[12]
2020 – Best New Innovation of the Year Finalist (SuperRatings)[13]
2020 – SuperRatings Platinum rating for Employer Sponsored, Personal and Income Stream[14]
2020 – Chant West 5 Apples super rating; 5 Apples pension rating[15]

Controversy

In September/October 2011, a security vulnerability in First State Super's system was discovered by a customer. First State Super received considerable negative publicity nationally and internationally,[16][17][18] 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.[19][20][21]

The Federal Privacy Commissioner investigated the event.[22] 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 Pillar's 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.[23][24] [25]

See also

References
  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. Sydney Morning Herald 29 April 2006
  5. Financial Standard 30 June 2011
  6. Roddan, Michael. "First State takes a bath on StatePlus purchase". AFR.
  7. "Important fund details".
  8. Mcarthur, Elizabeth (26 November 2020). "Aware Super cuts carbon emissions by 40%". Financial Standard.
  9. "WA Super has merged with Aware Super". Aware Super. Retrieved 24 August 2022.
  10. Howard, Tom. "Stake sale for Olympic village owner Get Living". ISSN 0140-0460. Retrieved 3 April 2023.
  11. "Super Fund Ratings". Chant West.
  12. "Ratings & Awards". SuperRatings.
  13. "Ratings & Awards". SuperRatings.
  14. "Ratings & Awards". SuperRatings.
  15. "Super Fund Ratings". Chant West.
  16. iTWire – First State Super
  17. Troy Hunt: Open letter to First State Super re responsible security disclosure
  18. Security Researcher Threatened With Vulnerability Repair Bill – Slashdot
  19. First State Super Security Breach Exposes Members' Accounts
  20. Super sloppy: First State customers kept in the dark
  21. Claims First State Super flaw ignored for 'years'
  22. "Archived copy" (PDF). Archived from the original (PDF) on 21 March 2012. Retrieved 31 October 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  23. "First State Super in breach of Privacy Act| Office of the Australian Information Commissioner - OAIC". www.oaic.gov.au. Archived from the original on 22 July 2013.
  24. "First State Super Trustee Corporation: Own motion investigation report| Office of the Australian Information Commissioner - OAIC". Archived from the original on 12 February 2014. Retrieved 5 June 2013.
  25. "First State Super Trustee Corporation: Own motion investigation report| Office of the Australian Information Commissioner - OAIC". Archived from the original on 12 February 2014. Retrieved 5 June 2013.
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