The State Superannuation Fund is a government-run retirement savings scheme, established to provide a secure financial future for public sector employees in Australia.
It's a mandatory scheme, meaning all eligible employees are required to join and contribute to the fund.
The fund is managed by a board of trustees, who are responsible for making investment decisions and ensuring the long-term sustainability of the fund.
The board consists of seven members, including the Treasurer of New South Wales, the Director-General of the Department of Premier and Cabinet, and four other experts in finance and superannuation.
What is State Super?
State Super is a superannuation fund that offers a range of investment options and insurance policies to its members.
It's a not-for-profit fund, which means that any surplus funds are reinvested to benefit members, rather than being distributed as profits to shareholders.
State Super was established in 1988 to provide superannuation services to public sector employees in New South Wales.
The fund has since grown to become one of the largest superannuation funds in Australia.
State Super offers a range of investment options, including growth, balanced, and conservative portfolios.
These options allow members to tailor their investments to suit their individual needs and risk tolerance.
State Super also offers a range of insurance policies, including death, total and permanent disability, and income protection cover.
Members can choose to take out these policies to provide financial protection for themselves and their loved ones.
Investments and Returns
Our Conservative Balanced option delivered an average yearly return of 6.84% p.a. over 10 years to 31 March 2024.
This option is where your money is invested if you don't make a choice, giving you a stable and reliable return over the long term.
This kind of return can add up over time, making it a great option for those who want to grow their savings without taking on too much risk.
Members
As of June 2023, State Super serves 86,840 members, including past and present public sector and government workers of NSW.
Australian and International Investments
State Super has a diversified portfolio of investments that span across Australia and the globe.
The fund owns a range of infrastructure assets, including shopping centres in Tweed Heads and Plumpton, as well as office buildings in North Sydney, Sydney CBD, and Macquarie Park in Sydney's north west.
State Super also holds a stake in the Peninsula Link toll road in Victoria.
In addition to these Australian investments, State Super has a significant presence in the international market, with a stake in Birmingham Airport and Bristol Airport in England.
The fund is also part owner of the Stockholm Arlanda Express train in Sweden, which provides a convenient and efficient transportation service for commuters.
State Super's international portfolio also includes a stake in Flinders Ports in South Australia.
The fund's investment strategy has allowed it to build a diverse range of assets, providing a solid foundation for returns.
Strong Long-Term Returns
Investing your money wisely can lead to strong long-term returns. The Conservative Balanced option, which is the default investment choice, delivered an average yearly return of 6.84% p.a. over 10 years to 31 March 2024.
This kind of steady growth can add up over time, making it a great option for those looking for a reliable investment.
Examples and Controversy
In September/October 2011, a serious security vulnerability in First State Super's system was discovered by a customer. This led to considerable negative publicity.
The Federal Privacy Commissioner investigated the incident and found that First State Super was in breach of National Privacy Principal 4.1 at the time.
Examples of Superannuation Fund
Teachers who demonstrate they are existing contributors to certain schemes are entitled to retain their membership of those schemes, as provided for in specific Acts.
The State Superannuation Fund, State Authorities Superannuation Scheme, and First State Superannuation Scheme are examples of such schemes.
If no election is received in a specified time, membership will default to the First State Superannuation Fund.
The Commonwealth and State will guarantee to fund the State Superannuation Fund defined benefit obligation of each university, except to the extent that there is an excess salary component.
The First State Superannuation Fund has the same meaning as Fund has in the First State Superannuation Act 1992.
Here are some examples of superannuation funds mentioned in the article:
- State Superannuation Fund
- State Authorities Superannuation Scheme
- First State Superannuation Scheme
- First State Superannuation Fund
- ESSS Defined Benefit Fund
The closed defined benefits schemes include the Revised Scheme, New Scheme, Transport Scheme, and the State Employee Retirement Benefits Scheme.
Controversy
In September and October 2011, a security vulnerability in First State Super's system was discovered by a customer, causing considerable negative publicity.
The Federal Privacy Commissioner investigated the incident, finding that First State Super was in breach of National Privacy Principle 4.1 at the time.
The breach was severe, with the exploit being easy to compromise, and the company's public relations in the aftermath of the notification were also criticized.
First State Super and Pillar took immediate action, which led the Privacy Commissioner to cease the investigation and close the file on the matter.
Frequently Asked Questions
What is the new name for statewide super?
Statewide Super is now part of Hostplus, a multi-sector national fund. The merger created a larger fund with over 1.5 million members and $82 billion in investments.
Does State Super have an app?
Yes, State Super offers a mobile app for its members, providing a convenient and personalized experience. Download the app to take control of your superannuation on-the-go.
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