We are pleased to announce that WA Super has agreed to progress to the next stage of a merger with Aware Super (previously known as First State Super). Plans are underway for the merger to be finalised by 30 November 2020.
Throughout recent merger discussions, our initial confidence that Aware Super were the right merger partner has been reinforced. We have all the components for a successful merger; from the shared values and cultural alignment, to the similar member base, valuing financial advice, and the unwavering commitment to putting members first.
Like us, Aware Super is also committed to offering services locally and helping members achieve the kind of retirement they want.
The following questions and answers are included here for your information. They do not represent an exhaustive list of topics. As the merger transition phase progresses, we will address additional questions and we will update this information periodically, so please make sure you check for additions and more detailed explanations.
Like us, Aware Super understand the importance of quality financial advice, providing the right advice at the right time, in the right way, to help clients achieve better outcomes in their retirement. Aware Super is Australia’s second largest industry fund, providing superannuation, financial advice and retirement solutions to their members.
We have all the components for a successful merger: values and cultural alignment, similar member base, a mutual understanding of the value of financial advice, and an absolute commitment to putting our members first. Aware Super believe in providing quality financial education through multi-channel advice options and is committed to making financial services and education accessible to regional areas.
This merger is in the best interest of members, who will have ongoing access to a local Perth office offering a broad range of super, retirement and financial planning services, lower fees over the long-term and a track record of strong returns^.
Once the merger is finalised, Western Financial clients will transfer across and become a client of Aware Super’s wholly owned financial planning business, State Super Financial Services Australia Limited, trading as StatePlus, ABN 86 003 742 756, AFSL No. 238430. From mid-September 2020, StatePlus will be known as Aware Financial Services Australia Ltd, after their recent announcement advising they’re changing their name to Aware Super.
First State Super have recently announced that First State Super and StatePlus will change their brand to Aware Super in September. StatePlus will be known as Aware Financial Services Australia Ltd.
They explain the thinking behind this decision on their website but, in summary, they believe that having one unified brand strengthens the message, impact and purpose for the members and communities that they proudly serve. You can read more about this here.
Absolutely. Financial planning clients will continue to have access to the same quality services they have come to expect. Both funds really understand the importance of quality financial advice in helping our members to achieve better outcomes in their retirement. And we are both committed to providing services to Western Australians.
Once the merger is finalised, advice clients will continue to have access to local financial planners from a local WA Super office. As part of this merger process, certain WA Super staff will be offered positions with Aware Super, so it is our intention that you will continue to have access to your existing financial planner. These details will be confirmed over the coming months as we work closely with Aware Super to develop the transition plan, which includes future roles with Aware Super.
The merger transition is planned for 30 November 2020. After this date, and at your next planned review, Aware Super will issue you with a new Statement of Advice under their licence.
No. For now, it is still business as usual for both funds as we prepare for the merger transition. Your financial planner will keep you informed and will be clear about what you need to do, if anything, in due course.
Now that we have agreed to merge with Aware Super, we can move onto the next stage of our discussions which is determining in more detail just how we will integrate the two funds. We hope to have more clarity on this in the coming weeks and will communicate any changes with you as soon as we can.
Once we agree the specific merger transition details with Aware Super, we will send you a detailed email and will update our Q&As page. In the meantime, you can send any questions to firstname.lastname@example.org.
Who can I contact at WA Super if I need to talk to someone?
If you have merger related questions, please contact your financial planner or send an email to email@example.com.
^The First State Super Growth option, as sourced from the SuperRatings Fund Crediting Rate Survey for the SuperRatings SR50 Balanced (60-76) Index, delivered a rolling 10 year return to 30 June 2020 of 8.07%. This is compared to the SR50 Balanced (60-76) Index median rolling 10 year return to 30 June 2020 of 7.43%. Returns are calculated net of investment fees, tax and implicit asset-based administration fees. The SR50 is an index of 50 super funds whereby each fund is assessed on criteria such as their size, history of returns and allocation of assets to growth assets between 60 -76 percent of the investment. This disclaimer is related to the First State Super accumulation product. Past performance is not a reliable indicator of future performance.