industry superannuation founded 1992 key people ceo michael dwyer am 1 slogan your super . your future website www.firststatesuper.com.au first state super is a not for profit australian superannuation fund . it was initially established in 1992 to provide superannuation benefits to new south wales government employees but is now open to anyone eligible to receive superannuation . it is one of australia s largest superannuation funds with more than 57 billion as at 1 july 2016 in funds under management and over 770 000 members . 2 as a not for profit fund all profits are returned to members rather than being for the benefit of shareholders . this has meant that first state super has been able to keep their fees low over time . 3 contents 1 ratings 2 becoming public offer 3 merge with health super 4 controversy 5 references 6 external links ratings edit the fund won money magazine best of the best 2012 lowest cost super fund from 2007 2012 and lowest cost pension fund from 2009 2012 . 4 other research houses have awarded first state super their highest possible ratings . 5 rainmaker 7 year platinum performance for the employer sponsored division 2005 2012 rainmaker 5 year platinum performance for personal super division 2007 2012 rainmaker platinum rating for the pension division 2012 chant west 5 apples rating for personal super division 2012 chant west 5 apples rating for pension division 2012 selectingsuper aaa rating for the fund 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 . 6 merge with health super edit in july 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 merge meant the combined entity was the third largest superannuation fund in australia . 7 controversy edit 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 8 9 10 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 . 11 12 13 the federal privacy commissioner investigated the event . 14 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 . 15 16 17 references edit our ceo and trustee super fund superannuation funds first state super superannuation scheme offered by first state super selecting super best fee deals across all superannuation funds money magazine best of the best 2012 award winning fund first state super sydney morning herald april 29 2006 financial standard june 30 2011 itwire first state super troy hunt open letter to first state super re responsible security disclosure security researcher threatened with vulnerability repair bill slashdot first state super security breach exposes members accounts super sloppy first state customers kept in the dark claims first state super flaw ignored for years http www.firststatesuper.com.au tmp media % 20statement % 2019 10 11.pdf http www.oaic.gov.au news and events media releases privacy media releases first state super in breach of privacy act http www.oaic.gov.au privacy applying privacy law privacy omi reports first state super trustee corporation own motion investigation report 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 wikimedia commons has media related to mlc limited . first state super official site retrieved from https en.wikipedia.org w index.php title first state super & oldid 740959698 categories investment companies of australiacompanies established in 19911991 establishments in australiahidden categories commons category with local link same as on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage 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