Reviewer Photos & Videos
Low risk profile losing money
I put my portfolio 90% as cash and 10% as low risk investment in mid 2020 and still got negative return. We had nearly two years of strong markets! I don’t understand how they are consistently under performing throughout the high and low of the markets.anyway, leaving the fund. And no transparency.
Horrible, horrible, horrible performance
I was initially with ING Super and was satisfied with my super. It was since bought out by ANZ Smart Choice and what can I say? Under-performance is an UNDERSTATEMENT!
I understood CoVID was going to impact my super in a big way, and that it would bounce back. Well it almost did, and for the past 12-24 months I was hoping and wishing my super would bounce back to a respectable value . It goes up a little, then drops drastically. Goes up some more, then drops drastically again.
I am so tired of seeing the dwindling numbers in my ANZ app. It is beyond ridiculous.
Find yourself a more performant super fund. ANZ SmartChoice is for suckers.
I would give zero if it was possible
I would give zero if it was possible.
I asked to rollover my funds and they are not willing to do so. I provided all documents they requested, funds were not transferred to my SMSF and all answer I get from them is: still not processed
Thanks to them, I do a SMSF which I can't do anything with it since they are holding my super funds
Stay away from them
Consistent under performer in every time period
I had been with ANZ super for just under 10 years. I reviewed my super when I changed jobs and found that ANZ balanced returns were always 2 to 4 percent below the median for that class of fund and up to 10 percent below the top performers.
On a year by year basis they have never been out of the bottom quartile of performers and have been in the bottom 10 on 6 occasions including dead last once and second last once.
When the markets went up 12% ANZ super went up 7%. When the market went down 3% ANZ super went down just over 6%.
I would advise a...
I’d give less then 1 star if possible
Made an absolute mission to change my dob so I could withdraw my super and go to someone better. Lost a fortune in fees and every email was replied by automated paragraphs
Extensive Fees, on Super
I advise people to check their account, as ANZ, are now charging a %, on the savings they have in their super account, I am moving my super away from them, in the last two months, they are now charging,, look to your accounts :::
Worst customer service
I tried to rollover to my SMSF. They blocked me 3 times. They literally said I didn't know how to sign my own name. I had to resubmit my rollover forms.
Then they informed me, they were not even ANZ. So I could not go to an ANZ branch to show i.d.
Had my Super with ANZ for all my career up till 4 years ago (25 years), changed to QSuper 4 years ago and in only 4 years my balance has gone up 50% ..i.e did better in 4 years than did with ANZ in 25 years. Yes I am in the Class Action being taken against ANZ for poor Superannuation performance and excessive fees. Dont go near these clowns.
Worst super ever! Do NOT do super with them
I have been with ANZ super and really regret not going with my employer's own super. ANZ won't let my employer pay super, and say wrong information, but I have given my employer all the correct info.
This has happened 3 times now and I have now gotten a second job and again really regret not going with my new employers super.
And when I ring ANZ super up, I get the same guy who tells me that everything is fine on their end and the problem is with my employer's. No, ANZ the problem is with you.
I was pushed into opening an account with ANZ supe...
Reasonable fees and reasonable performance
The website for smart choice is good and easy to use. I have found their phone service ok. Their fees are still below 1% and performance is fair without being great.Have been with them for 5 years. For a retail fund I find their website to be very good, it is easy to switch between investment options online without any paperwork and your balance, fees and transactions are transparent. You may get slightly better returns and slightly lower fees in an industry fund but you may lose the benefits of the website, ease of changing investments etc, the grass is always greener on the other side.
Worst super provider ever
Cons: Firstly, they don't publish unit prices. Secondly, when I pulled my money out, they didn't even advise me via email that money had been rolled over into my new account, which meant I missed on market gains that were happening at the time ie I knew the share was about to bounce back, and was told that i would be notified by mail and email. Of course mail took two weeks, but email should have been less time.
Pros: Insurance payout for TPD is good and premiums reaosnable
Seems Good to me
Returns are good, fees are low... after reading some other reviews, I realise most are in relation to Covid release... to be fair, I dont think any super fund would have been ready to service so many people looking to cash in. Im fortunate that I dont need to withdraw... and I can understand that some would be desperate... From an investment point of view, they are pretty good.. far better than AMP who I was with before.. and comparable with many other top performers.
Beware when withdrawing from ANZ SmartChoice
Towards the end of ones working life and during Covid money stress, trying to access ones superannuation money, one does not want to see extra hurdles put up by the Fund to withdraw your funds.
My recent experience with ANZ Smart Choice was frustrating. I was warned by their Contact Centre rep to be sure the signature on the withdrawal form has to be exactly or very close to the photo ID presented to ANZ Super.
Unlike other Super Funds that accept forms filled out (usually fewer pages), scanned and emailed to the Fund, ANZ wants one to fill...the five page form, make a copy of the photo ID with a signature, get the signature on the withdrawal form witnessed by a JP (at least) and hard copy of the form including the original of witnessed form posted via AustPost to the Sydney City 2001 postcode. This adds days before processing begins, if the letter does not get misplaced or lost. When asked to inform when the forms have been received, ANZ SmartSuper ignores emails. One has to ring to find out if papers have been received. Assessor looks at the application and if the signature looks slightly different to the one on the photo ID, one is asked to fill out a statutory declaration, giving reasons why the signature is not identical to the one on the photo ID, in my case drivers licence, which I had signed two years ago. One has to get a JP to witness the statutory declaration and send the hard copy via AustPost to ANZ Smart Choice Super, thereby losing another 2-3 days before the application is looked at again. So many hurdles that ANZ Smart Choice Super makes one jump before releasing funds.
Retail super does not look after you
Superannuation don’t pay death and disability or income protection insurance there’s no point just read the PRODUCT DISCLOSURE AGREEMENT and lists everything they don’t cover. Online statements switched without asking. No good
So I have had super in Australia for 25 years. Its been changed from one fund to another about 4 x now, never am I consulted, its just changed. This time, I cant get access to my own account. I have called and was told to go and verify my self here in NZ at an ANZ bank here. They didn't know what I was talking about. I spent an hour, 4 calls getting shuffled from one idiot to another, because, they don't know how I can verify myself from NZ, but best of all, one guy, knowing I am in NZ asked me to get myself to an Australian counter to verify, we are in a pandemic and have to quarantines x 2 (2 weeks each cost $8000). I forgot HOW bad Australian call centers are.
Questions & Answers
How long does it take to have your super released from ANZ?
My super was automatically transferred from ing to anz super. What I find frustrating is I get all these emails from anz telling me how easy it is to check on.my super to see how it is performing on line .The problem is that I have been told i must bank with them to be able to access . Why should I open a new account or transfer my savings to anz .
Which super fund to go for i AM STUCK WITH anz?
That depends on what you want. It could be you want to run it yourself and need an SMSF fund, or you may want a fund without annual admin fees, or lots of life insurance, or nil life insurance, or a ...huge range of investment choices. I like my funds to send me updates regularly like my bank account does. Make a list of what you want and then go looking. Kenmore Financial provide professional financial advise if you need further help.
Get an answer from our members
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.