Worst type of super scheme ever implemented.
There are too many issues with this fund that ill describe in dot point form, however all of that could be forgiven if it were not for just one fact - You cannot leave the defined benefit scheme unless you resign or retire. Terrible prospect for the reasons i'll list below:
1. This defined benefit scheme only increases by the 14.3% of your FAS, any investments made are kept by the APSS and not returned to any members. meaning you could have $200,000 in your DB and APSS will earn any and all interest it makes. (Even a tiny annual rate of 2....5% would have given you $5,000 each year NOT counting compounding interest!) 2. Approx July 2014, The previous CEO had removed the indexation of the salary to average weekly ordinary time earnings in the scheme. So unless staff start getting more than 3% pay rises per year, the super balance at retirement age will be significantly less. 3. In the 1st July, 2012, the APSS closed the fund to any new staff starting at Australia Post. Cannot be sure if this will be detrimental to current members or not, however it does mean no new funds coming in to fund the older members. (Remember, APSS invest the members funds and keep the profits - and losses. So if the market does have a crash, then the remaining finite funds from current members are all thats left to fund a potentially unfunded scheme). 4. Our DB fund is calculated by this method described on their website here: https://www.apss.com.au/member-benefits/?page=14-3--defined-benefit
The defined benefit component of your super is not yours until you leave Australia Post, they will lend it to you at an alarmingly high interest rate until you leave Australia Post
Lodged My Super Claim 3 weeks ago.I was sent Letter to say it was All Processed into my Bank Account.No Money Received into my Account now I have to wait for them to Investigate where it went.Everday they say they are working on it so Stressful and no Recourse.
Great super since inception
Joined Apss in 1990 and retired in 2011 and transferred into pension scheme had good returns in both, Any enquirery was deat with in a timely manner and I have found staff helpful and knowledgeable and always did what they said they would do.
A Staff with Excellent Customer Service.
After numerous phone calls and talking to 4 different APSS staff trying to get them to fax a copy of a document to my tax agent which I needed to lodge my tax return because the one they sent me by post was lost in the mail, there was only one person who went out of his way to help me, and his name is Soma. Thank you so much Soma for all your help... you really made my day because I was beginning to worry that I would not be able to lodge my Income Tax Return before I go away, but now I am so relieved that my tax agent has advised me that he h...as just submitted my Tax Return. If it wasn’t for you I would have given APSS a rating of 1 star. Your customer service is excellent....a person with your attitude would go along way in his/her career.
Dealing with my deceased mothers affairs I lodged all required documentaion via express post on the 22nd of Feb with APSS and after numerous follow ups on my end, we are yet to have this straight fwd matter finaliased
CONNED by post
Me too. Conned from CSS to APSS now cant retire till 60 as the rules changed for APSS but not CSS. In Tas they fought to go back to CSS and won. But nothing is said to anyone else.? Also now I have gone to parttime my fas has frozen. Thanks [name removed].
Have called 3 times to inquiry about the status of a claim, no one is ever in the claims centre and I am yet to receive a call back.
No response to request
I need a copy of my balance for Centrelink so I can draw the aged pension . A simple strait forward request you would think . I'm still waiting . When I ring I am told you should have it by now . Well guess what ? I haven't . Emails never answered . Deplorable customer service .
Terrible and useless customer service; limited investment option
When you request information on the phone, they have absolutely no idea what you are talking about.
I was trying to withdraw funds from my account since I am over 65.
They tried to argue with me that I cannot because I am still working.
Finally they agreed and send me the form (since they are not available online). They sent me the wrong form and I tried to ring and went through the same thing- have to tell them again I can withdraw my fund because I am over 65!
Let's hope I get the correct form this time.
I unfortunately had dealings with them. I wish I didn't. They will spend more on fighting you to set an example so others don't claim. I was retired hurt at work and got zero. My tpd money kept by them. Peanuts for such large organisation a lot for a family with little kids. Nasty experience to live through.
Have been in this fund since inception and could see the benefits from staying in the Commonwealth Super Scheme. I've been retired now for 3 years and found the Pension perfermance excellent just like it was during the accumulation phase. More than happy with my decision to stay with them.
I did my homework when the information sessions came out and found that it was a tough decision as both schemes were excellent but I've never regretted my decision to change to the APSS. I also sought independent advice who confirmed that both schemes were g...
Conned by australia post
I too was conned to opt out of the old Commonwealth super scheme and go into the apss scheme.
I still have all the paper work and visually recorded the sessions provided by post for the new super scheme.
It is my intention to take legal action if by the retirement age my apss is less than the old scheme I was in as I was informed by the session salesman that the new apss scheme is a far more attractive retirement scheme .
that was more than 25 yrs ago but so glad to have kept the evidence.
Was a member of the Commonwealth Superanuation Scheme and was conned out of it in 1990.
The so called information sessions conducted by Post were in fact , giving financial advice to employees to switch to the APSS..
No positive information regarding the CSS,
Cash return is not so good.
It has performed very well since I became a self funded retiree six years ago. Sure, it lost money due to the GFC, but in comparison to other funds it has performed very well. It reacts to the market slower than most, thus giving time to adjust one's portfolio. Overall I consider the APSS to be one of the better funds available. If you choose the non negative alternative, you must expect the returns to be lower when others are higher, to compensate for the non negative results when most are losing money. Overall it probably balances out over th...e long term. If you "jump ship", you may do so at your own peril. Be very careful ! Most of my friends are at least 30% worse of than me, as they were in other super funds over the past 8 years. Some have lost 75% of their money over the last 12 years, as they went to "financial advisers" (a very loose term), instead of just leaving their money where it was. I was told by several of these so called "advisers" to put all my super where it would have have performed very badly. Concluding, I am very happy with the APSS. Reliable, vertually no fees. Can not front their office. Mail only, to make adjustments or alter monies.
Questions & Answers
where does this superannuation fund fit in the best to worse performing funds, please
I'd recommend contacting APSS directly for any questions regarding the super fund
I need a form to change my friends elected gross payment.
I wish to restore David Clifford Dawson's Gross Pension Income payment to $24,000 as it was in 2018-19 because together with his age pension is insufficient to cover his Aged Care Fees now that it has been lowered to $11,240.
I am David's Power of Attorney and Nominee with Centrelink. David's Product Reference Number is 0000000359.
You'll need to contact APSS which you can do here: https://www.apss.com.au/public/?page=contact-us
I trust that you have all the relevant information now. Dennis.
I need financial adviser , I will retire on October 20
Could you please tell me which one , so I can contact them
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