ARIA
5 reviews
PSSAP is Useless. A rating one is too good for them – What a useless bunch!!! . I have been trying to get access to my transaction details for several months now and each time I am told that due to technical difficulties I can't access these details. I wrote to them with my concerns and in response they asked for my authorization to access my records. They came back to say that they were able to successfully access my account and had reset the password. I still could not get access to my transaction record. When I called to find out what was happening I was told that many people were having similar problems and there was no time frame available for a fix and that I should keep trying. When I lodged an official complaint nobody bothered to respond accept ask for authorization to access my record again. I refused because I did not want my password reset without the problem being resolved. I still am waiting to hear from them. Furthermore, yesterday I received a letter saying that members will now have to pay towards building a safety buffer to manage losses in case the fund mismanages the super balance of it's members. Additionally, members will no longer be as many investment options as before and will be forced to choose the trustees choice which will be called mysuper balanced. The government should allow PSSAP members to rollover into better funds.
arrogance, poor customer service, curtailing of investment choices and disempowerment of members. How can members make informed choices if they can't see they transaction details to work out what is going out of their account
Early retirement – I have been retired due to disability since 2001 and have worked a little part time work but nothing at all since 2007. I applied last year to have my funds released on hardship grounds and it was refused. Now that I am 55 years old and still incapacitated, is it likely to be released now at age 55? What are others experiences? I don't really know It was very rigid. Couldn't transfer funds to another super fund. Unable to have funds released 1 year early even though I have severe disabilities
Absolutely Awful Administration - can we do 0 stars? – This lot is the most opaque, arrogant organisation you could imagine. This review is about the PSSap that is currently administered by Pillar - who is less forthcoming than the previous lot - which I though impossible to accomplish. They refuse to provide running information about costs of unit investments and instruct "you can do it yourself by researching the daily prices"; their systems cannot make orderly movements from one fund to another and get it right, and with the minimalist information they provide it is impossible in a practical sense for a layman to figure out if investments are doing well or badly on an individual basis. Recently transferred from fund a to fund b. Their statement did not show the sell price or any detailed information. Any competent fund would show sold XXX units of A at $price. Bought YYY units of B at $price. How hard is that? In the PSSap it is impossible.
They claim the trustees approve of this opaqueness, and it shows the disdain the government has for its workers that this is allowed. Industry and retail funds are all responsive and provide this information. Yet another substandard government program?
A catch 22 is that Government agencies only contribute 9% instead of the 15.4% if you pick another super fund. Best I can work out is their returns are ordinary - maybe that is why they make it so hard? You are done over one way or another. Last comment is the PSSap is like any other accumulation fund (excepting for no service and opaque operation) and is quite different from the previous CSS and PSS plans that had defined benefits. Aria doesn't get it and appears not to want to get it, that there are different customer expectations and needs for this one. Government 15.4% contributions Opague, poor service, slow systems, ordinary returns (?), as bad as it can get
Learned it is taxable at pension time because it is an "unfunded" plan.Some of the 15.4% goes to the ATO at pension time regardless of age. Hence no pro at all.
Looking at the subsequent statements there is super tax deducted. Whether funded or not, the ATO has their money along the way, so it is probably tax free at pension time. Re all my other comments, this fund remains zero stars on a good day, and should owe us stars on a normal one.
No choices. I've left the public sector and now that money is trapped until age 55 – I have 5 years worth of public sector employer contributions stuck in PSS, and unlike every other super provider I know, there's no way of transferring to another provider and closing my account. I wanted to consolidate my super in one fund, and have done so with great ease, except for transferring and closing PSS. Got through to customer service quickly Unhelpful customer service, offered no information - like blood out of a stone
Limited options – Didn't have a choice what super company I wanted to put my super into. If this is the rule then they should make it possible for transfer or withdrawal of funds. Locked in and have no choice to get out of it. I wouldn't contribute anything to this super fund, because you can't have access/choices to your own money!!! Also they should of told me I am unable to withdraw/transfer any amount when joining. no transfer/withdrawal options
Extra Information
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.
At 22 Sep they have not issued a 2011-12 member statement. How hard can that be if they have proper systems in place? Too hard!