You get what you pay for.
Firstly the positives. They manage to give a decent return on super and have low fees. When and if you can get a hold of them they are helpful. Negatives. Trying to get a hold of them is very difficult. Their staff knowledge varies dramatically. Ask for things in writing. The pi and tpd insurance is a pure con job and protects their provider TAL. They are beuraucratic and SLOW. Trying to get your money out is difficult and time consuming, but possible after lots of forms.
I can see where my fees are going and I don't like it
I recently have had to change my name and of all the avenues I've been chasing to ensure my credentials are consistent, my poor experience with Australian Super really prompted me to review. This has been a stupidly bureaucratic process and I have wasted so much time and gotten nowhere. In particular I found customer service to be more concerned with abiding by an internal rule book than stopping to consider common sense. The call centre is a write off for customer experience, I felt the operator was actually excited to argue with me, and I just gave up.
Member Direct is trash
Very poor User interface. Response slow. Many times you cannot execute a trade because “market is currently closed” when market is well and truly open. If you are in a hurry to trade you will miss the bus with member direct.
Poor customer service compared to other funds
I have experience with three industry funds and Australian super is the worst by far in terms of assistance and customer service. I wanted some advice but all they wanted to do was put me on to a contractor who wanted to charge me for advice that I could get from my previous funds for free. I will be moving my funds from Australian Super very soon.
poor customer service, too many manual forms and no automation that is of any use
I transfered my super to an industry super fund because i was annoyed at the performance from with BT. Things were ok, until tax time when i had to engage them. Everything was just painful! Calling them takes for ever. The IVR has 8 questions and you cant push ahead. Painful. Everything you need to do for tax is a separate form. Transactional - painful. The automation on the home page serves almost no purpose. correspondence cant even be tracked on line.. Painful.
So BT were under performing but at least i could talk to someone w...ho knew realtively what i had to do. They sent me final statements of contributions around July. I would think twice before you move your Super over to Australian Super. I would look for a company that is more technologically mature.
AustralianSuper deduct cash from pension fund payments without any records
I noticed that the amount going into my bank account was less than that being deducted from my super pension account.
I went through my AustralianSuper online transaction records and it appeared the full amount was being deducted from my account and sent to the bank.
I contacted the bank and they said the missing monies were not a problem at their end.
I contacted Australian Super by their online complaints form while logged in, then a week later received an email saying they cant discuss the problem by that method. Anyway after a bit of back ...and forwards poor quality communication over another another few weeks, I got an email stating that: The problem with missing deductions from the online transaction records is a known issue and wont be fixed, and that a summary will be provided annually that will show the amount of tax taken. If Tax is being deducted why hide it?
Poor customer culture
Recently I applied to withdraw about 5% of my super from Australian Super.I'm over 65 so thought there would be no problem.I submitted the appropriate form more than two weeks ago with the website promising a response in 5 working days.I got no response.After two weeks and several frustrating phone calls " we can't tell you when you'll receive the money,you'll just have to wait,no I can't put you through to a supervisor" .I have no idea when my funds will be released and no one will tell me.
Australian Super produces good returns but their customer culture is full of the endemic cultural arrogance commonly found in large financial institutions.
Proceed with care.
Cannot trust call centre information
After receiving the confusing notification about the new choice income limits due to COVID-19 I decided I should call Australian Super for clarification. I did not want my income to drop by half to the new minimum of 2%. I needed it to stay at 4% to cover my cost of living. I called them in late April. They advised me I did not need to do anything till July 2020. On July 1 I called Australian Super again. I was assured that my payments would remain at 4% but go up to 5% when I turned 65 later this year. Tonight I thought I should check my onlin...e account. After logging in I discovered my next payment was going to be at the 2% minimum and half of what I need for fortnightly living expenses. Sadly the staff at the information centre are totally lacking in knowledge. I will now have to call a 3rd time to get this corrected. This time I will ask to speak to a manager. I never requested my income to be reduced automatically. It should only be changed following an instruction from me.
Disappointing stance on climate
Very disappointed to see that in 2019 Australia's biggest superannuation fund reduced its support for climate-related proposals compared to previous years ('Two Steps Forward, One Step Back', ACCR). A secure retirement is as much about a safe and secure place to live as it is about money. "At BHP's annual meeting last year, AustralianSuper, Unisuper and Mercer were the only three funds to vote against a resolution that asked the mining giant to exit memberships of lobby groups considered to undermine the Paris Agreement goals, according to the report." (The Sydney Morning Herald, 8 June 2020). Disgraceful.
Deeply Concerning Performance
Australia’s biggest superannuation company and 16th in performance during the pandemic? I am disappointed and stunned to see the truly awful results by Australiansuper during the pandemic and subsequent share market crash.
I believe their performance was ranked 16th during this time with many other smaller funds outperforming them.
I have the balanced fund and was deeply concerned with the performance in relation to its correlation with the stock market. I believed balanced was just that, but on doing some research their exposure to the vola...
Update, original review left for others to see.
I have finally received the money, it took quite a while but it all worked out in the end. It was a case of my claim being sent to the fraud department. I would say that the lack of communication in regards to my claim being held pending investigation leaves a lot to be desired, however after contacting them and demanding an answer they were very helpful. It is unfortunate that it has to be done, but for the people that haven't gotten a response yet you need to DEMAND an answer. That was the only way i got my claim looked at. I added 1 star to ...my original review because they were very helpful and apologetic in the end. Old review----I have been with them for about 10 years. Like many other people i put in a claim when the applications opened. I had another super account with CommBank with about $1000 in it. The plan was to clear that and the rest from Aus Super. The CommBank money came about 5 days after application approval. I tried to check my Aus Super account online and there was a server error and has been that way for about 2 weeks. I currently live overseas and its hard to call sometimes, after weeks of waking up early and trying to ring and everytime being on hold for 45 minutes it hung up on their end. I finally spoke to someone today who told me they had no record of my application. He said that maybe the details they had are different to the ATO details. I asked him why CommBank was able to pay me with personal details that are at least 10 years old. He had no idea. I rang the ATO, and this is important, Told them everything. They said they had gotten many complaints about Aus Super and sent through an escalation. I suggest anyone with problems call ATO and talk to them. They said it would still take a bit, all my details are up to date, so now they have no excuses left. Will update my progress.
Waiting two times longer than was told for my money
They said I would have my money within 5 days it's been weeks and I still haven't gotten it.
I called them and they said "It's being double checked for safety cautions you wouldn't want your money going to the wrong place would you? This makes no sense.
I have been with Australian Super for over 20 years and I’m now retired. Their reports are very basic and it’s impossible to speak to a one.
Their fees are comparable to other large funds but since the customer service is non existent I would not recommend them.
Too expensive for an industry fund - both in fees and insurance premiums
Do your research and shop around, i'm in the process of moving to another industry fund and wish i had years ago. Fees are less and insurance premiums are around half as much. Did you know that Australian Super increased their weekly fee in 2019 from $1.5 to $2.25 and now they're adding a % of gain fee in addition to the fund manager fee... fees are a killer for long term returns, like compound interest but in reverse.
Never should have joined
Opened a TTR. Opened it a month ago. Going to leave asap. 3 different people will tell you 3 different things. Send wrong forms, keep you on hold forever. Worst service ever. Biggest mistake ever. Was in AMP, at least they knew what they were doing. This company deserves a zero. Don't join
Questions & Answers
How is the customer service of Australian Super managed fund. The key is their long wait times on phone , it is always > 20 minutes !
Is this the case with every caller?
Why then , it is called the best Super fund on Canstar site??
Any business can pay a fee to Canstar to gain x amount of stars and ‘best of’ ratings including gold silver bronze. Not a reliable truth at all.
Finder.com for finance sujects, this very product review and choice review for bit of everything subjects, and trip advisor and smart traveller for accommodation, restaurants, sites and tourism.
I agree with this but there should be some way to get a true impartial reviews!
I was with AGEST until it was taken over by AusSuper in 2013. Total fees went up but I stayed with it. Net returns seem OK but I haven't gone into this topic as deeply as I should have.
I'm now stuck overseas because of the pandemic and earlier this year applied to convert my super account to a pension account (I was 70). AusSuper couldn't have made it more difficult if their primary aim had been to hang on to members' cash for as long as possible and defer cash outflows in the form of pension payments. After months of frustration and providing additional documents, the application was finally approved.
That application approval email welcomed me as a new member of AusSuper. Yet I had been a member since 2013. Not altogether surprising though since during the entire saga I had received a couple of emails from "Austrailian Super'. Logging onto my online account, I now keep getting told that there won't be any details available until they receive my money. They have had my money since 2013 so where is it now? Consequently, I would be reluctant to say that the company's customer service and administration is top-notch.
I'm now having second thoughts about leaving my hard-earned cash with this lot. Can anyone recommend a better industry super fund?
Well Tom, for a start, why are you even still alive at 70?? I thought thats what COVID and the vaccine was for - getting rid of all us ‘oldies’ (that is anyone at 50 or so it seems lol!) And I am a registered nurse!! Like I have said previously most super funds are six of one and half a dozen of the other. At the end of the day they are there to make money for shareholders and double tax for the government. And if they do that well, thats some hellava bonus for the top dogs. Seriously, good luck and I am so sorry for your situation.
How long will an approved payment for financial hardship to be in my account
When you starve to death David, and die as a homeless person. Then whoever is to inherit your super can go through their very own nightmare with your AustralianSuper benefit until they die of waiting too. BUT how quick are they if the shoe is on the other foot? If you owe them something they are all over it. If you are half a day late paying insurance fees - that's it - insurances cancelled. And all my insurances change figures every month??. Only account keeping/service fees are consistent - albeit a waste, cause you right now (or a couple of months ago) are/were needing some account service. Honestly, WTH. Worse thing is all super mobs are the same - its all about the shareholders and big wig bonuses!! Good luck cause they will eventually get to you!
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.