Difficult to get correct information
I was with this fund but found it difficult to get information when I was nearing retirement. As it was important for me to have everything clear I decided to leave
Good returns. Competitive insurance rates. Lousy service.
I've scrolled through pages and pages of terrible reviews about Australian Super but for the most part (and I've checked this thoroughly) their admin fees and default insurance rates are very competitive, and their returns have been healthy too. So, tick!
That's the good part. But the downside, and a lot of reviews here back this up, their service is super lousy. My own experience was with a "customer service" person who gave me incorrect information about cancelling an investment switch that I had submitted. (I was told an investment switch...
room for improvement...
Member 8 years.
Enables you to change investment options daily with no charge, and shows daily paid rates for the various options.
Member Direct ($400 per year + trading fees) is very restrictive - in some aspects illogically so.
Slow platform, and my attempt to place an order yesterday glitched and failed in 2 different ways (Technical issue, NOT user!). That cost me money - would've been a perfect trade.
Their responses to complaints tend to be 'non-answers', ...which suggest one or all of the following: A lack of real understanding of the issue. A lack of in-depth &/or broad knowledge. A lack of interest in really examining the situation and making improvements.
TPD not worth it through Super
Feb 2019 I rolled over to Aus Super, new employer, a few hiccups getting started. Aus Super automatically insured me, despite my selection for NO TPD/Death insurance! Took nearly 7 months to fix that, luckily I kept copies of EVERYTHING! In the process I had cause to look up legislations, policies & laws (it's a really mangled system for Super in this country i.m.o.) & produced the evidence required to have them refund ALL the insurance premiums paid but I am still arguing the Admin FEES attached to the processing of the Insurance premiums paid!
Shop around for your TPD/Death Insurance, it's been my experience that the Super companies in this country charge way too much for TPD/Death cover.
Rollover super money new account
I selected Australian Super (AS) as the union I was a member of stated that you should invest your money in a industry fund and the size of funds that AS have in management was also taken into consideration.
Opening an online account was relative easy, the hardest part was dealing with the amount of time it took for the rollover monies to enter my account, twenty three working days, many phone calls made and many different answers received, in the end the money was deposited in my account with earnings.
It was a terrible start but got there in the end I will post an updated review in twelve months, AS can be difficult to deal with customer service but once you indicate that you are unhappy they lift their game.
Returns are good, fees are low, online self service is great, but be prepared to wait if you need to speak to someone. Customer service needs some improvement. Phone and webchat not very efficient.
Too Early to tell
I've only just joined up. Only because Canstar reviews them as Top in Australia and MLC are rubbish with high fees.
I called and waited..waited..waited like everyone else here. So I hung up and rang again - I selected i was Indigenous / TSI - Lo and behold they answered my call!!!!! Also the waiting music was different they played indigenous music like the didgeridoo!!! I thought we were all ONE!
Anyways - My query was answered and here i am writing a review to let everyone know - if you cant get through select the Indigenous button. Not sure why they even have that as we are all one. FYI im of coloured skin so no racism here at all.
Superannuation insurance classification
Have been paying for insurance cover for at least 13 years now and find that my standard cover is actually high risk employment cover which, of course, I am not . I think the wording should be changed to reflect this and make it more obvious to customers.
Beware Australian Super Property Fund
Beware changes to Property Fund on the members internet page. If you remain in this fund it will automatically switch to the Balanced Fund on the 19th November. If you refresh the fund, with a new fund switch, it will remain in Property. Here lies the caution. The Fund Managers will have the ability to freeze the fund for up to two years if they see fit. This would lose you control & access to your money or to switch into an alternative fund. An example of this was during the GFC when markets crashed with heavy losses to investment & pension f...unds. Why would anybody give permission to fund managers to freeze their accounts. Members have always been able to switch between any of the listed funds within a few days, so the question has to be asked, " Why change it now?" What's going on? No satisfactory explanations from their call centre. Could be time to change Super companies. Many people don't have the knowledge or confidence to understand or oversee their pension investments so Phone Australian Super & voice your concerns. This is a bad move by Australian Super & does them no good regarding customer relations.
Not good in communications
I was thinking of joining so I sent a few emails to enquire about some details. It appears that they use overseas operators to answer their online enquiries. 3 email exchange later, no one answered my actual questions. All they did was copy and paste their policy or send me the joining form. If this is how efficient they answer questions about joining, imagine when you want to cash out your super. Having second thoughts about joining now.
I Was Treated Appallingly And Some Of The Staff At The Call Centre Could Care Less!
My super was released to them on the 31/10/2016 and they took 2 mths to set up my choice income account. Send in my paper application on the 28/09/2016 with all my correct info, double and triple checks even had a p/copy of it. The excuses that was given to me was they have new computers problems next the ato computers has broken down. Was send a letter from them that am getting a payment from them on the 14/03/2017 so I checked my bank 4 several days 20/03, 24/03, 27/03 and 29/03 still there is no p/ment from them as I need my money to pay bi...lls and everyday living. On 29/03 rang them again at 14:52 spoke to a person at the c/centre and has 2 rehash my problem in regards to my p/ment told him if it's not resolve by today, am transferring my money 2 another fund. He said he will get the manager to speak to me then, he came back and told me that the manager can only talk to me to days later. I am disgusted at the appalling manner that I was treated. A/super might be a big super fund but the way they treat their members is so bloody rude with so much crap. Don't even think of joining asuper as you will be treated like a piece of crap. April 19th, 2017 Update: Still haven't Improve Their Customers Service since THEN!!! Have Rang their C/Centres AGAIN, AGAIN n AGAIN was told there will be NEW FORMS that I Need to filled in, so still waiting for them since I rang them on 03/04, 11/04 n 13/04/2017. Think ASuper is been Managed by MORONS as they took so damned long to post those FORMS for me. Don't think they really Care for us who hasn't got A MILLION to put into their FUND!!!! May 10th, 2017 Update: Joined Last Year 7MONTHS ago still having problems, hassle, delays, excuses n delays and given confli
Ok when you eventually get to talk to someone-not easy.
Their website is awful. Their statements don't include an inquiry number. They assume/want you to go online but make it really hard to get the info that way. I'm an existing member wanting to set up an online account. Nowhere on the website did it say how to do that. The phone self service options don't include an online problem option. I rang twice and each time was given a lengthy link to the page, to set it up, which doesn't work. That's a very annoying time wasting way to do it! Why not just have a "existing members create online account' s...ite option? When I eventually spoke to someone they were pleasant and helpful. I still don't have an online account as the link only lasts 24 hours so I have to call again (and wait for a long time) to get another link.
Good till 50k balance
Australian super are the largest industry fund and pretty competitive fees till your balance reaches 50k then they have a $408 fee for my super which is pretty poor form. You would think they would not penalise those with higher balances. It boggles the mind. Why should higher balance people help fund lower balance people?
Competitive below 50k balance
Extra $408 fees for balance over 50k
Just changed my super over
I just changed my super after finding out I paid $1696 fees over the past 12 months with Telstra (not happy Jan).
Anyhoo after a lot of boring research and ringing around I found Australian Super we're a good for my purposes as they don't have buy/sell spread fees or "indirect admin fees" which means I can move budget percentages from cash to shares at no charge (this strategy saved me losses through the GFC as cash doesn't go down when shares do but it doesn't go up much either so be careful how you do it). My super balance was $165k over las...
Australian Super lift their game
Following my earlier , somewhat negative, review of Australian Super I am happy to report that they have responded to my concerns in a timely and helpful fashion. As mentioned previously I have no reason to criticise the fund's financial performance, rather it was their customer service that I had found wanting. Hopefully they have addressed the previous deficiencies in a permanent manner.
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!
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