Great performing fund
Website is great and enables you to everything you need online (change investment type / add or remove insurance)
Customer service are friendly and helpful but greatly impacted by COVID and demands of people making withdrawal
Great fund highly recommended
The Best Super Fund by a country mile!
I retired in March 2020. Throughout my life's journey I have been in numerous super funds. In my younger years I didn't pay much attention to them. Plus, there was not much available, wasn't compulsory and I had little regard for it. Upon realising that retirement was on the horizon I cast an eagle eye over my super fund at that time. I was shocked to learn of the fees and paltry performance. The only ones making money were the brokers or reps! Gee, I was dumb and probably in the same basket as most working class Aussies back then. I i...mmediately did a huge forensic search and decided Australian Super (Balanced) seemed the best on offer. I'm extremely grateful that I did! The returns have been great compared to other funds and their fees much lower. Sure, there were some lean years but it always seemed to bounce back even better. Super is a long term investment (longer the better). Australian Super has afforded me a comfortable retirement and I will be forever grateful. It's the best thing I've ever done financially! I have read some negative comments in here. Very few seem to be related to the funds actual year-in year-out performance?? The historical performance has been great and I will most likely never need to rollover my funds to another super fund as long as I'm on this earth! As a footnote: I was always a working class Aussie. I don't have a professional or pecuniary interest with Australian Super or any other financial institution. I just wanted to have some decent retirement funds when I retired. Years of planning and putting any extra funds into my Australian Super fund (Balanced) has given me that. Anyway, that's my 2 bobs worth. Thanks for reading.
WAS very happy with Service - NOT NOW - Zero Stars. Read on….Just cruel.
We are going through insurance process at present. Our claims assessor Inchi could not be more helpful and provides timely updates. Stressfree service at very difficult time in our lives.
Very good returns and excellent customer service
I was surprised to see some negative reviews about Australian Super. I was previously with a govt. fund for a number of years and became unhappy with the poor performance and astronomical fees - esp. for insurance. I switched to Australian Super and couldn’t be happier. The switch was simple and painless. Since then I’ve found their customer support to be very friendly and efficient and the app is easy to use and is a great way to keep track of your super. Nearing retirement age, I received a free one hour phone i/v with a financial advisor...and since turning 65 have made a couple of online withdrawals. Of course, I have to supply ID but with green ID, it’s easy to use documents such as passport or driver’s licence. The transactions are processed quickly and without fuss. I cannot recommend Australian super highly enough
Very happy since we moved to AU Super from a different fund.
Moved to Australian Super October 2020 from a different fund. In comparison, the AU Super web site just works, investment switches are easy and well supported by relevant information. The other funds' site caused issues logging in, froze at times. Moving funds from the other fund was frustrating, as getting to-the-dollar information of the other fund was neither easy nor timely. When calling Australian Super, I was connected quickly and questions were responded to competently. Same on email exchange, I read with interest of poor experience othe...rs have and hope we are not being treated favourably as the new customers. We changed to Australian Super following the recommendation of friends who are retired and have been happy with AU Super for years, so I trust the good experience continues.
So far, very happy!
I've just rolled over my super in accumulation phase from a WA government fund into a retirement income stream with Australian Super. Everything was done within 12 days, from the initial account set up which I did online to the first income stream payment which plopped into my bank account one day after the rollover had been received. I was anticipating at least a few hiccups because of all the dire reviews on this site, but no - I've been very impressed so far. The customer service staff answered all my questions during the rollover process co...nfidently and knowledgeably and - more importantly - correctly (I checked some answers on the ATO website), the SA330 document I needed to submit to Centrelink was immediately available via a link in my account, and the rollover amount hadn't decreased in the rollover process as sometimes happens (with both funds usually denying liability). I had been with my previous fund for 10 years and was becoming increasingly underwhelmed by their poor returns, staid business practices and glacial speed at which they actioned requests. My friends had switched to Australian Super and were very positive about their overall experience, so I started doing my own research 6 months ago. What I discovered is that returns are superior to those of most industry funds over most asset classes, there is a wide range of pre-mixed and DIY asset classes which can be mixed and matched to suit the customer's particular investment requirements, and the web interface is intuitive and contains a wealth of information to help educate investors. I've been assured that switches are actioned the day following the request, which is very quick compared to the 5+ days taken by my previous fund. There is also a fantastic highly customisable super projection calculator to enable you to see how long your super will last in retirement, taking into account the interaction of your super balance with the age pension. The phone app is brilliant - just a quick scan of my fingerprint and my balance rolls into view like the numbers on a pokies machine, so great for keeping tabs on things on the go, making changes, etc without having to log on, remember passwords, etc. I don't know why there are so many unhappy people writing negative reviews, but with 2.3 million members, there is bound to be a small percentage who haven't had a great experience for whatever reason. Just a hint - when setting up a new super account, it's really important to read and fully understand the Product Disclosure Statement to avoid any nasty surprises further down the track, such as insurance premiums being automatically deducted and depleting the account. A lot of unhappy situations probably stem from lack of product knowledge and a bit of time spent familiarising yourself with the lurks and quirks of what you're investing in and how it works is worthwhile to avoid misunderstandings. At this early stage, I'm more than happy with all aspects of the service received and look forward to a positive ongoing relationship with Australian Super.
Found them great
I’ve been with Aus m Super for about 10 years now and found them one of the best.
Most others I have been forced to sign with an employer, and they ware poor, but Aus Super has been great.
They’ve been very responsive and it was easy to consolidate all my supers through them.
This review is regarding covid-19 super withdrawal.
I've been with AusSuper since roughly 08, I'm leaving this review in regards to the covid-19 withdrawal only. I understand some people have been having some trouble, maybe these cases are an exception to the rule however I'm unsure. I applied on the 21st and recieved payment yesterday the 29th, a total wait time of 8 days, no problems at all. I know it's hard times but patience is key here, also there's obviously a reason some people's cases are being referred to the fraud/security team.
Like everyone else, I got my super release approved by ATO and within 5 business days, I received it. I don’t see what the fuss is about to be honest.
No problems since 1988..
I have been a Member of AustralianSuper, and it's previous company since 1988. I am aware there seems a variety of reviews. I have never had any issues at all with AustralianSuper, and have had reliable investment, communications and timely updates. At the same time it is important that AustralianSuper continue their management of negative feedback, and evaluate this. Thank you to all the staff who proactively work on continuing the very high standards of AustralianSuper.
Very Happy !
In response to Sam from Melbourne saying SunSuper has 0.1% fees compared to 0.6% for AusSuper, this is totally wrong.
SunSuper has an admin fee of $1.50 per week plus 0.1% of your balance. AusSuper charges $2.25 pw and nothing more. For most people AusSuper would be cheaper.
AusSuper's Balanced option charges 0.6% Management fee whilst SunSuper's Balanced option charges 0.81% Management fee.
I can't comment about AusSuper's customer service, but performance wise I'm extremely happy. Their returns are consistently amongst the best and my Super balance has risen tenfold in the past 11 years.
Like most organisations these days, they are trying to cut costs by having the customer do everything online which is fine by me.
Happy to switch from a low return retail fund
I am very happy with Australian Super after switching from a retail fund with high fees & terrible returns. The app makes my life so easy & I can see how much my super balance has increased since joining as well as employer contributions very quickly without needing to log on to my computer.
Good super fund - Good returns
About 2 years ago I transferred my super from Macquarie Bank to Australian Super. After approximately 6 months, I closed my super account and opened a Retirement Income Account as I had reached 60. I had no issues with closing or opening these accounts. To date, I have made 3 additional withdrawals from my Retirement Income Account with no problems what so ever. The money was deposited into my nominated bank account in a timely manner. I have found their fees to be reasonable and the returns on my investment to be more than satisfactory. I do not have ANY OTHER financial products with Australian Super and accordingly, I have only commented on my Super and Retirement Income accounts.
Just moved from AMP to AUS SUPER
Everything is so far good. Updated after 2 years with Australian super
Moved out of AMP and joined AusSuper on 23rd August 2019 due to high member fees.
AusSuper mobile App works fine and easy to transfer money from AMP.
I have opted for perm disability cover, accidental death coverage and income protection with 30 day waiting period up to 5 years.
Communication with AusSuper team members is good....Taking the 'Balanced' investment option, as it seems to be the safest option. Will update in product review on how I am progressing. Cheers Hari
One of the best...
I have found this fund to be easy to set up, easy to transfer funds to, has a good price on insurances and offers adequate investment options. I have performed a few investment changes and these have been processed within a timely manner. Their communication is clear and the have a daily news service (via email) which I have found to be valuable. My returns have exceeded expectations. I have not experienced any problems whatsoever.
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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