Been with BT for 6yrs..worst performing super..
Completely dissatisfied.All I could see is the money I contribute no performance and simply paying heftyadministration fee .And now they are increasing admin fees too which is a laughing stock.
Exposing this Company
Actual facts are they take 10 min to sign you up but take 12 months to pay out .They are also being sued by Slater and Gordon for overcharging or theft I call it.
There underwriters drag out insurance claims ,they have zero care factor for there clients ,they deliberately drag it out hoping you will stop with your claim.My advice is to move to another Super Company cause if you ever need to claim anything ,you may as well give up ,after all the evidence I provided they still kept trying to find a way to knock my claim back ,12 months later and I am still waiting for a reply.
Rip Off. Will never tell you where they invest your money, ever.
BT is a rip off fund owned by Westpac. The only reason they have customers is that they offer employers incentives. I have asked them repeatedly where is my money invested and they have never given me an answer. Over a 9 year period the fees have been more then my contributions. I would have more money today if I kept it under my bed. They invest a lot of money in Westpac or Westpac affiliated companies such as Westpac Life without informing you.They are being sued at the moment by thousands of customers. Get your money out quick and invest in an industry fund before it is too late.
- Verified customer
Worst Super Fund & Life Insurance Plan in the World... Just another Scam... BE WARE...
1- My wife and I were advised by the Bank of Melbourne in November 2013 to switch our existing super funds to BT Super.
We did not know back then that the Bank of Melbourne and BT Super are different faces for the same business which is Westpac.
2- When we both did the transfer to BT Super, we were not required to provide any information about our pre-existing medical conditions or submit any paperwork.
We were told that the life insurance policy that comes with the BT Super doesn't care about your medical conditions.
What they have intenti...onally failed to inform us is that the BT Super Life Insurance policy is tailored designed not to pay. Firstly, the life insurance policy expires at the age of 70 in a country in which men have a life expectancy of 80.5 and women have a life expectancy of 84.6.
Hopeless , waste of time.
I bank with Westpac and have BT for life super. Upon purchasing our first home I thought it would be a good time to review my Death and TPD insurance cover and take out income protection insurance. I called BT and was on hold for 18 minutes to then after identifying myself be told that the operator was not in the correct department for insurance and he would have to transfer me to the correct department. After another 11 minutes on hold and identifying myself for the second time the operator said they would have to transfer me again I said I've...already been transferred please ensure you transfer me to the correct department for insurance this time. After another 13 minutes on hold and having to identify myself again for the third time I was then told I would need to be transferred again to the insurance department. I can not believe after more than half an hour on hold and being transferred for the fourth time I still have not been able to get anywhere with my inquiries. After reading the other reviews on here I will be moving my super and insurance needs to another company. Never have I been transferred and had to identify myself four separate times. Waste of my time and an absolute embarrassment. Worst service I have received in a very long time.
Started loosing money the second i moved into this
I was convinced to move my super and insurance policies across. Worst mistake ever!
The insurance policies kept going up significantly, til i cancelled them and my super just refused to grow, all their fees and charges basically matched any money earned or added. Compared to my husbands who is not with BT and now ahead of me in super even though his contributions have always been well below mine. Very dodgy super they will milk you for ever dollar
I was pressured to switch my Life Insurance to BT, (Westpac Insurance services) that was 5 years ago. I receive one letter a year from BT to advise my premium is increasing and nothing further. Since switching in 2014 my premiums have doubled. I have received a letter from them today advising my premium has again risen by nearly $70.00 extra per month. I am now looking for a new insurer, I can not afford to maintain this policy. Nothing but money grabbers!!!
Worst performing super not surprise they have been sued due to dodgy practice
Dodgy super fund backed by big bank. My super has performed worst in last two years thanks for the ongoing BT scam. To my surprise,i was charged $200 exit fee. Stay away from this dodgy super.
Non Transparent Company
I had invested in the BT International Shares fund in 2000, with regular monthly deposits every month until 2009. The promise in the prospectus at the time was that regular quarterly distributions would be provided, however at the fund manager's discretion. Todate, there have been 19 distributions in 80 quarters approximately. One would imagine that if there is going to be no distribution for the quarter, the manager would be responsible enough to provide the background to the decision of not providing any distribution. However, BT appears to...think they can do whatever and not be accountable to anyone. The way their rounding is done on the calculations is not normal. The result is that they tend to hive away any cents rounded that should be allocated to the customer.
Please read this before signing any policy with BT Life or Westpac Life Insurance
NB- I have a very Reasonable claim
1. My experience doesn’t match BT’s claims process product promises in their prospectus
2. BT have Been very antagonistic, aggressive approach from the outset of my claim,
3. Slow claims process...
1.5 years after claim and no honouring my insurance claim
4. Had to hire lawyers at much costs
Up for a fight
5. Threaten to close my policies on “disclosure” issues let alone not honour claim
6. This has been unbelievable time consuming, arduous, stressful and distressing at a time in my life that is already ...
A fund was set up for son via employer with BT what a nightmare, each time you speak to them they have lost original information or not on system, Been set up several times and each time have to call them as not in system. Very frustrating and time wasting especially for low income funds. Many better providers available to assist , choose wisely.
They promised me that my superannuation would be paid to my bank account almost 2 months ago, I was told it would take 5 business days. I'm withdrawing my money from BT Super as have constantly messed me around with two separate claims with a total of 7 months spent waiting for either very simple services or very simple answers.
SuperWrap fees are excessive
On a balance of around $450,000 I was paying around $3,000/year in account keeping fees on BT's SuperWrap plus management fees on underlying funds.
I switched to a low cost industry fund that was simpler and had all the features I wanted. The account keeping fees for the same balance were less than $400. Get your money out of these rip off funds into industry funds.
Spoke to Mitchell who was REALLY helpful
Been with them for 7 years and suddenly realised I am on a cash option, spoke and they were very helpful. So I have to confess I felt much better. Was a bit about not getting the callback I had asked for but to be honest not much of a wait to get thru.
They're a very dodgy company
They migrate your fund from one fund to another with and there's nothing much you can do about it you can't get any information out of them half the time they hang up on you when you try to be on hold with them then when you try and get your money out of the fund into another fund mysteriously all of a sudden your balance drops overnight so that there are only transferring a certain amount I wouldn't touch them with a barge pole at one stage they told me there was a financial advisor attached to the fund for years and would I like to remove the...m only to turn around when I asked about where the charges were going they said I know that that was a mistake there's no financial advisory attached to the fund I'm glad to have got me money out of the fund
What is Happening?
I have had a small supplementary fund with BT since 1970. It has been a good fund with NO fees and for the most part quite good returns. There have been some years with a euphemistically described 'negative return'. Since my retirement I have made occasionally withdrawals which have been paid promptly.
However a few week ago I received a communication from the BT group that my existing funds from my superannuation investment account have been transferred without my permission to BT Super. BT said the reason for this was to reduce fees. I did as...
Monsters Who Wouldn't Pay Out A Claim
Appealing service from BT Financial Groups insurance arm. Flat out refused to pay my client for works that were required.
First they lied regarding their obligation to pay out a claim. Once this was completed they changed their tune because legally they had to. Then they tried to offer such an insignificant amount for works that needed to be completed.
Made it out like they were going to be fair and put me on hold then transferred me through to several different departments before saying that they think it was reasonable for their representa...tive to hang up on my when I chased up a series of emails and follow ups that I had sent MONTHS prior. As an award winning business I am disgusted with the service from BT Financial Group. We have been working with insurance groups for the past 15 years with zero issues and now they are trying to take advantage of people who don't deserve it. In addition to this they are rude and have no respect for their clients whatsoever. I don't want to publicly name people but I would be very disappointed if I had been involved in the process.
Very Dodgy Company
I've been with them since 97 up to just recently now that they have migrated all existing supers to a new format you can't get any information about your super account in the present or history you cant track it only the day of change over 12 April 19 that's it as i've mentioned on your online account you can't check your current balance or history and what's worse they can't provide that information, how frustrating this is grrrr..... the facility is there but deliberately deactivated apparently you get a mailed monthly statement this ju...st ridiculous why have only have the online facility in the first place ? lastly the attitude of the customer service people they are pathetic they only go to work to get paid they have no pr skills whats so ever a real frustrating experience as they dodge the questions asked as they go of in a tangent and try to divert to something totally unrelated very bad experience
23 years of waste
Was with BT since 1996 and was far too trusting of their ethical (and fiscal) responsibility to act in my interests. They didn't and it has set me back 10's of thousands....
Excessive fees and consistently poor returns on their "BT Retirement Selection - Personal super plan" product, and further compounded by the Complaints Resolution Team who's only purpose is to deflect and avoid any recognition of the issues.
I've paid a heavy price for not paying attention - don't let it happen to you.
Terrible support and terrible roll out process could cost my client his insurance policies
I am an adviser working with a client to help them roll out into a more cost effective super fund of their choice and they have applied for new insurances with a retail insurer with application being accepted and the client expecting a rollover that should take a maximum of two weeks. We supplied rollover forms 4 weeks ago and BT contacted the clients old adviser who is no longer acting for the client, and hasn't contacted or dealt with the client in over 10 years, then they contacted the client to ask him whether he would like an in-specie tra...nsfer of his assets or a sell down of assets. Not knowing what the difference between the two and feeling pressured to supply them with an answer as he knew his insurances are pending payment, he answered an in-specie asset transfer after the BT customer service gave the client an explanation. This could take up to 6 weeks to reach desired super fund. After calling their admin/support team to explain the situation, they said they would rectify this and stop the transfer and allocate me as adviser. After following up a week later, they said that the customer service officer hadn't followed it up and we were back to were we started. After another week of back and forth with the BT Team and having to do a transfer of adviser to us with the client, we have to now await the sell down of assets within the BT Wrap account and then wait rollover. We have fortunately informed the insurance company and they are giving us an extension on payment of insurances so that the application doesn't lapse. For a client like this with who's the sole income in their household and who has high debt and little children, not having his insurances in force could really harm his family. I only hope that BT makes no more mistakes with this clients funds.
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Questions & Answers
Hi, am puting in a claim for SCI, on going through the claim forms have found them to be very excessive for a claim. My treating doctor and surgeons reports should all that should be required for claim, I am a contractor and they require claim forms from my employer?. They want me to fill out my own accessment forms?????. I am a contractor I am the boss. BT super are quick to take my money for said SCI insurance. I am covered for $5240.00 per month as stated on policy but not the case, they want 3 years of tax accessments? WHY. They only pay 75% of income not the $5240.00 I have been paying premiums for. I think my best plan is to give to my law firm and the government authorities to investigate as I find it just seems a way of not to honour my claim.
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