Maurice G Boyce
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 ask for an explanation and one was given over the telephone. I was not happy, but basically even with fees BT Super appears to be paying a better return than a term deposit.
BUT, as I read all the reviews for BT I see this all as part of the wider problem of superannuation and retirement funds, that is the whole system is flawed, offers very little help to retirees and none of these issues were really addressed in the recent Banking Royal Commission.
1, Most financial plans rely on the retiree drawing from capital and when that runs out they go onto the aged or disability pension.
2, Super funds charge quite punitive fees, they also can not guarantee a return on invested funds. This is just completely wrong. This the present system provides no assurance for retirees. A typical example will be where the retiree gets his or her lump sum, say $700,000. Wow, that is big money for many people, but again if the fund has a negative return, and pays and income stream of say $50,000, and charges fees of say 1.5%, that lump sum could be down to $600k at the end of the first year. Not good. The system is just not working and causing undue strain for too many retirees. AND, Then, if a nursing home bond is needed, things get so much worse. My observation; "The system is dysfunctional"
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 representative 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.
I would like to note the first two people I rang were very helpful but the last and initial person tasked with dealing with the issue blatantly refused to respond or send me to their manager.
I will now have to take this matter to AFCA to try to get a resolution on my clients behalf.
I cannot believe that giant enterprises try to take advantage of clients and businesses like these guys.
This process has been devastating and they are monsters in mine and my clients eyes.
NOT RECOMMENDED AT ALL
Happy to hear back from the manager who I asked to be transferred in the first place.
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 just 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 transfer 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.
BT Insurance are terrible, very frustrating and completely disorganised
Terrible, very frustrating and completely disorganised is how I'd describe dealing with BT Insurance. Last month BT tried to double-charge us $3,825 for a premium we'd already paid, and I keep getting mail about the premium being overdue even though 2 of their staff tell us it's a system issue and they have our payment and it will be fixed. Even the manager of their complaints department called me today regarding on ongoing issue (that still isn't resolved after nearly a month and about 2 hours on the phone) and the manager didn't even know any of the background to the complaint before calling! BT staff tell you that issues are fixed and then you get a text message or letter saying they're not so you have to call them and sit on the phone for another 20 - 60 mins telling the whole story again to various staff to try and get a resolution. BT's procedures are ridiculous, irrational and each staff member tells you a different thing - clearly the various departments don't talk to each other either. BT sets a new level of incompetence when it comes to insurance administration.
Should be locked up
I rolled all my supers into the BT robbers fund as I have been working from the age of fifteen, I am now 54 have had a few different jobs in factorys, labouring, etc over the years, busting my bum like a lot of other struggling Aussies I invested the amount of $45.000 in this scamming scheme which was all my supers, they had the cheek to send me a report that I had $2000 left 15 years later I know I could have moved to another fund (but I wasn't that savvy) as they told me when I rang them and ask them if they were going to keep charging me fees when my account was completely empty, they told me that they don't do that. Wooh I was so thankful.Id just like to thank you again BT for Rippin' me
James D A
TPD claim 2 years and counting. (AFCA time limit. Now accepting complaints dated back to 2008)
BT refusal to make any decision on TPD claim for over 2 years. Finally made decision to pay TPD claim when the AFCA got involved. I was told TODAY they're express posting a document that I have to sign and send back for payment to be processed. I call BT almost every 2nd day to be told that it should make the post by tomorrow. A month later still haven't received anything in mail.
AFCA time limit to make complaint changed after royal commission and will review issues as far back as 2008.
Annoyed, we now have a h
Dodgy- refusing to cancel insurance and stealing my money!
I have been attempting to cancel 2 policies with them and they have been giving me the massive run around and stealing hundreds from my bank account monthly. Dodgy dodgy company. Thank goodness I haven't trusted them with my super!
do not trust this company for trauma insurance
Warning.! I have been paying trauma & life insurance to BT Financial Group approx $280/month through Westpac Bank for over 18 years and when I went to claim for the 1st time ever when I have a dissection in my descending aorta was knocked back because there was no operation.?
The only reason they did not operate was because I was fit & healthy.
The 1st month after I could not take my heart ate over 80. The 2nd month heart rate under 100 and the 3rd month under 120.
This company penalises people that try to maintain their health & fitness.
We are only talking $25,000 as the payout you would think it was millions.
Maybe I should have agreed to surgery.?
This policy has been the biggest waste of money I have been paying for too many years.
Do not make the same mistake I did.
Beware doing business with this institution.
Long term investor- Ruined my retirement plans. Would give 0 stars!
My husband and I have been in BT for 20 years as we are self employed. I was lead to believe they were superior to industry funds. Unfortunately I have not really understood super fees etc, but had a moment of inspiration and compared to a friends industry fund. Shocking waste of money!!! I feel totally ripped off and like I have wasted 20 years of investing. Would have been off not bothering and putting hard earned money into other things.
0.98% return on my super ... plus fees.
i have been a long time member but only realised how bad a performer they are after hearing they were mixed up in the Royal Commission into banking. this would have lost me thousands of dollars in returns over the past 12 years.
BT-throw your money away-SUPER!
Terrible returns, my super made no money over 8 years, the fees were equal or higher than the investment return. I was offered salary insurance & never received it when I needed it. They are a slimey company, impossible to get in contact with, the best communication I ever got was a once per week email. They lied about my investment plan & put my money in a high risk account, not forthcoming with any fund details... The list goes on. THESE PEOPLE ARE CRIMINALS
Absolutely shocking. I have lost $1300 from my super overnight! This is not on. My account is meant to be set to moderate investment and I am losing over 8% in 6 months. Absolutely terrible, like giving a child free reign on your shares.
I’ve been Robbed!
Moved to Australia in early 2014 and have been with the same employer since. Called BT Super today as wanted to understand how much in employee contributions has been paid to date and see how the fund has performed.
It turns out in nearly 5 years my fund has lost 8% in value to the amount contributed. It goes without saying i’m Outraged disappointed and very angry that BT could have messed up so badly and continue to spout out nonsense that states how successful they are.
Is there no recourse for this type of behaviour? Surely there should be royal commission in to super funds and they’re misappropriation of clients funds.
If anyone can suggest to me a course of action or wants to join forces in investigating BT and their shoddy super fund message me.
Not only did they refuse me insurance inside my super for my new business they failed to mention at the same time they lost thousands of dollars out of my super. After struggling to grow a little super due to the dodgy hospitality industry i decided to change careers and they lose all my super pretty much over 3 months.no effing apologies. Abd they claim to not approve my insurance due to depression caused from hospitality industry. . They screwed my effing future up even more.. depression is back thabks westpac you theiving corrupt scumbags . Burn in hell
Thieves, basically a scam
Unfortunately I've not paid enough attention to my Super over the years. Over this time BT have "performed" like parasites. Eating my Super contributions with ruthless efficiency.
I'm actually of the opinion that their "performance", fees, theft and loss of my money over the years is most likely criminal and worthy of investigation...
Avoid like the plague!
What is this money eating thing?
I started adding personal funds to my superannuation. Mistake, Then we had the bt investing experts kick in. I'm leaving quick my money dissapearing like someones in a shopping mall with my keycard I'm actually worried about how much more I'll lose before it rolls over and how much will disappear between the roll over. I think there related to [name removed] the bank robber. I want retirement money for when I retire if I go by my statistical thinking the rate my money just gets lower and lower on my super for life fund I can't see any long term point in feeding an account which actually loses money. This place is there to help the people behind obvious bad investments. Not the superannuation clients. Extremely scary, at Christmas as well.
Worst super fund ever, stay away!!!
I joined then trough my WESTPAC branch. Big mistake. Fat Cat company. Their fees are incredibly high and the fund performs shockingly bad. I am looking for an alternative and comparing at the moment and leave ASAP!
I invested with BY for 10 years - massive mistake.
My “high yield” BT investment fund achieved a return of less than 3% over the 10 years I signed up with them. Their fees were extraordinarily high. I could have left this in the bank and got a better return, without the risk. Avoid this company, it is not worth it.
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