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
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 shoul...d 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.
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.
Unbelievable super! The worst performance
The worst super fund ever! My super is dwindling badly, $10k in 3 months! These people investing our super fund money don't know what they are doing! Consistently investing in bad shares! I will be switching super funds very soon! Would give no stars!! Invest elsewhere!!!
i would avoid this super at all costs,seemed fine at the start then just started losing money consistently.the final straw was them losing my 3 months super in a month so that last contribution was a waste.me and my partner have switched and seen our super increase instantly.ive not had my final statement through but my partners came in at -5%.what sort of investment is that and i can pretty much guarantee mine will be even worse
The welcome pack didn’t inform me clearly that my employer has selected insurance cover for me. When I change my employer, the letter didn’t clearly mentioned I still have to pay my insurance cover. I called the hotline and ask the staff to clarify which part of the letter mentioned that I still have to pay the insurance even my employer didnt require me to pay the insurance cover.
They also get terrible and confusing year end statement which didn’t mentioned clearly the charges and the returns. I have compare my statement with many of my f...riends with other super company and i can say this is the most confusing statement with very very low return. Overall my super is paying the management and insurance which I don’t even choose to have. I sincerely think everyone should change to other super company as this is.
Poor performance all around
I should have read the reviews before joining BT. I rolled over a decent amount too ( 100K aprox) but it slowly started dwindling away.
The nail in the coffin for me was losing 5K in two weeks. Sorry but that is a horrible performance from a super fund.
The one time I talked to staff there didn’t seem interested in my concerns. This is my retirement fund so I have to be concerned with it.
Who ever does the share management of the company isn’t very bright either. Once once in the three months did I see minimal growth but 90% of the time i...
On the 21 September Bt , without my knowledge or permission removed 50 thousand from my super wrap account.
Today is the 3rd of October, the money has still not been returned to me that they removed illegally.
They are now blaming their global account and tax dept rules, for not refunding the embezzled money.
I implore. Everyone to stay clear of these people, retirement was not meant to be like this, bottom line is that they do not care, high fees low returns and can’t even keep hold of my super, shattered.
Westpac & BT investment
I invested $ 150,000 through a Westpac adviser with BT wrap, after trying to contact the adviser numerous times for advice and never receiving contact back although adviser was still receiving fees for non existent advice my original investment dropped by approx. $ 60,000.
After complaining about lack of advice they refunded approx. $ 2,000 , then out of the blue I received approx. another $ 2,000 through an employee of BT wrap with the comment if I wanted to go further to contact the ombudsman .
Questions & Answers
Im have recently had a personal injury and i am waiting on my salary insurance with BT,
can you guys provide any info?
How long does funds take to 2 transfer from bt super for life account to your westpac choice account is sonce rolled over
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.