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 .
I was with BT Super 19 years ago, it took me 5 months to remove what was left of my fund, in that 5 months my fund dropped in value by plus $4000. . I was earning $900 a week and personally contributing $180 a week prior to deciding to exit. I see by the reviews nothing has changed.
A Poor Investment Manager
I have invested with BT (Asia Fund) for nearly 23 years, also re-investing almost all the dividends in extra units but the investment has grown only by 30% in the 23 years. How can the fund managers justify their expertise and exorbitant salaries. The good old passbook account of the days gone by would have been an excellent investment.
Poor Fund Manager
Interest on cash deposits are disgusting , bank term deposits will out perform their return up to 6 times . Their top fund manager exec being paid over $200,000 PER WEEK for very substandard returns . Seem's they are our using our money to make themselves very rich while feeding us a diet of spin and excuses for their poor results .
Try leaving the fund! Unbelievable. Told 5 days to rollover, than 10 days, than 14 days max. 20 days later I finally received my funds. No reason why, just bureaucracy. Twenty years with the fund, which preformed poor to average during the boom times, and terrible during the lean times. I should have paid more attention to the fine print.
High fees Low return
I've been with BT for 10 years. It charge me 10K to enter and over 50k adm fees for the past 10 years. Products they recommend are underperformed some are badly negative. They only interested in earning their broker commission but not client's return of investment. Anyway, I'm switching to SMSF.
MY mother has has money invested for about 8 years now. Started off Ok but now on 200K their fees take nearly all the money 'made'. I call it a de-investment fund, her investment is going backwards in real terms. They also were charging a monthly fee for 'advice' which they have never once given. DODGY!
I was sold insurances i did not really need. They sent me a statement by post after first year and not again for 3 years, I then rang them to be told statement are now electronic but I have never received any emails at all. I get a login from them to find my income protection has gone up $150 per month in 4 Years and as it is linked to my super with them i never knew. My super has now been going backwards with income protection and Life insurance as well as all their charges and they have the cheek to take $10 per month for Adviser fees yet they have never told me a about this. VERY POOR SERVICE, MONEY THIEVES.
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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