Slow in Changing Investment Option !
I changed my investment options ( from Shares to Cash) on 21st of Feb 2020. It did not happen until 1 April 2020 #$%^/@# :( !! Poor response. COVID 19 massive losses in mid March. I lost $50k as a result. However, yearly yield is somewhat acceptable.
Truly I wouldn't have much of a clue if about how ESS "performs" compared to other funds but my understanding is its about average for industry funds. I believe the fees are quite low and my investment seems to have done alright. What I am really pleased about is the great personal service I have received now that I am hitting retirement age. The woman I deal with (Barbara) is so patient and helpful in person and on the phone.
Can take from up to 10 days to a month to change accounts
In this time of internet and "rapid responses", for me to change my account holdings from, say "Shares" to "Balanced" accounts, I have to have the change in by the 20th of the month for it to be initiated by the first of the month. A lot can, and did, happen in this gap and I lost a significant percentage. Other Supetrs have next day actions
An ethical business??????????
Absolutely terrible and an ethical standard l question. Given incorrect financial advice which they admit. After doubting my vision of the advice conversation l had with their consultant several times l told them to listen to the telephone conversation recording. They final did this and they were wrong. Initiated their complainant process which users delaying tactics. This process has now being going on since mid December 2018, and still no result. Instead of requesting all documents in one piece of correspondence they do it in intervals. ...Average time to respond is three weeks. I have found ESSS and their complaint system untrustworthy, inefficient and not willing to take full responsibility for advice they have given me which has and will cause me financial hardship for a number of years. How can you possibly trust them with your super??? l certainly want.
- Verified customer
Went through a difficult divorce and ESS paid out my ex with what they told me was MY money. As it turns out the money handed to my ex was a loan and they had me paying the interest.
It appears all I had to do was swap schemes to eliminate this loan, but did they tell me that... No?!
I have spoken to many other members and they have similar stories of ESS not providing info in the interest of the member, but telling you it’s your responsibility to ask the questions and find out. They’re an absolute disgrace and are no better than any of the ban...
ESSSuper keeps 55% of payout.
My sisters death benefit was $420,000. I was the sole beneficiary (nominated by my sister). They offered me $195,000 because I wasn't the spouse or a dependant child. So anyone in this scheme, who is a widow or widower at the time of their death, and has children over 18yrs old, will receive 45% of their earnings for their inheritance.
This product is good compared with other funds
I have 3 funds including ESSS. In the lean years it tends to do better than the others but not as good as the others in the good years. It comes in at 7% return. It is a nice safe balance. You should look at a fund's performance over at least 5 years and not get distressed in the lean years such as this one.
Poor Performing Fund.
I have to agree with Janine, the performance of this fund is below par. The last 2½ months have been terrible. You lose money when you rollover into this fund. Great as a defined benefit but abandon ship when you retire. I would love to ask a couple of 5 star raters how their fund is performing against benchmark funds, they may change their minds.
They also have poor communication standards. 5 to 10 days to reply to a simple email is appalling.
Good from our perspective
Decided to write this because of a couple of other negative reviews and I wanted to present an alternative view. My wife and myself were 'rolled over' into ESSSuper from the previous state government fund. We were some of the people that chose to not join the new 'you beaut' government fund offered during the 90s, and that turned out to be a good decision (just ask the people who did join). Rule of thumb - when a government advises you to take a particular course of action because it will be in your own best interest, always take the opposite a...ction. To cut to the chase.. Our ESSSuper fund is now in pension phase and we receive about an 8% return on asset value as fortnightly pension payments. In addition the value of our respective funds has nearly tripled. In my opinion that rates at least a 'good'.
Not impressed with this fund
Took a 54/11 pension which I think is absolutely fantastic. But I put in $540,000 of our my money into the Accumulation Fund in Feb 2015.I have since paid an annual fee of almost $4,000 and have lost $3000 of my own money. I have actually lost on my capital since transferring. Would have been better to leave in Term Deposit in the bank. Be very, very, very careful!!!! My other gripe is that there is not a forum on the website to discuss issues and there is nowhere to write a review and that is why I am writing this. Very disappointed in the way this company invests its investors money. Ok if you are still working, not so good after your retire. Poor performance!!!! Would never recommend putting your own money into this fund.
- Verified customer
Easy to Join, difficult to leave.
Like many people, when I was younger I had several different jobs and therefore several different super funds.
I eventually decided to rollover my 5 different super funds into my current fund. The first 3 super fund rollover applications were quite simple. The only company that made it difficult to leave their fund was ESS Super.
I downloaded their rollover form from their website, went to the police station (apparently you can now go to a chemist) to verify my documents sent them to ESS Super and then was told by ESS Super that I had someh...ow accessed their old rollover form and that I would have to go through the whole process again. They did check their website and acknowledge that their old rollover form was indeed still online but surprisingly they wouldn't accept their own form. Even without this error on their behalf you still have to jump through more hoops to get away from ESS Super than many other funds. Other than it being more difficult to leave than a bikie gang, the Mob or a cult I had no issues with ESS Super.
Fantastic member relationships!
ESSSuper experienced, friendly staff go out of their way to support members. Their information sessions, both group forums and individual sessions, give members practical and timely information. I would recommend any members who need support to call them!
Knowledgable, supportive & efficient
Questions & Answers
Can you access some of your super money
Thank you for getting in touch.
The Australian Taxation Office have conditions of release in Superannuation that would determine whether an individual can access their Superannuation. ESSSuper has a great fact sheet on Access to Super and Tax that can be found here: https://bit.ly/2SdSDYg
Alternatively you can give us a call on 1300 650 161 to discuss your circumstances and we'll be happy to help.
Has anyone from ESSSuper explained why the fees have quadrupled over the past 3 or 4 years? I'm in the Accumulation Fund and paid $820 in fees for a balance of around 320,000 in 2017. In 2018/19 I have been charged $3,796 in fees with only a $45,000 increase in my balance. How did this gross increase happen without members creating an enormous stink?
What happens to the rest of my dad's super as I am his benafactor don't they have to pay out what's left over ..if any was.?
No, my family experienced this as well with my mothers fund. Unless a binding beneficiary form is signed by the account holder (something they didn’t tell my mother even in meetings close to her death), then the money actually belongs to the fund to disperse as they see fit. Your beneficiary preference is non binding. They are only obligated to disperse to your spouse or dependent children. If your children are all adults and there is no spouse or defacto partner they control the money. They do reassure that in the event of your death your non binding beneficiary nomination will be an important consideration when the board determines who should receive your death benefit and in what proportion.
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