Future Super

Future Super Questions & Answers

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Sabrina
Sabrina

I joined Future Super 2 years ago, I cannot understand from the website how my funds are performing. All i can see in the transaction in what my employee has contributed and taxes .. which makes the total have in the fund. I have been thinking about leaving Future Super as I will not have a pension and all i can accumulate until i retire is with the superannuation

Niranjan
Niranjan

I am not happy with my super.If I need to change into this super >>what would be the process and Do I have to do the running around to merge or you guys will help with it ?What would be the fee for your super account?

Btothej
Btothej

Hi, I would like to make a switch from my AMP Superfund to Future Super, also noticed on the product review that you're an award winner for 2022 same goes to HESTA as well which they also mentioned that they are a 2022 award winner? in making this switch would this be a clean switch or is there something I should be aware of? my 3rd question is how do I see my super annuation jump significantly say from 10,000 to 40,000 in the next 5 years?

Craig C.
Craig C.

How much am I required to deposit to Open a new super account?

Craig C.
Craig C.

how much are the fees annually?

Matthew R.
Matthew R.

I am with Australian Super (I had to set up a quick super account when i emigrated from the UK 6 years ago), and would like to move to something better like Future Super to stick it to the libs coalition. My Aus Super thing does provide some insurance cver.

Does your thing do this?

I do have a separate cover with 'Clearview' that covers me there also, so maybe I don't need it twice.

Where can I get advice?

Thanks
Matt

Marianne S.
Marianne S.  

Just call them. Theyre very helpful.

Future Super
Future Super   DM   

Hi Matthew, Awesome to see you wanting to make the switch!

Please feel free to call our Member Advocate Team for further information and support on 1300 658 422, as they can best assist you with this.

FUTURE SUPER

Nilay Chakraborty
Nilay Chakraborty

The way you have answered few queries and feedbacks, that we believe in our ROI and policies, can you assure that members will get a fixed percentage return as your fees are amongst highest with around same return % ? Since your charges are fixed irrespective you give positive or negative returns, all big shots have created a lobby to rip people by different named funds.

bretann
bretann

Why does Future Super NOT reply to my emails??
I am looking for a Super company to change from Statewide (who are hopeless) and have sent two emails with questions to Future Super who have failed to reply.
Are they always this unhelpful and ignorant??

Future Super
Future Super   DM   

Hello, although it is not showing in our Q&A, we did respond to your previous question on here. Given this is a third party platform, we are not able to identify you. We did perhaps receive an email from you, sent about a week ago, that our Member Advocacy team will get to shortly.

bretann
bretann  

Would it be better and perhaps quicker if I phoned you??

Ben
Ben  

That's odd, I've found them super helpful and responsive every time I've called or emailed. Yeah try a phone call. And great choice moving, I'm really happy I moved a couple of years ago.

Future Super
Future Super   DM   

Sure, give us a call on 1300 658 422.

bretann
bretann  

Well I have phoned and was disconnected after the recorded message. Your email arrived after a week of waiting but FAILED to answer ANY of my questions. What a pathetic way to run a business. Are you not bothered with us ordinary folk??
EDIT: Determined not to be beaten by their incompetence and arrogance, I phoned again. The woman who took my call couldn't answer ANY of my questions but promised someone who actually knew something would call me back within a couple of hours -- Needless to say I am STILL WAITING
What an appalling way to attract new customers and an inept way to run a business!!
Finally I am admitting defeat and will place my money elsewhere -- THANKS FOR NOTHING FUTURE SUPER
Now to spread the word

Alexandra W.
Alexandra W.

How much do your annual fees equate to.

bretann
bretann  

From what I can figure out Alexandra their fees are 0.98% on your balance plus an Admin fee? of $1.80/week
You will have to get confirmation from them but apparently they REFUSE to answer questions here or email

Alexandra W.
Alexandra W.  

Thank you @bretann
I actually called them to ask what the actual break down would be based on my current balance and they would refuse to advise me over the phone as well as the rep was not qualified to give me that information.. thank you for your feedback though.

Jeff H.
Jeff H.

How do I transfer from MLC fund, utterly crap?

Geoffrey - Tasmania
Geoffrey - Tasmania  

The fund you wish to transfer into, whether Future Super or another fund, can advise you how to do this. Just phone them or email them.

spaceman
spaceman  

I just transferred from MLC (Which is crap). All I had to do is the application online with Future Super. Took less than 5 minutes to sign up. Future super took care of the transfer and the MLC account was closed automatically (good riddance).
The funds transfer process took about two weeks for me.

Jeff H.
Jeff H.  

Your opinion on future super?

Kenji
Kenji

Does future funds allow early release of superannuation?

Future Super
Future Super   DM   

If our members need to access their super early, then as long as they are approved by the ATO, yes - Future Super will release the mandated amount back to the member.

Larabie
Larabie

Good returns are great but i also want to be able to communicate with my fund and to get answers and make changes, and quickly, if necessary. What sort of customer service does Future Super offer - a call centre in India?

Future Super
Future Super   DM   

We have a team of Member Advocates who work in our Sydney office. You can contact them by calling 1300 658 422, or by emailing info@myfuturesuper.com.au.

Larabie
Larabie  

Thanks for your response Mariela. I'm assuming that means you do not communicate with your members/customers and address any issues they may have via call centres based in India or the Philippines?

Future Super
Future Super   DM   

It seems like you're intent on believing that, despite it not being the truth. No call centres outside of Australia for us.

Mia
Mia

Hi! I am a 22-year-old final year university student. At the moment I hold a casual position as a teacher. I need to build up a reasonable fund for retirement in the future. The company I work for has opened superannuation for me. But it looks like not having good online customer reviews. I like to join with 'Future Super' what are the benefits I could have other than opening a term deposit in a Bank?

Future Super
Future Super   DM   

Hi there! We're stoked you want to join us. Given that everyone's circumstances are different, we can't talk about what would benefit you, specifically, however you're more than welcome to check out our three investment options and give us a call on 1300 658 422 or email info@myfuturesuper.com.au for further information.

Hjw
Hjw

What is the difference between the investment options? Im on the balanced impact. Curious if the light impact is cheaper in fees or changes your return percentage? Thank you

Future Super
Future Super   DM   

Hi there! You can find the differences between our investment options, including fees and returns, on our website: external link 
For a more comprehensive overview about each one, please read our Product Disclosure Statement. That can be found here: external link 

Anita Cole
Anita Cole

If I transfer 60000 super what is the net of fee return per annum on your different investment options

Sarah
Sarah  

https://www.myfuturesuper.com.au/choosing/performanceandreturns

Sarah
Sarah  

"Returns shown are to 31 Oct 2019.
^ Returns provided are after fees and taxes have been taken out. Returns for periods of greater than one year are on a per annum compound basis. Return of capital and the performance of your investment in the Fund are not guaranteed. Past performance is not a reliable indicator of future performance."
That last sentence is standard for every superannuation and investment company.

Sarah
Sarah  

Superannuation returns at retirement are no good if we don't have a liveable planet due to climate change induced by man's fossil fuel obsession....
Investing in renewable sources of energy is really investing in the future of the planet. But that is only important if you intend to live on this planet in the future...

Anita Cole
Anita Cole  

Thanks Sarah for the responses- I believe you can have returns and lower fees and ethical choices - I make my own soy milk for 30 cents/litre and nutmilk for 60 cents no packaging or I could buy the one for 3 dollars in store often healthy/ethical choices comes with an unnecessary prepared to pay tax. Asking about fees and returns does not mean I am making unsustainable choices - it just means I want value for money

Future Super
Future Super   DM   

Hi Anita, as Sarah has linked above, you can find our returns and fees on our website. Another helpful link is external link 
The Product Disclosure Statement (PDS) also provides in-depth information regarding fees.

If you have other questions specific to your situation, feel free to give us a buzz on 1300 658 422 or email us at info@myfuturesuper.com.au.

Sarah W.
Sarah W.

I am happy with my current super fund but I am researching Life/TPD insurance options through super. Does anyone have insurance through this super fund and if so how has your experience been so far?

Lauren F
Lauren F

Hi I am a Future Super member. While I love the ethical side of it and returns are good so far, the fees are very high. Do you anticipate that these might reduce as the fund acquires more members and the set up costs are reduced?

prasadgc
prasadgc  

I'm looking for an answer to this, too. I recently rolled my super into this fund because of some good reviews, but I'm disappointed that the fees are so high, and no one seems to answer this point when it is raised. I may roll over my super to another fund unless I get some satisfactory answers.

Future Super
Future Super   DM   

Hi Lauren, we're glad you're liking the ethics and the returns! Here's some info regarding our fees:

Firstly, we believe in the work we do, and we know we do it well. We invest lots of time and resources into our ethical screening process, making sure our investments are aligned with our members' values, and monitor the companies we invest in to ensure they continue to uphold these values. While this is a cost, it is a vital element of our commitment to our members.

Our fees sit within the moderate bracket for ethical funds, which does sit higher than some industry super funds.

We recently introduced an initiative where our members who have balances less than $6,000 will not be charged our dollar-based admin fee. This is an improvement on our older policy which was to not charge this fee for members with balances below $1000. This protects our lower balance members and helps their balance to grow. In addition to this, we also offer a rebate of the dollar-based fee to our members who are on parental leave as we believe our members shouldn’t be penalised for taking time out of the workforce.

Deep ethical screening takes time and money, and our fast growing fund is smaller than most industry funds.

In answer to your question: yes! As Future Super grows, it is our intention to steadily reduce fees where and when we can, and we've already had a fee reduction last year.

If you have any other feedback for us, or you’d like to chat further, don’t hesitate to give us a call on 1300 658 422 or shoot us an email at info@myfuturesuper.com.au

Lauren F
Lauren F  

Thanks for your response! Appreciate the additional info.

Elizabeth Mercer
Elizabeth Mercer

Would really like to be in an ethical fund. What guarantee do you give

Lily

Merlin Baker
Merlin Baker  

I know about the Director from previous dealings, before Future Super, and also on the recommendation of reputable people in another organisation, 350.org.

giraffe84
giraffe84

what are the total annual fees?

Tim
Tim  

They are 1% for the basic passive index fund and nearly 2% for the funds that invest in renewables. They are way too high

Future Super
Future Super   DM   

The total annual fees are calculated depending on what investment option you select.

As Future Super grows, it is our intention to steadily reduce fees where and when we can, and we've already had a fee reduction last year. You can see all of our fees here: external link 

We recently introduced an initiative where our members who have balances less than $6,000 will not be charged our dollar-based admin fee. This is an improvement on our older policy which was to not charge this fee for members with balances below $1000. This protects our lower balance members and helps their balance to grow.

GetOffYourMoralHighHorse
GetOffYourMoralHighHorse  

These fees are unreasonably high. Charging 1% to track the basic passive index is a swindle, considering any person can simply buy shares in index funds (S&P500, ASX200) without paying anything more than the transaction fee. If you have $100k in super, you are paying $1000 a year to track an index which you can do yourself for far less. The best returns for any of their investment options is 14.23% over the last year, compared to over 18% if you just bought the S&P 500. Of the top 20 performing Australian super funds of the last 10 years, only 1 returned less than 16.2 over the last year (net of fees). $1000 invested at 14.23 compounded over 30 years is $54,126, compared to $143,437 at 18% over the same time period.

Lyn62
Lyn62

I have an SMSF that provides me with an income stream commenced in 2004 from a ATE defined benefit for Centrelink purposes. In 2018 I was unable to obtain an actuaries certificate so this structure cannot continue and I have to restructure my fund. I have been advised to wind up my fund and purchase a retail annuity that would also be ATE. Otherwise I could purchase a MLP through my fund but I cannot see how this could be sustainable. I have financial planners giving me this advice. Are you able to offer any better alternatives or advise me on any ATO or Centrelink problems that might unexpectedly appear? Thank you. Lyn Payne.

Future Super
Future Super   DM   

Hey Lyn. Thanks so much for getting in touch with Future Super. Unfortunately, we are unable to offer personal financial advice. It sounds like your situation is a little complicated and an accountant or financial planner might be in the best place to help you.

We don't offer annuities - instead, we have a super fund available for people in the accumulation stage as well as account-based pensions.

If you would like some further advice to your that of your current financial planner we could recommend some financial planners who have expertise in ethical investment. Feel free to get in touch with us via info@myfuturesuper.com.au. I hope this helps a little.

Thanks again for getting in touch.

Cheers,
Freya

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