Great concept BUT after 1.5 years had no earnings.
Unfortunately, this ethical Super aggregates NO interests as other FUNDS. I've been a member of this for the last 1.5 years and had earn NO interests besides my employer contributions.
Disorganised administration with poor onboarding experience
I was hopeful about divesting and moving to Future Super, but had a poor experience from the start. Even though I signed up for insurance, they kept emailing me offering me insurance. I submitted a binding nomination form and was asked to send it by post. I did so - they claimed they never received it so did not process it. I submitted two requests to transfer super from other providers that didn't go anywhere. I contacted the other funds and they said FS had never requested to transfer the funds. When I called them to check on these issues, my...call with the customer service officer was disconnected three times. When I attempted to call back, the contact centre had closed at 4:30pm. The customer service officer advised me that the DOB on my account didn't match what I was providing - even though I had only been a member with them for about a month and they would have verified my ID. I gave them one more week to resolve the issues, but they sent an email saying they hadn't been able to and were still trying to fix things. I decided to switch to a different ethical fund, and hope the next fund can do better than FS did. They are just not administratively organised and up to scratch - they should spend less on their bold marketing campaigns and more on getting their house in order. At the end of the day, I don't have confidence in their ability to manage my affairs!
Didn't provide a notice of intent - that's a basic service
Future super is not as ethical as I was hoping for. While I was with them, they seemed ok, thought I didn't really need to interact with their support team. I left last year and moved to a self managed fund instead. When I asked for a notice of intent to be processed for 2020 (the last full financial year that I was with them - I left in July), they said that they don't process anything for old customers. The new super doesn't have that information, they are the only ones that could process my notice of intent. Thus, all my super contribution f...or 2020 will be taxed at full rate (that's close to around 40% instead of 15%), just because they can't be bothered to provide a standard service. I'd be surprised if this is even legal to not provide that, but taking them to court would likely be more expensive, so crapy service wins. It's sad that a company that is supposed to be driven by doing good for their customers and the environment, handles things in such a dodgy way. Really disappointing.
Worst Super Fund I've ever encountered
I joined Future Super at the beginning of 2019. I transferred a large amount of Super. I wanted to be ethically responsible with my money. I shopped around, read reviews and thought it would be great. My money did absolutely nothing for the entire time it was invested. It ONLY increased due to my super contributions. When I finally left FS for another fund my investment had made $1451 in 2 years. When I moved my money to another fund in two weeks I'd made $457. I know things fluctuate, but FS was terrible!. I'm sure the reviews on here are fake too. I really DO NOT recommend Future Super. The fees were really bad also.
I finally took my Super out of Future Super and within a week (of my money being in my new fund) I had earned on my investment a third of what I'd earned with Future Super in a full year. Future Super is a ridiculously terrible Super Fund. I think the "excellent" reviews are fake as well. I paid so many fees and my investment only went up when my employer paid into it monthly. The rest of the time it just went down due to its poor performance and fees. Do not use this super fund.
Waste of time, dodgy, cannot login, money missing
Signed up, logged in on day 1, sent money to my account and a month later it still isn’t there. Emailed support, they asked my DOB, I replied and 2 weeks later no reply and now i’ve been locked out of my account. Waste of time and half of these reviews seem fabricated. Do not recommend at all.
Great premise - horrible execution
I really wanted to like Future Super. The concept is great, the execution is unfortunately severely lacking.
If you think about applying for insurances, make sure you have a good 3 months to spare and lower your expectations. You'll be presented with an inferior option that you'll likely decline, and then they apply it anyway. You'll discover that funds are not arriving on your account and that customer service takes weeks or months to get back to you if at all.
There are other funds out there with the same focus - try them while Future Super sorts out their many issues.
Go elsewhere as they cant be bothered
After some glowing reviews here I tried to invest with Future Super.
For the full sad and sorry story scroll down to the Questions and Answers section where I am not the only one dissatisfied with their response to new prospective clients
never again run from this mob as fast as you can
I am over the preservation age so can withdraw funds as I require them. I lodged a request for a small amount on the 20th April and received conformation of my request on the 29th April. Despite all my efforts to find out what is happening I have had no progress. I have funds with Australian Super and can withdraw online and have cash in my account usually within 3 business days.
Horrendous customer service and attention to obligations in light of COVID payouts
Currently 14 calendar days and 10 business days into the wait for remittance of an early covid release. No response to 3 phone call with messages and two emails. Future Super - your customers need you to action off your obligations. We are now working with the ATO after being in contact directly to resolve the situation and make a formal complaint so hopefully others don't have to deal with the same. Once the payout has been received, we will be closing the fund and moving forward with a more dependable fund.
Great ethical causes, atrocious website/accessibility.
Future super has pretty good performance, they also support some great causes.
However, their website/portal is so slow it's almost unusable, I attempted to login on multiple occasions but gave up due to how long it took.
Performance and ethical impact are great, but being able to access my money is a priority above all else, this issue has existed for months and knowing that this still hasn't been resolved nor does it seem to be a priority does not fill me with confidence, that I am able to trust this company that relies heavily on tech with my money.
My current role is in website/digital performance and out of the 100s of website I have reviewed this takes the cake as being the worst.
Great idea but the fees are ridiculous
The fees on even the basic passive index fund are 14 times higher than the equivalent fund at hostplus which is almost identical. All Future Super has done is taken the ASX200 and removed some companies that are bad for the environment. That shouldn't cost 14 times the alternative.
Their other funds have fees approaching 2%. That is out on the extremes of fees for superfunds in Australia. It's unclear how this is justified. High fees over time eat a huge amount of your retirement savings. I've tried to contact the company to ask about these i...ssues but have received no reply. I LOVE the idea of driving change via our super, and badly want to join a superfund that uses my money to invest in renewable energy. However I think this fund is exploiting people's goodwill in order to make themselves rich. If they really cared about the environment as their primary concern, they would set the fees much much lower, in line with other super funds, so that more people joined. Why does it cost 14 times the alternative to remove a handful of companies from a passive index fund? It doesn't. Why then are they charging that much?
Can't fix a subscription issue in 3 weeks...
I was happy to think that I will start to build my super on non-fossil energy...
But during my online subscription process a " technical glitch" like they said... happened..
So they still called me and emailed to pu my super on my brand new non-accessible account...
but no contacts or workaround regarding my portal access...
I can't trust a a young start up company which can not manage IT issues and have so poor Customer relationship..
For me it is a no go.
Hugely misleading advertising of returns
I found Future Super being misleading by posting out of date return information by quoting returns for 2 years to Sept 2016 claiming they were the number 1 balanced option. They neglected to mention that their more recent returns have been relatively poor. Their 3 year return to 30 September 2017 was 5.5% pa. The AVERAGE balanced fund return was 7.44% over the same period according to SuperRatings.
I queried this, only to have Future Super block me from their page and deleting my post. Have lodged a complaint with ASIC.
Not For Everyone
Was really hoping this super fund would cater for all walks of life but sadly their insurance provider let the company down, was really disappointing to learn i wouldn't be covered due to my career choice, after all what good is a superannuation if they can't protect their clients.
Would of been a really good super to get amongst if only their insurance covered more people.
Communication was good, mainly talked through their facebook page and private messaging.
Questions & Answers
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?
Just call them. Theyre very helpful.
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.
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.
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??
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.
Would it be better and perhaps quicker if I phoned you??
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.
Get an answer from our members and Future Super representatives
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