completly lost my trust on Hostplus
I've got approval from ATO on a compasionate release of super to cover the cost of waighlost surgery. Hostplus lack of empathy, inavility to prioritise a decision and the will of drag their feet behind burocracy is beyond belive and had cause distresses during a difucult time.
I wouldn't recommend Hostplus to my worse enemy.
Bed customer service and never understand situation
When I open my account there are some name error so I was call customer care and asked what can I do they told me on new and than i open new account after some time new account close and they automatically merge my account there are more than 20000$ and without notice they change it. Then I call and customer service told me it was automatically chage account I said why? Reply "no idea"
Then I explained all and they need passport and ato assessment. They need physical copy not email. I tell them I will provide tomorrow morning they say no only ...
The reviewer stated that an incentive was offered for this review
Investment returns fraud
Member Ref: 830579518
Very much disappointed with your service. I think you haven't checked your records yet. There were no returns in the last year 2020, only I can see 2019 some returns. This is my claim or right to asked you to pay my investment returns you're not doing any favor. When I reminded you now that time you remembered to reply to me. So I would like to request, you will pay one year returns not just six months. I would like to remove the insurance coverage payment from my account. Since I started investing in Hotplus I am just p...aying administration fees ($25-50 monthly) and insurance coverage without getting any benefits out of it. I don't think you're doing any justice and I am absolutely wasting my money, that's not called the right investment. Thanks.
Been with Hostplus for 1 year and when I realized i only had a return of 1.5% over the year then minus fess of $2,500 I knew it was time to start a SMSF. I submitted the rollover form that was downloaded from the ATO which included bank account details for the super to be transferred to.
later that week I called to check the process of my rollover application I was told that it was posted as a cheque and would be 7-10 days for delivery..........when i asked as to why it wasn't transferred to my bank account i was told "because you didn't prov...ide a copy of a bank statement, you downloaded the form from ATO but if you had downloaded the form from our website you would have seen the instructions to submit a bank statement" - i can only determine from this that they are being spiteful and purposely delaying the funds because they are not happy (like other super funds) with me doing to an SMSF. 2 main problems: 1. Completed the legal form provided by the ATO; why would Hostplus have a different form or process than the legal one? 2. SMSF bank account is obviously new (given moving from a managed super fund) and can't download statement for SMSF bank account because there is no activity! net/net; they are being spiteful and as a result using delay tactics. those of you wanting to move to an SMSF - always check the company website to ensure you read all of the requirements because they will use delay tactics whenever they can. (friend had the same issue with another managed super fund)
Got Help in the end
I am a fifo worker and have alot of super. I have been let go for over 6 months and I have been trying to access my super via hard ship. The worst company to deal with. Apparently I need to let my bills go over due and let my accounts default and in the progress get a default on my credit file before I qualify for assistance. I called two other superannuation funds who don't need that at all. So unfortunately I had to wait for with no money for this to happen. I had to get the overdue bills certified by a JP that my account where in default....How embarrassing trying to explain the position Hostplus is putting me through, they couldn't believe it either. So I jumped though there hoops and sent forms via snail mail ,;Because they don't accept them via email. What a joke another stalling process. 8 days later I contact Hostplus, "sorry haven't received it maybe lost" are they Kidding me just should have let me email it. Now I have to wait a couple more days before they can get approval for me to send it via email if I qualify. Mind you the hole time every credit provider is screaming out and Hostplus doesn't care at all. If only they didn't wait for me to have to go into default before they helped . I have spoken with a previous superannuation fund and created a new number to transfer my superannuation as soon as I get an answer from Hostplus. They said as soon as my super hits there account if I can prove I have been on Centre link payments for 26 weeks I automatically qualify and once centrelink is verified I will be paid less taxes. Move from these guys they won't be there when you need them.
- Verified customer
There is nothing positive above this company. Made the mistake of joining HOSTMINUS several months ago and nothing but frustration all the way through.
Firstly their website is always a struggle to access either through a Google Chrome Browser or a mobile device. Unfortunately I learnt the hard way twice when trying to make an investment switch just before 4pm Australian Eastern Standard Time. I prefer to wait until 10-15 minutes before the Australian stock market closes so that I get a feel for what is happening on overseas futures markets b...efore making my change. On both occasions the changes timed out and after several attempts I literally missed the boat as the following day my investment choices were significantly favorable for my balance. It was not until I complained that I was told to always use Microsoft Edge. Thanks that would have been nice to know when I first joined! The biggest issue with HOSTMINUS is that they blatantly rip off members with their International Shares Investment Option. I am a full time investor in both local and overseas equities and am mesmerized with their woeful performance. So much so that I obtained a copy of their 100 largest holdings and tracked the performance of each individual share against their overall declared unit prices. The 100 largest holdings represent 47.3% of the Asset Class. 51.2% of this is US listed equities. On September 9 the 100 largest holdings had a weighted average increase of 2%. In addition to this the US Based Dow Jones Index increased by 1.6% and the Nasdaq Composite Index increased by 2.7% with their 15th largest holding Tesla increasing by 11% on the same day! Based on this it would safe to assume that if HOSTMINUS own Top 100 Holdings increased along with the the aforementioned indexes then the Unit Price for the International Shares Investment Option would also increase for the corresponding period. Upon checking my account balance on the corresponding Unit Price calculation day (typically 2 business days later) I was shocked to see that the published unit price had decreased by 0.48%. This happened on at least 2 other occasions I had money in this investment option during September with the most notable being 28 September where HOSTMINUS Holdings increased by 1.1% and the declared unit price for the corresponding day decline of 0.52%. With all equity markets being highly volatile this year it has been difficult to make positive gains so it is extremely disappointing to get fleeced when a correct investment choice has been made. Not surprisingly HOSTMINUS handled my enquiry on their pathetic investment performance in a pathetic manner. Firstly no one in the call centre had a clue about the nature of the complaint to the point that I was told to document everything I verbally discussed and send an email to the fund administrator. After doing this I then had to reclarify my complaint to the Resolutions Officer as she also had no clue. To say that HOSTMINUS's response was underwhelming would be overstating things! It took 84 days to get a response to what really is a simple question. When your equity holdings significantly go up how can your declared unit price go down? HOSTMINUS 84 day preparation time response was that "There are several reasons for why our International Shares Investment Option cannot be expected to perform the same as the indices on a daily basis" with only 3 reasons given
Closed account with no notice or permission
For the most part, Hostplus was great. That was until I tried to get some money I found in an old super account moved into my Hostplus account through MyGov and somehow ended up with my entire super balance into this old account which I had previously closed. Within 3 days of this happening, Hostplus took it upon themselves to close my account which I am now unable to reopen, and now have to go through the ENTIRE sign up process again including having to try and get in contact with the stupid excuse of an accountant my employers use to try and ...update the details all over again, which I have no doubt she will find a way to screw up. What a ridiculous system, perhaps send an email or something first instead of the half a tree worth of paper you posted to my house to inform me the account was ALREADY closed. At this point I'm not even sure if I'll go back to Hostplus just from this experience alone.
What part of not at this address is not clear?
I continue to receive snail mail from Hostplus for a previous tenant who hasn't lived at my address for over 3 years. I continue to write "not at this address" on the envelope and return (I think today's was the 4th) but they dont update their systems and continue to send me his mail. With Identify Theft increasing, I would be concerned if my super fund knew they were sending to the wrong address but either didn't care or their systems couldn't handle the change.
Great superfund for active investors
I switched to Hostplus a few years ago after reading 'The Barefoot Investor'.
I have not had any problems with the fund since then.
They have a great feature called Choiceplus, which allows you to pick ASX listed stocks or ETFs and invest your super in them. There are certain rules around the stocks and ETFs they allow to invest in, but the selection is large.
This is a great way to invest not only into Australian companies, but also in the US tech companies using ASX listed ETFs such as NDQ 100. Using a similar approach you can also invest in...
Take forever with requests, old school system, Their process is not secure
I have been with this super fund for a long time. This year. was the first year I put a notice of intent to claim form through for my tax. The process to do this was honestly so old school I was shocked. I had to print the government form out and sign it and post it off to them. I asked why can't I fill out the form online and do an electronic signature and send it to them. This is what my husband did with his super at Australian Super and the process was done in 24 hours. They said it a government form and it was not secure. I said that makes ...no sense as you are posting it and mail gets stolen all the time. Then they said I could scan it and email it to them putting all my personal details so they know it's me and send it to them. I said my email could get hacked so how is that secure? Now I am questioning their security system. Seems like they are not up to date with modern technology and their old ways are way less secure and not environmentally friendly as there is so much paperwork being sent out. After all this, I asked how long it will take? They said it would take 2 - 5 working days. Never believe this with them. They have taken 2 weeks now. My accountant is waiting for them. Even he can not believe how long they have taken. I can see my tax has been taken out of my super and I said to them "all I need is an email to confirm this" and they said it would take 2 - 5 working days for an email to be sent. Really to send an email you need that long? It blows my mind their company is so slow, so backwards and I feel like their system needs updating badly. I am now in the process of moving my super now to another company as 2 weeks is way too long to get one thing done when my husband's super account took 24 hours. Their fees are good but there are others out there the same. Shop around people.
Host plus thief's
I few years back i decided to roll all my super together over the last 20 years, this included military super, super from work in abattoirs, super from labouring and all bar one had super that was host plus, all the money I earnt of two years hadn’t grown a cent it was consumed in fees, they shouldn't even be allowed to operate. Cant believe the nonsense adds at the moment in good hands I'm here to tell you your money is in terrible incompetent hands.
Second Super Early Release
I applied for early release for the second time. It was easy, no hassle. It took a little longer than the first one. I had to wait around 2 weeks for the money to show up in my account, whilst the first one took a week. I was kinda worried at first, then I decided to wait longer for them and the bank to process everything, but I finally got the money.
The fees they charge are obscene - so many cheaper options out there!
This was the first super I signed up to when I started working - so I didn’t know any better when looking into fees etc. It wasn’t until I noticed my balance was hardly going up each year that I found the ridiculous amount they charge you for fees, as well as automatically signing you up to pay for insurance once you turn 25 which you need to opt out of. By the time I noticed I had already lost a decent amount of my super, being young I wasn’t earning that much anyway so it was very disheartening to see after years of working they had taken a d...ecent amount of my super. Once I realised I transferred all my money out of there, best decision I have made! Beware and always check your statement! The amount of unhappy customers is a pretty decent indication they don’t rank well as a superannuation fund.
DO NOT USE THEM!!
I've been trying to access my Super since April 2020. The amount of red tape is crap! Hostplus advised to rollover money from my other super into Hostplus so I could do a contribution split to my wife's account. So I did. Only to now find out that they won't do the Contribution Split because they cant "prove" the rollover was employer contributions only, even if I supply them with a super statement showing the contributions. So now we are trying get the measley $2000 "available" transferred to her super account and it's June 29 and it's STILL n...ot transferred! It's crap and we were scammed!! It's ok for them, they go home with their pay but they're witholding money that we desperately need to live, keep a roof over our heads and put food in our children's mouth! I'm not uploading my membership # due to privacy!
Would never join HostPlus
WOW all these people receiving payouts from their Super yet my Husband unfortunately chose to be with HostPlus, he passed away six months ago and they STILL won’t pay out his Death Benefit,
Nor do they return calls or emails not even from my Solicitor. They are just refusing to process the claim of HIS money, Superannuation Balance or Insurance component, even though I as his wife was named as the Beneficiary (A lot of good that is) they are totally incompetent when the claim was first filed that would send emails quoting the incorrect Surname....
Service Can Be Improved
Given that the government has halved the minimum amount that I need to draw each year for my pension, has this become Hostplus’s default option? Or will they continue to pay me the same percentage as they have to date? I couldn’t find the answer on the website so I rang them. Best practice in these situations is to give callers the option of a call back and / or an estimate of how long they’ll have to wait. Hostplus offered neither of these options. Instead they ask you to wait on the phone for an indefinite period. Not prepared to wait wh...at might have been hours or even days, I provided a negative review via Product Review. This expedited matters and I subsequently gained the information that I needed. It seems that Hostplus normally offers a call back option, but not at present due to the Federal government's decision to allow early access to super.
No happy !!
Currently dealing with the resolutions team for my super release , not happy with the service being provided incorrect information being sent out, I have contacted by phone and email several times with no response .. looking at moving my super .. :(
Pretty damn bad
Will definitely be joining a new super fund. Rang to see if everything was ok with my super release, was told everything was good, funds had been transfered to my account, now was in the hands of the bank, could take 5 days for them to release it . When I questioned why that wasn't showing up on my online super account, figure hadn't changed. Host plus said phone was playing up and couldn't hear me. Nothing wrong with my phone. Should be ashamed. Disgusting
Questions & Answers
I have applied for mine, 8 days ago, am now anxious,thinking I shouldn't have left it till I was in dire straits....after reading all these reviews I will be changing funds
Hi Rhonda, Thanks for contacting us. Claims can take up to 10 business days from the time you submit your application to the Australian Tax Office (ATO) to the time you receive funds in your nominated bank account. We’ll send you an SMS once we’ve processed your withdrawal. We ask all members to please log into their Hostplus account via Hostplus member online and check that your mobile number is current so we can reach you. If you would like us to check on the progress of your application, we would be more than happy to check this. Please just send us a private message with your full name, Hostplus membership number and mobile. Thanks, Hostplus team.
Wondering how long early release of super for corona virus takes,rang and told would be there this week-NOT-received the approval from ATO on the 12 May and got txt message from hostplus saying 5 business days it's now the 4 June still nothing will be changing funds me thinks
They told me twice it was a week away. I got ATO notification on May 16, text from Hostplus saying it would be paid in 3-5 business days on May 19. Still waiting.
Hi Matt, Thank you for reaching out to us. We’re sorry to read you have not received your funds. So we can investigate this for you would you please send us a private message with your name, Hostplus membership number and phone number. We look forward to hearing from you via PM and responding to you. Thanks, Hostplus team
I was told on Wed 27th May that my payment would be received in 5 business days. I am in quarantine in Sydney until June 10th. Got an email today June 5 that payment will be received in 5 business days. I have been consistently told to wait, and flew back to Australia with the understanding that the funds would be in my account before was due to leave quarantine. This is horrible service. I'm going to put it out there that you are deliberately delaying payments and inventing reasons for delays.
You are a joke... a big fat joke. Been with you for over 10 years. Call 3 times.. emailed 4 times... Been polite every time with clearly you lying to me every time.. 10/10 for the acting you do. Just be honest.... clearly NO One is being paid. What a joke you are.... not happy.
Hi Teneal, we are sorry that we have not met your expectations during this process. We know how important it is that members in financial distress receive support as quickly as possible and assure you we have never, and would never, employ tactics designed to deliberately slow the processing of ER payments to our members. If you have not already done so, would you please send us a private message with your Hostplus membership number, email and mobile. We have a dedicated team to investigate and respond to early release payments including those that may be delayed. This dedicated will come back to you after 8am EST today and we look forward to assisting you then. Again we apologise for your experience with us. Thanks, Hostplus team.
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