- Verified customer
Hi i rolled my twu super over to ing super and in just 5-6yrs my super has increased 5-6% after fees and contributions taken out i also manage 35 % asx shares in my portfolio i agree with other reviews about there fees but on over 200000 im happy
good customer service
I had been with ING for a year (2018) before I decided to close the account. So I practically have been through the entire process of rolling over my super, and rollling over out my super and close the account. What I can tell you from my own experience:
- great website, quite intuitive although some of the pages aren't flowing nicely. For example you need to click on the cash hub to see the in and out transactions. (instead of making it available at the home page)
- the insurance premium is cheaper for the same/better coverage compared t...
The only option i found to let you trade your shares yourself
I chose ING because I can trade ASX shares myself which most funds don't offer. The fees are $20 per trade, $60 per year plus 0.64% of the account balance each year held in shares. It is the percentage of the account balance that kills it so i'll have to leave once my balance grows a bit. I'm giving them a reasonable score because they offer something their competitors don't.
ING LIving Super.... going, going ... gone
A few years ago ING Living Super was a great fund... in a short amount of time the Australian managers of this excellent international company have tried there best to turn this into a super fund that resembles the dodgy Australian retail super funds... Fees have skyrocketed, service (while friendly - is robotic, and at times ignorant). Products have not kept pace with the market.
I know the fees seem alot but you need to read your account better, for example the Investment Redemption Confirmation is taken out of your balanced account and then placed in your cash hub, this is your profit - its not a fee!
Its sucks about being signed up to the insurance but ALL superannuations do this, just check it out.
I am paying around $7.50 per month in fees compared to the previous fund I was in that was charging $25 and up per month.
Finally, as an accountant I can tell you superannuation is a scam, it was instituted by th...e government in order for them to fade out the pension but the way they structured the laws they made sure that it benefited them most (they get 12.5% employer - which is us - contributions, most of them are super rich and have SMSFs that take advantage of all the tax benefits, I can go on and on but...). In order for the average person to live "comfortably" you will need to retire with at least 3 million if you dont own your property and 2 million if you do. Now sit down and work out how much super YOU are getting.... I will give you some advice for free do not Salary Sacrifice your super!!! Did you know that your employer can take this amount off the amount that THEY have to contribute? Just look up the ato website. Plus it reduces your salary and they only have to pay super on that amount. When salary sacrificing in general calculate all the circumstances including deductions etc, unless your taxable income is substantially above $37,000 you are not getting any real benefit from the tax savings as you will miss out on super benefits. Do your research, dont always take the advice of so called "experts" - alot of "financial advisers" are actually getting commissions for directing you towards different products - and if you dont understand something, clearly write out your questions and take them to a professional to get them to explain but if they begin by trying to sell you on something, preface it with "well here's the thing", "these things arent easy to explain", "trust me", or hedge and hum move on.
All these bad reviews to do with fees, have look on canstar they still compete with other low cost super funds.
My balance has grown 30k in 2 years since joining so even though the fees have gone up my balance has almost doubled! I transferred 40k after loosing a heap from another fund.
All in all cannot complain with that.
I received an email from ING informing me I may be able to claim a tax deduction for personal super contributions I made in the 2017/18 financial year except I didn't make any personal contributions, only employer contributions. When I phoned ING to find out what the email was about they said they just sent that email to everyone because they now have he ability to provide a notice of intention to claim a tax deduction online instead of completing a form. So even though ING now charge fees where previously there was no fees, they now don't have the ability to determine who has make personal contributions and who has made employer contributions. I think its time to find a new super.
No Problems... What's the fuss.
I've had Industry & Retail Super in the past. ING allows me to access my super anytime.
All Funds charge fees but I can trade shares, change my investment strategy and invest in term deposits as well & the fees are very reasonable compared to the other Funds.
Please people do your homework..... if you don't want life cover etc. ING allows you to cancel insurances online.
No more premiums.
I signed up a few years ago, when ING purported to be low fee. Was not made aware that they automatically sign up for "insurance", then they change the fee structure. I feel the way they inform people of significant changes needs to change. Basically I have put more into the account than it is now worth. Not a good investment over a 3 year period, particularly when shares have risen substantially
- Verified customer
Withheld some money from the rollover!
In May 2017 I decided to go with unisuper in reaction to a 300% mark up on admin fees that was starting from July 2017. Keen on not getting robbed, I put in an application for a rollover of my ING living super to Unisuper. This was relatively pain free, and I thought nothing of it since. Everything appears to rollover in full. That was until a month ago I was advised by unisuper that they found some super still with ING. They sent me a separate application to roll it over. I did that too. Then I got mail from ING showing that I had $40 left in ...my former ING living super. Which, since May 2017, applied fees until there was just 2 cents left to rollover to Unisuper. What a sick joke. I'm going to call them and reimburse that pronto. Then I'm going to make a formal complaint. Hopefully royal commission will turn their heads to the super annulation thieves. ING (*cough* ANZ *cough*) youre a member of the club
Not even worthy of a single star
Simply put, ING do nothing but consistently deplete the value of my super fund. They charge fees vastly in excess of what they make on your fund and involuntarily signed me up for insurance, which impacted my balance significantly. I did not pay these excessive fees when signing up, they just added them on as they felt like it, and didn't even send an email regarding the changes.
Terrible fund, deceptive in the way they display your returns and investment balances and should be ignored.
Absolute rip off
I signed up for the living super account when it was completely fee free. I was very happy with it, but the introduction of fees has ruined the value and depleted my account rapidly. It seems like ING advertise all these offers only to take them away in the future. I feel deceived and ripped off and would never recommend this account.
Bait and Switch Is The Problem, Not Fees In General
Fees on super will always exist because this government mandated saving scheme attracts those wanting a piece of the pie.
ING advertised a capped, low fee, direct share trading superannuation product.
ING hiked the fees shortly thereafter.
Moving my super to another provider will now trigger CGT but I'm doing it anyway. It'll cost me now but it will cost me more in the long run if I stay.
This product went from great to an expensive pain. I'm going to look for a company that hasn't changed their fee structure shortly after gaining customers.
Nobody addressing anything other than fees
Fees are fees. We can't do jack about it but vote with our wallets, and the banking industry is always going to gouge us as much as legally possible. Complaining about the fees is nonsense, seeing as there's very little you can do about it.
Service is very intuitive and easy to use/setup, offers good options for investments also.
Can live without admin fees and charges
Since the introduction of admin fees and charges on pension Cash Hub and low term deposit returns ING have left me no choice but to opt out of their living Super as the charges are eating away at what little l am earning and of which can be managed on the spot by myself.
Bad move on ING introducing such nonsense and unreasonable fees on Cash Accounts !
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Questions & Answers
Why is ING super going down so rapidly?
I've lost 40% more than what I lost in the GFC.
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