The only super fund I know of that pays dividemds
It's the only super fund I know of that pays dividends as account holders can buy etf & stocks from the asx. Brokerage is $20. The diversification possibilities there leaves probably most other super funds for dead. If you're as good a flipper as.nic darvas or Jesse livermore then the product is just magnificent, cos why be stuck in the asx 200 index if one can flip Smallcos for several hundred % capital gains!!!!!!!????????? Of course dollar cost averaging paying $20 each time would eat into profits, but if one is ready to take full responsibi...lity for their portfolio & trades rather than blame investment bankers for the supply & demand push-pull that is determined by securities.market participants, why would they bother with passive buy & hold $ cost averaging????????
Refuses to Provide Product Disclosure Statement or Details of what is covered under "Automatic TPD Cover"
Found out my super balance had decreased due to fees that I was led to believe would not be charged. The fees, evidently, were for Total and Permanent Disablement Cover. Had no idea I was paying for this but, when I requested the PDS for the cover and the PDS for the original super producer (PDS has since been updated after the company was forced by law to stop providing the cover last year), ING staff refused to provide it! They claimed they could not give "details about the underwriting of the policy" and state they have no obligation to prov...ide the PDS for the original policy and fund and that I can find an updated one on their website! This is so suspicious it defies belief! I still cannot forthe life of me determine what was covered by this policy. I lost 15% of my total super within three years. I urge you not to consider ING. Their staff are polite and friendly but they are a good face on a bad business and they themselves are not fully aware that the company is operating unethically compared to other super funds.
Really poor web experience - danger of losing money - avoid
I signed up for Living Super. I wanted to transfer part of my existing super funds in to my Living Super account so that I could buy ETFs etc through the ING platform. After going through the transfer process I received prompts from ING saying that the rollover had not been completed and prompting me to do it again. So, I ran through the process again. Then, the following morning I received an email, advising that I needed to run through the rollover process again. At this point, I called ING to ask what was going on. They advised that there wa...s a system error, that I should not have received the message to repeat the rollover process. They also advised that initial rollover request had been sent 4 times to my current super company, so it was likely that 4 times the rollover amount I had actually requested would be transferred. I was not happy. ING said that there was nothing they could do and that my only option was to contact my current super company and ask if they could somehow stop the rollover transfers. This is bad. If processed, the requests would have emptied my current super account, which would almost certainly have affected my insurances. I will also no doubt be charged buy/sell costs as funds exit one fund and enter another. This is a very poor experience from ING. I have closed my account and will look for a better run platform.
Started As A Great Fund Then Became Super Dodgy
My super has been with ING Super for about 7 years and things started off super and the fund performed well compared to a Bank account. However the ING Super fees have diminished my super consistently over the past 4 years so that my Super is now less than what it was and my money would have fared better in a Bank account. This is not an isolated incident as we have family members who have ING Super that has consistently decreased in value. The website often does not function as well as the ING Banking website and I was offered free personal financial advice which I requested but was never followed up with. There is not a lot of transparency. ING Super has been a great disappointment overall and I am looking forward to saying goodbye.
No transparent approach
COVID - 19 2020.
ING direction is far from direct.
A recent record and observation of my Super has seen my super fund account Sky rocket down of losses in the range of 7000 Australian dollars .
My investment was purely only Australian property, no sharemarkets.
Unfortunately no established communication was forward to me in the whereabouts of the loss ?
ING and shareholders need to advise clients of potential loss .
Good communication and professional service may help support future loss or hardship in the years ahead.
Lied about fees, ate away at my money and never advised me
Three years ago I had over $4,500 in super that I put with ING. They promised no fees and it was for this exact reason that I chose them because my fund is clearly small. The COVID-19 early super access scheme invited me to have a look at my "investment" the other day and what did I find? In the two financial years since I put my money with them they have taken $670! My funds value is now just over $3800! The fund has made no attempt to contact me about this concerning situation and refuses to explain when or why they changed from "no fees" to ...taking 14% of my money each year! I complained and the staff person there told me that they would endeavor to respond to me "within ninety days". Is this company a joke?? How on earth does it take three months to sort this out? ING has absolutely zero integrity! I called up a staff person to discuss this over the phone and before I could even get to the point she had the nerve of bringing up my client details and advising me that my fund was at risk of being transferred to the ATO due to its low balance! She advised me to submit a request to have my super retained with ING even though she knew that this would mean that each year I am just losing another three hundred dollars! How is this superannuation fund allowed to do this to people? I cannot believe that this group is so irresponsible! If COVID-19 hadn't prompted me to check my superannuation ING would just keep lynching me of chunks of my super until there is nothing left! I am a pensioner for gods sake! I know I don't have much super but what I did have I worked hard for until I was deemed unable to work anymore! The only thing I wanted from ING when I signed up was peace of mind knowing that my money wouldn't get eaten away by fees. Yet this is exactly what has happened despite their promise of "Zero fees" and they have made no attempt to advise me! DO NOT PUT YOUR SUPER WITH THIS COMPANY!
I LOST lots of money
Now it is such a great time for everyone to review your super due to global pandemic. I had close look at the performance once I logged in the website. I am astounded as I lost so much money. Tried to send them a mail(message via the app). In about 5 hours she called me back, and told me there is no way I can have a look the turnover rate and whatsoever. I asked could you explained to me how come I lost so much, and she just simply told me it is out of the Covid-19, which is fair. When I looked into the data, what they have been invested got me...0.2AUD to 1 AUD which is profit from the investment they called. Meanwhile can't even balance out all the fee and lost. (PLUS I purposely opt out the insurance option when I opened this account as I know you will need to pay so much more) Not happy about it and I am so happy I found out last week and has transferred overnight to other Super. Highly recommended to everyone who is considering to make a change. Do some research and find out which are the top super in the past few year and stick to them. I leant it in the hard way. ING is a great company if that is saving banking not the Super, and I reckon they should shutdown this service. I am happy to offer more details if anyone is interested.
I have been with ING Direct for slightly more than 3 years now. When I signed up, they had a promotion stating that their super account do not have any fees and charges and never mentioned anything about the end date of this promotion. After luring me into signing up a super account with them, several months later they wrote me a letter stating that they will now start charging fees to my account. I let it go as I thought as long as I don't loose more money than the amount put into my account it is fine. I left my job in March 2017 and became s...elf employed and never really thought to look at my super account activity ever since. After receiving a letter recently on having an inactive low balance account, I quickly checked my account. I saw a substantial amount of my savings just vanished. They are charging exorbitant fees and passing investment losses on my account without ever informing me that my account balance is slowly eroding. I trusted them with my super savings and all they did was chew my money away. I'm extremely disappointed and dissatisfied of having a super account with this criminal bank. I'm glad the Commonwealth Government have the policy requiring 'superfund organisations' to transfer funds from 'inactive low balance accounts' to the ATO. At-least this will prevent further erosion of my savings and prevent the money going to this thief bank ING Direct. DO NOT, I repeat, do not open a super account with ING DIRECT. They will DIRECTLY LEAD you to LOOSE your super earnings LOST for good.
1 year in, a quarter of my money vanished.
Too hard to access. Zero compassion. Documentation required to close account is near impossible, although opening account nil ID is required. Untrustworthy banking. Lady suggested I get a loan off my mother( deceased).
- 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.
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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