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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 !
Jacked up the fees but not the functionality
Frankly, this is a clunky super platform which I was willing to overlook when fees on the direct equity portion of the account were capped at $300 p.a. Now that the fees have been increased almost TENFOLD (due to changing the way they are calculated to a % basis) I find myself incredibly frustrated with this platform's limitations. It is now nearly as expensive as a full service super wrap platform so here is a list of things that a good wrap platform will allow that this pension account will not:
- ING has no contra share trading (i.e. th...e ability to sell and then repurchase shares on the same day). Shareprices can move very significantly in the 4 days we are forced to wait for the cash to actually show up in the cash account - no access to hybrid securities - High minimum pension balance - no ability to trade unless there is a percentage plus 2 month's pension payments and fees already in the cash hub. Even when trades have been placed which will obviously replenish the cash hub in plenty of time to cover the pension payments. - a lock on transactions for over a week at the end of the financial year. RIDICULOUS! - request that certified ID is replaced every 12 months for withdrawals to be processed. As long as ID is in date, NO other fund in my experience will request this. - It takes up to 5 days to move money from the cash option to the cash hub. The cash option is supposedly at call. I was willing to put up with all of these things when the fund was dirt cheap, but now it wants to charge full featured level fees with an extremely limited and clunky platform. Sorry guys, but that's not good enough. I would have even swallowed the fee increase if there were any plans to improve the platform, but apparently there are not.
Bait offer scam
I was also caught out by the ING Living super scam. Advertised with the cheapest super fees a few years ago, they then slowly increased them over the years. Then recently, they announce massive fee increase starting June 2017.
After 3 years with them, my fees increased massively 350%. Never again will I trust a corporate company. I have since switched to an industry fund who server their members - not shareholders and directors.
Massive fees in Super account
Opened a super account that needed a seperate account with a minimum of $500 in it. They then starting taking out Life Insurance from that account without telling me ($35 a month) which then brought the balance down below the $500. To which they then topped it up to $500 again out of my super account but charged me a fee of $40 each time they did it and called it an "Investment Redemption Confirmation" fee. So $35 for life insurance and $40 for the transfer fee each time.
Nice work ING.
Terrible High Fee - Rip off Super
They are jacking up fees on June 2017. They leech you, suck your money in fees. Used to be low fees but they changed it.
Also was being charged Life cover with being inform when i sign up. I cancel life cover.
I'm now going to leave ING & am looking for low cost Super.
Hate ING Super & ING. Treat customer so poorly, customer will leave you.
Massive Fee Increases Coming Soon
Starting on the 1st. of June 2017 there are new fees coming in and they will most likely affect all members. Please search for Significant Event Notices and Product Updates 21 April 2017 - Significant Event Notice.
My fees will go up dramatically and I have taken action to remove some of my money from ING Living Super. You should all check to see what you will be paying in fees and make your own decisions.
These new fees have upset me a lot and I may terminate my account completely soon. Be warned everyone, maybe it's time to look at an Industry Fund where fees might be lower.
Do not use ING Super - As bad as the worst
When ING Super started, it presented itself as a low cost simple super alternative. In my opinion ING Super is just plain dishonest. It belongs at the end of the Super funds industry which give the entire industry a bad name.
I rolled over a small fund into ING Living Super 2 or 3 years ago. Apparently about 16 months ago they say they wrote to me telling me that they were going to add Life cover, and deduct premiums from my account - even though I didn't need it or want it - unless I contacted them to cancel. I didn't receive the lett...er, though they did phone me after the policy started and asked whether I wanted it. I told them I had plenty of Life cover and didn't need it - but - despite that - now find they've been deducting large premiums from my account each month ever since. This should be illegal if it isn't. It's like a company sending you a product completely unsolicited, then billing you for it unless you return it (which is illegal in Aus), but in this case ING just takes the cost out of my retirement savings. I've made a complaint about this - and all they will say is that they will "consider it".
ING lure you and then jump the fees
I used to have everything with ING. They were great giving back. I had homeloan and they removed the re-payment monthly bonus they used to give something back. They removed. Then I had a debit card they used to give 2% back. They removed. Then their interest rates were great. They increased to a point like they were not even competitive with big 4. Now with the Super. Increased the fees and some people would have to pay double to triple what they used to pay in fees.
Do yourself a favor and don't waste your time with these people. You don't ev...
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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