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...
Massive Fee Rise a Rip Off For Large Account Holders
Massive fee rise means a rise from just under $2000 to &14,000 for our two accounts. The fees now charged just to hold a share trading account, for doing nothing, are now greater than LIC's and ETF's fees for actually managing the investment.
They started as a low fee fund, but paid below market interest rates for term deposits and cash, now the fees increase massively, but interest rates will remain below market.
A promotion document allegedly showing ING fees were below the industry medium, was a joke, it only compared the default balanced...
Bait advertisement then massive fee hike - should get their credit ratings downgraded and superannua
Absolute scum - massive fee price rise once they got people lured and locked into their investments.
Essentially they defaulted on their contract with me (0$ fee term deposit maturing in Jan 2018), should get their credit ratings downgraded and superannuation license revoked
New fee structure coming into effect 1/7/17 will increase my fees from 0$ to 1000$, reported this dishonest business practice to ACCC and FOS. Avoid like the plague!
Gone from $300 -> over $5000 in fees p/a !
ING fees for Direct Share management went from $180 to $300 to now .64% of portfolio.
For large balances, i.e. If you are near retirement, this really hurts.
Used to be good as provided a half way house between managed funds and SMSFs that allowed you to select up to 80% of your portfolio in shares at a reasonable price.
Rolling over to SMSF.
Going from Hero to Zero
ING released an innovative superannuation fund that one could invest in with very low fees, or, pick a portfolio of investments from their fund options. ING also had a relatively good share trading platform where a person could invest in a number of shares or ETF/LIC's.
This all changed in the release of a significant event notice on the 21st of March, 2017. ING's product is now expensive, and if ones superannuation balance is greater than ~$150,000 and they are holding shares it is more cost effective to run a self managed super fund. ING can't be trusted not to increase fees again in the future.
In short, ING have turned a great product into something that is garbage.
Used to be good, now major additional fees
I switched to ING Living super a few months ago because of their low fees, but now I've just been informed of a huge increase. No longer a low-cost option - now they're just as bad as everyone else! Also they automatically signed me up for unwanted life insurance, but this was simple enough to cancel.
ING.Keeping you informed.!
There really should be a Royal Commission into the Banking/Financial/Super industry as there is more than enough evidence to show their appalling behaviour toward their customers.I received my KEEPING YOU INFORMED letter this week from ING (I have all my savings with them) and I rang them this week to complain about their cash grab in a time of already low returns,I went on to complain that they had produced a good product attracting many customers only to revert to the industries crap service/crap products/ high fee model.I went on to tell ING...that Aldi had done exactly the same thing a couple of years ago by selling a great Mobile phone data package and once they had a large part of the action promptly reduced their package to junk and then had the hide to spin that less was indeed more,consumers are not mugs.So ING told me they are only trying to claw back their costs but my reply that Banks profits are already obscene and this is just another fee grab fest,ING executive Bonus fest for attracting many new customers with the hope they will stay on.Well I for one will not be rewarding ING for a dirty deal and will be taking my money somewhere else....I thought ING was a bit different to the rest of that industry..I was wrong....Bring on a Royal Commission into these Bandits.
Huge fee increase - not low cost and now stuck with costs to move
I was looking for a low-cost super fund after my previous superannuation fund didn't increase even when the stock markets were rising. I worked out they were taking an exorbitant amount of fees.
I searched around and found ING Living Super was perfect because it offered a fixed low cost of $300 p.a. while I could choose the shares I wanted. I rolled over a large amount of money into ING, selected my shares and I was happy.
Fast forward to a week ago when ING advised me of fee increases starting on 1/7/2017, which will cost me around $...83,000 of my final retirement sum. In addition, I am unable to move without incurring Capital Gains Tax on increases in the value of my super since I joined and brokerage fees to sell the shares. ING have lured people into joining what was a good super fund, only to renege and increase fees, hoping people will stay. Read this forum where others will be leaving in droves unless ING changes its mind: http://forums.whirlpool.net.au/archive/1975876 I feel burnt by the financial services industry in this country where the fees are hidden and twice as high as other OECD countries. I suggest all people out there ask for details about the fees they pay each year as a percentage of your balance. Above 0.6% and you are overpaying considering what you receive.
Questions & Answers
Why is ING super going down so rapidly?
I've lost 40% more than what I lost in the GFC.
I have an SMSF. If I rolled that into ING Living Super who does the annual tax return and is that paid for by ING?
ING isn't a true SMSF - so there is no need for them to file an individual tax return. The options you have to invest in are ASX300 shares and some exchange traded funds, but there are some rules about limits in each equity. Hope that helps.
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