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IOOF

IOOF

1.4 from 34 reviews

Reviews

1.4

34 reviews
5
(3)
4
(0)
3
(0)
2
(1)
1
(30)
  • Transparency
    1.4 (11)
  • Customer Service
    1.3 (12)
  • Rates and Fees
    1.3 (9)
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Jessie L.

Jessie L.Greater Melbourne (Inner), VIC

Worst fund in Australia

published

Terrible service. 1 in 100 staff know what they are doing when you call.
High fees. Look before you join. Fees are as ridiculous as the service.
Got put through to a "manager" who didn't know how to work out 15% tax on my contributions ???? Unbelievable. The place needs to fire all these Muppets and hire some brains.

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Psmith

PsmithPerth, WA

  • 3 reviews
  • 1 like

BOOF & Super is Gone

published

Started fund with an exemployer $34K Paid in. Then scammed out of the fund with insurance hikes. Seams if you leave the employer the default is to change your status from white collar to blue collar and when discussed the answer was we do this for all. I requested his be changed and ergo they increased my payment. Now 4yrs later my account was closed due to lack of funds I asked IOOF what was the last yrs insurance costs the answer was $11,000 for life and income protection.
Now this is so wrong and we just keep getting abused by super funds. It will be interesting when all super funds don t perform and the outcome is people living in poverty. TAL your in this scam as well.

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aaron

aaron

  • 2 reviews
  • 2 likes

Nobody seems to reply

published

Emailed 3 times over a week with zero response approved and waiting for my funds to be released due to COVID absolutely no activity on my account had to take it upon myself to sell off things account to be closed after I’ve received MY funds whenever they get around to it

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70% increase in my life insurance policy.

published

70% increase in my life insurance policy in one year after being insured my whole working life with 100F. The reason? We are having a lot more payouts than expected. Disgusting.

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Rates and Fees
  • Verified customer

great service to release COVID payment

published

I had my funds within 2 days of receiving the approval from the ATO. IOOF made sure it was processed quickly and had great communication and the wait time on the phone was shorter than my expected.

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Horrible service

published

Horrible horrible service. I have left Australia to go back home since June and since then i ve been trying to change my log in details. 9 months later and still cant log in. I called a numerous times and they say they fix it. Thats didn't happen yet. I am no longer living in the country and not planning to come back to work either and was told i cant access my super. Basically 8 years worth of super down the drain. Ripped off big time.

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Duped

DupedSydney, NSW

Deceptive

published

Discovered too late that my ‘independent’ financial adviser was actually owned, through undeclared links, by IOOF. Their ‘advice’ was aimed at serving their own interests through trailing commissions. They have been in the news for all the wrong reasons.

Transparency
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Rates and Fees
steely

steelyWide Bay-Burnett, QLD

  • 2 reviews

absolute incompetence personified

published

I will be moving my $27K from these clowns at some stage in the near future. Have been with them since the 1990s when an ex employer opened the account for me. Since then have made only personal contributions and I am sick of their high fees, rude staff and general incompetence. I fully concur with a number of the comments posted by others. 90 day turnaround time for complaints (seriously IOOF). I would have thought that since the departure of several senior managers and the former CEO for well documented reasons they would actually start getting it right.

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rob jason

rob jasonGreater Melbourne (Inner), VIC

Insurance scam artists

published

Do not go with IOOF. They will scam you with insurance fees which are exorbitant compared to the market and will keep you uninformed and try to prevent you from withdrawing your super.

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Do not do it - cant be trusted.

published

They increased my insurance from $2k per year to $15k per year with zero responsibility to make me aware. They charged me that for almost 3 years and its 100% my responsibility.
Oh they also earned a nice commission while charging me this, fees are high - they dont care and cant be trusted. Use someone else. Safe yourself the heartache and cash!

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Mike

Mike

  • 3 reviews
  • 6 likes

I agree with the rest of the disgruntled clients. Don't deal with them :(

published

I was only with them for a short term which ended up costing me just over $20K.
It was my first and only experience with super and "DEFINITELY" my last.
My advice is to do your homework before you contact anyone on what could potentially be a very costly mistake.
BTW, I was paid a bit of "HUSH MONEY" to button me up which proves they mismanaged my money by going against my advice.
My lawyer advised me to fight it as I had a very good case but it was impossible for me at that time as I was going through a very difficult period in my life.

Brody J.

Brody J.Greater Melbourne (Outer), VIC

  • 11 reviews
  • 8 likes

High fees, paying Insurances I didn't know about for years! Bad delayed service, product is a scam.

published
Swan

SwanPerth, WA

DON'T DEAL WITH THIS COMPANY

published

I sent an email on Monday to enquire about talking to a consultant as I hadn't spoken to anyone from this company for 9 years. By Wednesday, no response, so I called. They couldn't find my email. They called back several hours later to say they have received and I'll get a confirmation by Friday that they had received my email. Friday is here and I still haven't received an email, for I don't know what for.
I have just looked on their website for a contact in Perth and no phone numbers, only a street address and PO Box No. Nonsense.

Transparency
Customer Service
Hunney

HunneySouth East Queensland, QLD

  • 2 reviews
  • 4 likes

DO NOT SIGN WITH IOOF or TAL!They take money from your super, to pay insurance that you never authorised or knew about

published
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Income Protection
Splodger

SplodgerPerth, WA

  • 2 reviews
  • 3 likes

Certainly not the best

published

I was with Ioof for 15 years,
My balance is now way less than the contributions that have gone in thanks to high fees & extortionate insurance that you are automatically signed up for.
After learning what has happened with Ioof during the royal commission with dishonest directors I finally made the decision to switch.....
Best move ever !.......
Ioof is a retail fund, out to make money for shareholders not its members!!!

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IOOF incompetence

published

IOOF bought out the super fund I was with for 30 years and was happy with however ......
IOOF has lost $8000 out of my fund in 4 months - gross mis-management and even greater incompetence. -unbelievable and worrying. Paying admin fees for what - they do absolutely nothing and do not respond to request for information.
I am very concerned about the recent bad press and looking to change funda.

Terrible Super Product

published

I was in this fund for nearly 3 years and made a total return of -2.2%, despite them advertising returns of 8% and 9%. I was forced into this fund by an employer and then moved (without permission) into a different super product when I left that employer. I have just withdrawn my money from this fund and, on top of the huge fees and terrible returns, they have charged me $75 for the pleasure of moving my own money. I would never recommend IOOF to anyone.

Mark L

Mark L

  • 3 reviews
  • 2 likes

Ripped of for years

published

Its my fault for being complacent. I should have left years ago. I am now with AustralianSuper. The cost of my life insurance has reduced by $3,663 per year (Same cover level and with the same underwriter, TAL).

Great customer Servce

published

Besides how much fees and charges they do, i am grateful that i was served by 2 great lady consultants. They were very nice and helpful today.

Super high fees, super scam

published

After joining a casual company offering IOOF super, I did some research and found their fee ridiculous, lucky i cancelled my account rapidly only losing one paycheck to this sinkhole called a super scheme. Get out fast, stay out.

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