Worst fund in Australia
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.
BOOF & Super is Gone
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.
Nobody seems to reply
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
- Verified customer
great service to release COVID payment
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.
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.
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.
absolute incompetence personified
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.
Do not do it - cant be trusted.
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!
I agree with the rest of the disgruntled clients. Don't deal with them :(
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.
High fees, paying Insurances I didn't know about for years! Bad delayed service, product is a scam.
High fees, paying Insurances I didn't know about for years! Very disappointing and 0 for resolution and response time.. sadly.
I think the fees are disgusting, they are so high compared to all other products. Once I didn't work for two months and I noticed the 12 lines of fees over 60 days, around 500AUD. This had been happening for 7 years or so, immediately contacted asking why I had two insurances!!! Over 1500 per year and I was told 90 days on a reaponse, its insane.
(They did respond, with a poorly written, rushed email explaining why ...such fees were valid, despire never opting in or renewing, really rude deplorable email) Once I get my insurance refund I will never deal with this unprofessional company ever again! The only benefit is that you can live trade a couple of times a month to combat their fees..... the extremely high fees and watch out.. when you get above 50k MORE FEES, they will also charge you $40 brokerage to buy and also to sell.
DON'T DEAL WITH THIS COMPANY
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.
DO NOT SIGN WITH IOOF or TAL!They take money from your super, to pay insurance that you never authorised or knew about
I have never signed anything with IOOF. I signed with Spectrum in 2013. IOOF then purchased Spectrum.
In 2015 I was forced to resign from my employment. This is the first time I have ever been unemployed since I moved out of home at 13.
I have no prior medical history.
IOOF were notified that I was no longer employed, I received a letter to this effect from IOOF. However, this letter never mentioned the Income protection Insurance that I unknowingly held with IOOF, that they were also deducting the fees from my superannuation for this insur...ance. This was all without my knowledge or consent. In the letter it stated "upon receipt of your signed authorisation, your" employer policy" will be transferred to a "Personal policy". Once the policy has been transferred, we will issue you with online access, to view your account. " IOOF changed my policy, but never issued me with online access. I was also NEVER issued a copy of my policy, or relevant disclosures that they are obligated to give to every customer at the beginning of the policy. As I could never see my policy, I was unaware what I had.
Certainly not the best
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!!!
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
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.
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