Takeovers are terrible. We have been with the predecessors of IPAC for 20 yrs.Great! Now cant even get IPAC/AMP to return a phone call or answer an email. Helen and Carlie, please.....
I can't agree more with all the other people who are extremely upset with IPAC. IPAC chose some investments for me and then did nothing for the seven years I was with them. No apology for the mistakes they made! One comment that started me thinking was my accountant saw the fees and stated that she had never seen fees that high before. Excessive fees for, what I consider, no input from IPAC!
I am with an industry fund which happily publishes all their previous performance and fees for all their types of super funds on the open internet, anyone can access this information. iPac has approached me through the workplace and I have had two appointments with them in the last 18 months. I am on the brink of retirement and have been researching funds in depth over the last 2 years. I have found iPac to be evasive about all their fees and performance, they cherry pick best results and downplay their fee structure by claiming all returns are 'after fees are taken out' so 'don't be concerned about the amount of fees you pay because you'll be well ahead of every other fund anyway'. I find this sales tactic to be dishonest and fortunately have old workmates who have retired in the last 5 years who have been sucked in by these tactics. Most have now left iPac and returned to their 'boring' but open disclosure policy funds resulting in no surprises for the future where performance and fees are concerned.
High fees poor performance, bad advisors
On recommendation from Ipac my husband and I took out an investment loan and invested in IPAC Managed Funds in 2006. Well fast forward 8 years and we are still not back to where we started
Our advisor mislead us. On top of the exorbitant ongoing fees we were also paying $990 a year for ongoing advice and management fees. During the GFC our advisor never contacted us, each month we would have a couple of thousand dollars direct debited from our bank account and invested only to see the money disappear before our eyes. The $990 was only for reactive advice we were told after complaining, If you want a proactive service it costs even more. (of course we were never told this and our initial meeting and having a financial plan drawn up - a separate cost of $1650)
A very expensive life lesson.
Stay well away from IPAC.
D'ont do it!!!!! D'ont do it!!! D'ont do it!!!
They lost over 60% of our superannuation. We started out with a smaller company we liked then while we were overseas on an extended work assignment IPAC bought that company. We thought it was a reputable company as Paul Clitheroe was supposedly involved with them. We tried to give them instructions but they either ignored, acted on very very late or gave us excuses such as "they could'nt take advice from us while we were offshore". The investment advice they gave us was shocking to say the least. A very costly and painful experience on our behalf.
Every bit of advice they gave us was wrong, late or invalid.
I have always looked at my reports when they are sent to me. However, the reports do not include a list of fees that they have been charging me. I just looked at my account online and printed a report. The fees are outrageous. Unfortunately, I never took the time to look closely at this. Time to change funds.
Poor performance mistakes by ipac and unwilling to resolve
Ipac Inputted my supper incorrectly.inputing as a employer contribution.it should have been imputed as a member contribution.this resulted in the ATO seeing it as double the contribution.ATO did not pick up on this for a couple years and resulted in a large tax bill plus interest and a fine.
When contacting Ipac about this they have been very difficult to get them to resolve .i feel they have wiped their hands this has gone on for 1.5 years now.
They have paid a large amount of tax from my fund.this tax money would get returned if they resolve their stuff up.
Advise stick with a industry fund.
High fees and very bad management of my portfolio
Started pension fund before GFC with iPAC - biggest mistake I ever made. Instead of managing the account, ie. analysing the movements of stock market and taking more defensive investment path for its clients, it appears that everyting is "just left to the market forces" and there is no attempt to preserve the fund level. I personally lost more than 40% in the first 6 months of the GFC and another 20% in the last 3 and a half years. I agree, with all my heart, with the other two comments above. Looking for better fund managers!!!!!!
I regret putting my super with iPac.
I know it's been a tough few years for the superannuation industry but this company's fees are far too high, especially given the poor performance of the fund. I would not recommend this fund. I feel they trade too much on the good reputation and popularity of Paul Clitheroe at the expense of your retirement nest egg. So consistently poor has been the performance (with high fees) that every piece of communication from them makes me angry. I regret switching to iPac.
Detailed newsletters and reports.
High fees. Poor performance. Hard sell to get you interested then no one-to-one service.
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