Kinetic Super

Less than 1 star really – Several years ago I contacted kinetic and asked them to cancel my insurances because I was already covered elsewhere. Almost 3 years later I discovered they had still been taking out almost 6 dollars a week in fees. Needless to say I rolled my super over to another account. On the phone the third woman was an absolute wench with an attitude and… Read more

she kept cutting me off. I was also put on hold 3 times, given a callback by some machine and then put on hold and cut off again! It took me about 40 minutes to get through and ask what my balance was and what fees I was being charged, which she couldn't tell me directly and said some 'chance' was a company they outsource everything to. Seems the whole lot is outsourced. Maybe they should outsource some customer service and decency because it seems they don't have much.

What a bunch of crooks! – This fund strip mined my brothers super funds held by them. It took me 2 years of trying to get them to release the funds to roll into our SMSF. I cannot say enough bad things about this pack of thieves.

Still bad – After several attempts (three years) to get my late husbands Kinetic Super fund there is still no resolution. Today, Kinetic Super have sent my three sons letters in relation to my deceased husbands super. For what reason I'm not sure. As if my children haven't had enough to tolerate. I feel for the other members trying to get their funds. I think a class action might be in order and a letter to the Superannuation Complaints Tribunal.

From bad to worse! – From what I've read in prior reviews, both here and elsewhere, Kinetic Superannuation are just as bad if not worse in key competency areas, member customer service, courteous and informed attention, prompt payment assistance and support, ownership and follow through, as ever. My story aligns with the quite unacceptable business to member… Read more

practices I've belatedly personally experienced and read of others equally disturbing experiences. Whoever at Kinetic Superannuation is responsible for overseeing their outsourced service. I refrain my using the word managing as clearly given member and extended member insights, their clearly not! Should concede their not up to the job. I would hazard a guess Kinetic Superannuation handed over (got rid of) a broken, useless and inferior process to a third party in an attempt to distance themselves from its lethargic, incomprehensible and completely unfathomable operational success. They now have the same inferior system managed by people who, don't know what they don't know, bumbling along with pass through interactions that support and serve no one. I suspect they live in the hope we'll just go away? I'm not going anywhere and my dogged resilience is steaming. The blatant incompetence experienced thus far is unacceptable.

Although I have held a Kinetic Superannuation account for some considerable years (20 ++) and receive correspondence and have access to my online account. Once I enacted a request, via my preferred Superannuation provider of many years standing, to transfer all monies into that account, the wheels firmly locked. I was informed my name wasn't on the account (initial only) and despite my tax file number being identical I received a letter from Kinetic stipulating I would need to identify myself vis a vis, certified copy of my driver's licence or passport!

I wrote and telephoned Kinetic and advised I don't drive and furthermore don't have a current passport. Another letter arrived a few days later listing alternative doc's. I obliged (via express overnight post) with double the number required and all duly authorised as requested. I further despatched an email notifying the documents where on their way and the eta. I requested, thinking it would save time and in keeping with the options written as available to me, directly into my bank account.Three business days later I followed up with another call and spoke with [name removed] who informed me the paperwork had only been delivered that day! Albeit it should have been with them Friday and today was Tuesday. [name removed] informed me it would take a further 10 days to process. I voiced my disappointment and asked why Kinetics payment process was outside the gazetted practice set by APRA (AustralianPrudentialRegulatoryAuthority) . [name removed] informed me it was internal practice and would follow through and advise me of my written requests progress. Since the conversation I have checked with Australia Post tracking and my item arrived early a.m. Friday.

It's now Thursday and I have received a letter from Kinetic, nothing further heard from [name removed], advising they cannot process my withdrawal as I haven't provided the necessary identification. Shocked! I immediately call Kinetic (1pm). Speaking initially with [name removed], he informs me [name removed] is on another call, however he will ask her to call me.

I might add that in the statutory declaration I included with my identification documents. I specifically requested should they require any further information or clarification of the enclosed documentation they contact me via: either telephone or email.

Without any return call forthcoming from [name removed] I commenced the long and arduous process of attempting to escalate my difficulty directly with someone in authority at Kinetic Superannuation.

I soon uncovered all my many and prior calls where in fact to a call centre. [name removed] and [name removed] don't work for Kinetic. Trying to track down a direct telephone number for Kinetic was extremely difficult, the call centre people didn't know nor did Google. Fortunately APRA did 03 86054400.

Message left for the Head of Member Service, who was otherwise in a meeting, to call.

At the time of writing I haven't heard from anyone at Kinetic Superannuation. My LinkedIn profile has been viewed by the Head of Member Service. In closing I share a unique differentiator. I'm the only person in Australia with my name and date of birth.

I'll continue to keep this post up to date with progress.

I attach the Link Group code of practice and ethics which clearly delineates the opposing experiences of many.

If Kinetic Superannuation are in anyway, shape or form interested in addressing change for the better in their members customer experience they need to address changes to the process framework. Commencing with the experiences of Member (survivor's) online posts.

Amen.

Illegitimate Use of Money – They didn't want to release my super roll over trying to say they needed extra paperwork when I had supplied everything according to their own paperwork. Consultant I spoke to was unprofessional and discourteous. He said he wouldn't put me onto a supervisor as they were going to tell me the same thing. I provided all documentation required. I then… Read more

got put onto an escalation person. Who started to proceed to tell me I was wrong until she saw their own paperwork. She then tried to tell me that they have extra rules on top of the paperwork they sent me with all their own instructions. She was later very understanding and helpful. They also that they wanted to charge me a high exit fee. At a rate of over 30% of interest earned. I am awaiting an outcome and have started the formal complaints process. This Super fund should have their financial services license removed and no longer able to trade. They are not able to function with business capability and clearly don't understand legal requirements and try to stall you moving funds from them to another fund. Like a greedy child who won't give you back your own toys. Avoid this superannuation fund and never do business with them. Nor regard them as able. They have proven this time and time again. See all the reviews.

Terrible – Submitted forms for my Late Dad's Super/insurance, supplied all the required documentation. Now they won't process the claim without detailed information for my dad's employer on a specific date in 2013 and detailed information about a doctor's details and visit back in 2013. Unreasonable request in order to delay or get around the payout for his… Read more

insurance.

They don't have a contact number for the insurance area where I can question their request.

The person I spoke with said that they require this information and that it's the client's responsibility to supply the documents.

If they needed this information they should have contacted my dad in 2013 but instead they deduct his insurance premiums and accept the employers contributions to my dad's superfund.

Now they've sent 2 forms asking for extremely detailed information that no one not even my dad if he were alive would be able to supply.

What the heck is wrong with this company? My dad's other super funds were a bit difficult, but this is absolutely ridiculous!

This Company Is a Bad joke – Just try and remove the "Opt Out" Insurance. WOW what an issue. i do all the right things and they finally (after threatening to transfer) they get back to me and say they never received a completed and signed insurance Cancellation Form. If they cared to look back on the email they responded to they would of seen it attached 1 month prior. I… Read more

am just amazed how they seem to respond to this review page faster than to their own correspondence.

Over to you Kinetic. Cant wait to hear the dribble.

What's in a name? – Apparently, a whole lot of red tape and beaurocratic run around is what's in a name. Have been trying to change my name with this company since 2016. Have submitted documentation twice, and now about to submit it a third time. Kinetic claims that I submitted uncertified documents (untrue), that I sent documents without any cover letter or… Read more

change of details form (more untruths) and that I can't roll out of their fund until I resubmit EVERYTHING again to get my name changed in order to roll out.

I'm doing this yet again, keeping copies of everything for my records and if this isn't resolved this time, taking my case to the ombudsman.

If I could give them 0 stars, I would.

Avoid!

How is this particular company still operating? – Agree with many posters. I too had an account opened by a temporary employer (without my knowledge and despite my advising of my super fund). By the time I got the 'welcome pack' it was three months later. I also discovered that my account was whittled down to nothing from about $600 due to their fees and insurance. They advised that I should… Read more

have 'opted out' of the insurance. How on earth can you opt out of something that you didn't know you had??? Then when I tried to transfer a small balance of $120 it cost me $60+ in their transfer/withdrawal fees. This lot are bad news. Avoid at every cost. And anyone that does work for an agency or any kind of temp work - make sure they DO NOT sign you up with Kinetic. The energy involved in dealing with them is draining and you can never speak to anyone higher and they just keep parroting the same useless answer. They do not care at all. I am going to write to my local MP and the Minister responsible and direct them to this page to read all the tales of being ripped off.

Will be going to the ombudsman – Last year an employer must have ignored my request form for my own super contributions and set up an account with Kenetic. I only just found out when I went to do my tax and noticed I had $2700 in an account- I rolled it over immediately and after a week I got an email from my super account saying they've received the payment- of $780 !!!!! What… Read more

the hell! I've heard of exit fees before but this is dishisting!!!!

Hope you like going to court over $2000 because I work in complaints and know for a fact you should never let an injustice slide! So disgusting!!!!

It's been 3 years – My sister passed away just over 3 years ago and we've filed for her super cause my parents are her next of kin but they keep sending us out the same form to fill out and re-fill out over and over again cause they've "lost it". Like come on, it's been three years already... do you not have sympathy for family members who have lost loved ones?

You've got to be joking!! – Employer opened a super fund with these people without my knowledge April 2016. My employer paid super into my nominated fund until I ceased employment. Received a letter saying welcome to Kinetic in May 2017. Apparently my employer had neglected to make a payment into my nominated fund, so put it in this one. Rang Kinetic who said they… Read more

received a payment of $270, but it was all gone because they backdated insurance premiums to 2016. They said they would have taken more out, but there were no funds left!!

Question must be asked, would they have paid my insurance out if I had died and the premium was paid a year later? I don't think so!!

Avoid at all costs... or you will just lose everything.

It's been 3 years since my fathers death we are still waiting!!! – Terrible still waiting and they keep stalling, tell me something different every time I ring and still charging my dead father fees....

Good luck with your retirement – I was with Kinetic super and cannot understand how the regulators let them operate. Their service is bad, their customer reps are clueless and they are not there to address your concerns. Call their customer service team and ask them to give you a break down on your return and their hidden cost. Answer would surprise you. I requested to move my… Read more

super out of kinetic and had to make 8 plus calls and complaints before they released my funds. I had lost money due to their delay and incompetence in processing my application and had to deal with the useless customer reps that kept providing false information. One of their reps advised me, my name on my QLD drivers license was in reverse order and hence they could not process my application. I called the QLD dept of transport to confirmed they had my name correct. I called back and another rep advised me they were not familiar with QLD driver license and hence the transfer was held up. This went on for weeks with multiple excuses that made no sense. Even after filing a complaint, they never sent me an acknowledgment or any response. The entire Government oversight over superannuation is weak or broken based on my experience here. I filed a complaint with the super tribunal and this took 2 years before it even got to hearing. Guess what! Kinetic agreed to settle one week before my hearing. This was also their first call back, from Kinetic acknowledging they made some mistakes and were willing to settle.

If I could give a Zero, I would – I had no choice but to go to them as recruitment super changed to them. I went from $6500 to $0 and a closed account in less than 2 years. Ive bee trying to do a TPD claim and they have stalled for 2 years and literally ignore all phone calls and havent even put claim in with CommInsure. I swear they are a fraudulent fund! Waiting for the "Kinetic is an extortion fund" News headline.

Terrible – Don't Use. They won't release my money. Even though I have supplied all their forms. They say they lost them. So I have to refilled and resend. March 9th 2017 Update: Still waiting It's a month since my last review. I still have not had a successful outcome. They send emails asking for the information I have already supplied I give them what they want and they still ask for the same thing again and again.

Stole my entire contribution upon opening the account! – My initial contribution of $74 from a part time job wasn't paid until January 20. They backdated their fees to November 11 (when I started with my employer on a part time basis) and deducted an insurance premium I didn't agree to or was advised of. Their fees totaled $73.34. I got a letter that my account had been opened with them on January 9 but… Read more

by the time of my call in late January, all my funds were gone. The silly thing was that I had been thinking of consolidating all my super with them. AVOID! These guys are thieves.

Con artists who steal money – They charge ridiculously high fees and insurance you don't want. Have whittled my fund down to nothing. They claimed couldn't find my account when I applied to take what little of my super was left. Now it's with their Trustee - terrible, stay away and if you are temping take the time to go with another firm it will save you money in the long run.

STAY AWAY !!!! – This is the only words I would suggest with this company. One of my past Employer opened up my Super with them back in 2009 with incorrect date. Now I wanted to transfer all my lost super into one and obviously they do the automated search and this guys came up. Received a letter advising that to transfer or release my funds they wanted my… Read more

certified copy because the DOB in their system was listed as 1/1/1950, which is unacceptable and anyone can access the correct information via TFN, specially superannuation's.

So I did the certified copy and sent via Email with a clear scan copy, guess what these guys operating the business like in 70s, they wanted me to post ?????

really ?????

please guys STAY AWAY and join any other superannuation but not this one.

DONT USE – They are con artists. Put me up for insurance I didn't ask for then closed my account with out telling me. basically they ate all my funds in dodgy fee's.

Devastated – I'm absolutely devastated by the process and incompetence of staff with my hardship claim. I applied 2 months ago for release of my balance of $5000 on hardship grounds. Expecting the process to be straight forward, I'm STILL waiting. Most correspondence has been by email which they constantly take 5 days to reply. I supplied everything… Read more

necessary to complete the claim but they keep blaming me for not supplying enough information and are now asking for more information which was never previously stated. Each time I ring them, the call centre staff refuse to put me through to someone in a higher position and state more information from me is required. It's absolutely abhorrent and appalling the way I've been treated. Considering its a 'hardship' claim, they do not deserve to have the privilege or rights to manage anyone's super fund. I will be taking more action.

Robbing Buggers – I have never been with these criminals before but a company i worked for only for a short time put my money in Kinetic instead of my fund. Only had around $700 in it but 6 months later i get a letter telling me the funds are down to $100. DONT EVER GO WITH KINETIC...THEY SHOULD BE JAILED!!!

Legal Robbery by Dodgy Super Fund – Insurance premiums 4 times the rate of my main Super fund. I checked my online account for 3 months. Under the Insurance tab it always stated "no insurance cover". This lead me into a false sense of security. When money was finally deposited into the fund, Wham! all the money was gone in insurance fees. My other fund is helpful and kind. They let… Read more

you cancel the insurance online, no fuss. I was forced to give this company 1 star. My real rating 0 stars.

Invest in Cash – You're better off investing in Cash than Kinetic. The worst returns, the highest fees and a no care attitude. The worst financial services business on the planet. Good riddance.

So greedy! – When your balance reaches below $200 you are eligible to withdraw your funds. And as Kinetic has ludicrous fees and insurance premiums you can guarantee your balance will reach a $200 fast. So I only have less have $70 in my account and they are charging my $50 as an exit fee. They are literally robbing Australians!

Doggy super fund company – Kinetic will do anything to stop you from rollover your super fund to another company. I have authorised another reputable super fund company to rollover my kinetic super but they kept using my name excuse to delay and rejected the process. It is Kinetic incompetency of not checking my name in the first place and now they are telling me my name is… Read more

incompleted. This company is doggy and should not be trusted. I am now starting to post my experience with Kinetic in all media so people can be warned.

79% Insurance Premium Increase – This is an industry fund - does that mean run by the members for the members. Insurance is provided by Comminsure (info provided by their help line), my premiums are going up 79% on 1 August. TPD premium for 26-30 year olds is tripling 300% - What is the justification for this. If this is an industry fund, why do the the trustees spend our member… Read more

funds on advertising. If it is to bring in more members to obtain lower costs, it is clearly not working!!!

TPD insurance – They took the money with both hands for insurance but try and claim and they will wear you down, wrap you in red tape, bend you over and screw you as hard as they can. I will never forget my first call to them, I wanted to get my super and the women on the phone said " Bad luck.... There's nothing left its all gone in insurance fees". They even… Read more

had the hide to send me a letter asking me to deposit money into my account to cover the insurance that was now due on my zero balance.

kinetic rip off – l had about $1000 dollars in kinetic which l was leaving for a rainy day. l received a statement showing Zero balance. It also showed they had added an insurance policy to it which was over $700 per annum. They also closed the fund. l rang them to ask who approved the crazy insurance policy. Poor response and after sending them 2 insurance waiver forms 8 months ago for them to fix and credit my fund l have not heard from them.

Kinetic Super is the top (or bottom) of the aussie super rubbish pile – Good luck retrieving your money from this fund,,,,,,,,,,, Call them every day, record and forward your complaints to the Superannuation Complaints Tribunal (online complaints are supported) - These folk need a thorough audit by the authorities. Hmmmmmm...... Tip of a nasty iceberg?

The Experts Say "positive returns and good value for money" – What the Researchers Say: A "good value for money" superannuation fund that is strong in nearly all assessment areas but with average features and/or performance in one or more of our assessment criteria. You should contact your financial adviser or this fund before making an investment decision. - [link removed] I give it FOUR stars as it… Read more

is an environmentally friendly superannuation fund by not being associated with any companies from the coal industry, and has demonstrated positive returns for its members and growth in an otherwise volatile and recovering economic climate according to its 2014/15 Annual Report. This is phenomenal particularly considering the AU$ recently dropped considerably as well.

A small warning though, when you do open an account with them or join them, you automatically get charged insurance premiums because you have auto-cover for accidental death and income protection. This can be EASILY changed by logging in online and changing this preference. Once I did, I saw better returns, especially when I recently have not even worked.

SO far happy.

Poor customer service, outrageous fees – Had this super company with my first job. Left it sitting there for 6 years, only to find that Kinetic had spent $500 of it on Admin fees and insurance premiums :/ Lessons learned: - Managing your super is important. - Kinetic customer service is arrogant and rude.