Plum Financial Services

Plum Financial Services

 Verified
Plum Financial Services
1.3

50 reviews

PositivevsNegative
6% · 346 · 92%

Transparency
1.8
Customer Service
1.9
Insurance Options
2.2
Income Protection
2.1
Rates and Fees
2.1

Reviews

50 reviews
smarfy795
smarfy795
 

Rubbish company

Rubbish company. Been with plum just because its to work related for 5 years. Its like putting your money in a bank…it barely grow. wasted 5 years
david p.
david p.Metropolitan Adelaide, SA4 posts
 

What a scam

Recently, I opted for Plum Super due to work-related reasons. However, I deeply regret making this choice. To my dismay, they imposed an insurance policy upon me without seeking my consent, and my attempts to have it removed have been futile. Despite diligently completing the provided forms, Plum Super insists on retaining the insurance. If you wish to undergo a legal financial theft, I suggest opting for Plum Super, or alternatively, heed my warning and steer clear of this company to avoid repeating my mistake.
DO NOT INVEST WITH THEM
DO NOT INVEST WITH THEMGreater Melbourne (Inner), VIC
 
Jaffa
JaffaGreater Melbourne (Inner), VIC4 posts
 

Top 10 super fund

Chant west just rated Plums MySuper 5th out of all growth funds for the year to 31 December 2022. Looks like they are really making some improvements there so I’m happy.
Eggs Benedict
Eggs Benedict7 posts
 

Poor service to NAB employee

As a NAB employee I was enrolled in the NAB Group Super Plan which is managed by Plum. I left the industry for approx. 2 years and returned to NAB, attempting to rollover my Super earned in that time back to Plum

I was given an intensive set of medical tests I was required to complete in order to qualify for any insurance. No explanation of why (sitting next to new employees who were not required to do anything of the sort), no one wanted to have a conversation with me, referring to me refer to emails that were sent (that provided no answers or context). Whilst trying to resolve they were happy to accept my super payments from NAB however.

I refused & moved to another fund.

NABI P.
NABI P.South East Queensland, QLD4 posts
 

Rollover denied multiple times!

hi,
i am with Plum for more than 2 years. Everything was running normal except when i tried to rollover the money into my SMSF. its almost impossible to rollover. tried with paper payment instruction form, tried with MyGov internet transfer but failed. now trying for the third time by emailing them. the only option left is transfer to another Super fund.
Transparency
Customer Service
Chris
Chris
 

Wish I never joined

I tried to transfer my super after years of poor returns/high fees. They have made me jump through multiple hoops to get my money released asking for all different kinds of documents and they are still holding onto the money now. Save yourself a future headache and avoid plum
Bruce
Bruce
 
Transparency
Customer Service
Insurance Options
Income Protection
Rates and Fees
mnoconnor
mnoconnorGreater Melbourne (Inner), VIC4 posts
 

Performance fees on an Index fund?

I have been a superannuation Australian shares index fund customer of Plum for a long time. Not for much longer. I, too, received a letter from Plum indicating that they have made some changes. Well they are now charging performance fees on my index fund. This makes no sense at all. They don't have to think about or perform anything. It is a mechanistic system. It is completely automatic. My employer gives them money and they buy shares in the index fund on my behalf and they want a performance fee. How ridiculous can you get. I urge you to stay away from this lot.
WTF-PLUM
WTF-PLUMGreater Melbourne (Metropolitan), VIC
 

500% fee increase just announced!!!!!

Have been happy for 20+ years until fee hike announced 3/11/21 after plum purchased by ioof, and that accompanied espousing how well the fund is doing... Let's celebrate by ripping off the customers
  • Thumbnail
itdepends
itdependsWestern Australia4 posts
 

Bought by IOOF and fees doubled

15/7/21- Letter from Plum with a link to the "news" of their sale to IOOF "No, fees and costs haven't changed as a result of the change of ownership."

4/11/21-Letter from Plum - We've made some changes. (Fees increased by 300-500% across most investment options- oh and that's back dated to cover last fiscal year- nearly 18mths ago.)

Transparency
Rates and Fees
  • Thumbnail
Albion897
Albion897Greater Melbourne (Metropolitan), VIC3 posts
 

Very Happy! Low fees…good returns!

Very happy! You can tell the new owners are on the ball! Very glad to have rolled over from my self managed super fund into Plum! 0.03% plan management fee!
alex
alex2 posts
 

Dreadful. Run!

Returns are poor and the insurance was expensive,but at least the fees where also huge, so there was no reason not to leave! Service was also very poor when arranging to move funds.

Only problem is it took me 10 years to get fed up enough to leave. Avoid or leave.

I've been much happier with my new fund.

Graha
GrahaSouth East Queensland, QLD2 posts
 

Getting their act together

Been with Plum 4 years. Communication has been hopeless however things have improved since NAB sold them. Investment has also improved. I compare Plum to Hostplus + 1 other daily and performance has been similar for International & Australian shares for the past 8 months. Woeful performance when NAB owned them. Not my primary Superfund. Only stay in Plum because of employer-sponsored insurances but find it impossible to get any info on premiums so I can compare elsewhere.
Transparency
Customer Service
Insurance Options
Income Protection
Rates and Fees
Kevin.H
Kevin.H
 

Appalling Experience and still ongoing after 5 months

Lost my wife in November, still fighting with Plum in order for release of her benefit. She had over 38 years within the banking industry and used this fund as part of her employment including MLC (they have been just as bad). Quick to take peoples money for their Super but so difficult to get it in times such as mine, absolute shocking experience and have since written to the AFC Ombudsman.
I hope no one else has to experience this added trauma with the loss of a their loved one and all the other matters we have to deal with in such circumstances.
Transparency
Customer Service
Rates and Fees

Questions & Answers

Sharon G
Sharon G

Hi my mother has a plum lifetime pension, and we are wondering why every year she has to get all the paperwork completed for the continuing of the lifetime pension. As she is getting older it is proving difficult for her to get these forms completed etc, so my question is why are they necesssary when it is a lifetime pension, if she passes away you would be notified as such, yours sincerely Sharon

Hemara
Hemara

I had a stroke in October and because of the severity of it I am no longer able to work as a truck driver. I made enquires to Plum to see if I could access some funds because of the financial hardship I am posed with. My wife’s income is not enough to keep us going. I have been with Plum for 10 years. Their answer to my ? was that I needed to get legal advice in order for them to release any funds. I am 63 years old.
Has anyone else had the same experience or can anyone help me out.
I have not heard back from them since Jan 10 2020 in regards to naming my wife as beneficiary ( they said they would send the necessary paperwork)

Keith
Keith  
Jaffa
Jaffa  
disgruntled bhp employee
disgruntled bhp employee

Why did bhpbilliton switch from Russell to Plum if Plum performance is so poor? Also is Plum tied in with MLC and/or NAB .As far as I can see performance is largely relative to quality of personnel and these seem to be on the move constantly from one fund to another. I cannot get any response from Plum from questions I have raised.

Lauren2
Lauren2  

Hi, we use Ellerfield Financial Planning - they have been around for a long time and can give advice/help on Plum products and investment strategies

See all Plum Financial Services questions

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.

©  ProductReview.com.au Pty. Ltd. All Rights Reserved. General disclaimer: All third party trademarks, images and copyrights on this page are used for the purpose of comparative advertising, criticism or review. This is a public forum presenting user opinions on selected products and businesses, and as such the views expressed do not reflect the opinion of ProductReview.com.au. Further details in the disclaimer.