REI Super

"Navigating the Nightmare: My Struggle for Insurance Access with REI Superfund" – **Review of REI Superfund** I recently had a troubling experience with REI Superfund that I feel compelled to share. After receiving a diagnosis that rendered me unable to work, I attempted to access my default Total and Permanent Disability (TPD) insurance. To my dismay, I was informed that I did not qualify for coverage because I supposedly did… Read more

not work for a Real Estate agency. I promptly provided evidence of my employment in the sector, yet they repeatedly referred back to their policy, dismissing my eligibility.

According to their own policy, I meet all the criteria for default insurance cover: 1. I am aged 25 and above. 2. My account balance has exceeded $6,000 at least once. 3. I have never canceled my cover, nor has it ceased. 4. A contribution was made after my balance met the $6,000 threshold.

Despite this, REI Superfund has consistently refused to provide me with the necessary paperwork to access my claim. Now, six months later, they are suggesting that I withdraw my superannuation, effectively absolving themselves of responsibility.

In frustration, I contacted the Australian Financial Complaints Authority (AFCA) due to their lack of response to my complaints. I also hired a superannuation lawyer who has indicated that their practices may be illegal and that this matter needs to be escalated further.

While I acknowledge that the funds are managed well financially, I strongly advise anyone considering accessing their insurance through REI Superfund to think twice. The process has been incredibly frustrating, and I fear that many others could face a similar situation, potentially leading to financial ruin before they receive the assistance they rightfully deserve.

Choose another fund! – Terrible experience with this provider. The issues seem to be cultural, systemic and constructed for their financial gain. Trustee and their team were never contactable (no direct contact available), case managers wouldn’t return calls, intentionally and unreasonably delayed claim, refused to answer basic questions, took more than 5 month to… Read more

respond to a complaint and didn’t address all issues raised, unable to read or understand very basic English, misstated doctors statements contained within medical records just to delay the matter and refused to seek clarification from anyone including myself when they misunderstood things clearly written in english. When a complaint was lodged with AFCA they then tried to buy me off with a minimal sum of money and tried to get me to sign a deed poll that would absolve them of any wrong doing, would have prevented me from getting a refund of fees, charges and insurance premiums. It basically said “we’ll give you this if you agree we’re not liable for anything else now or in the past, which we have or haven’t done” and tied to scam me out of thousands of dollars. They also randomly closed my account for weeks, again because their staff don’t appear to be able to read or understand english. ASIC and APRA need to be involved because these are reportable issues!

Please contact me by private message if you’ve had an experience that you believe breaches the Act and Guidelines, as a detailed complaint is being compiled for APRA and ASIC; and further evidence corroborating this abhorrent conduct would be advantageous.

The Australian Financial Complaints Authority (AFCA) considers complaints about superannuation products you hold with financial firms, including: complaints relating to decisions, the conduct of superannuation trustees, insurers and other decision makers in relation to regulated superannuation funds, approved deposit funds, superannuation annuities and retirement savings accounts and various products and services.

I would encourage anyone that has an unresolved grievance to contact AFCA directly on 1800 931 678. https://www.afca.org.au/about-afca#:~:text=Our%20role%20is%20to%20assist,will%20decide%20an%20appropriate%20outcome.

Complaints can also be lodged directly with APRA and ASIC if you are seeking assistance with disciplinary and systemic issues relating to: Misconduct. Insurance claims handling. Member services failures in the superannuation sector. Compliance with the reportable situation regime. Misconduct resulting in the systematic erosion of superannuation balances. Compliance with financial hardship obligations.

ASIC https://asic.gov.au/about-asic/contact-us/reporting-misconduct-to-asic/

APRA https://www.apra.gov.au/make-a-complaint-about-an-apra-regulated-entity

Awful! – The app is terrible. They take so long to return phone calls and emails. My password and login wouldnt work for months and I was advised to ring through only to have to wait for over an hour. The life insurance and income protection cover are appaling. I cant believe the REI would allow there name to be attached to such an inferior product

FANTASTIC – REI Super have looked after my affairs for both my employees and for myself as the principle. The returns that are received are fantastic and whenever we have an issue they have been quick to respond and sort things out immediately.

This Super Company Are Terriable In Every Aspect – I honestly don't have the time to outline my dealings with this company, all I can say is they do the exact opposite to what they say they are going to do - DISTGUSTING

The best, Jerry, the best – I have been in REI super for just short of 21 years.The returns on each sector that I have been invested in, have far exceeded the returns my wife receives in a comparitave major industry fund (we have both invested invested in the same sectors over a long period of time).Even when markets have crashed ,the falls in the REI fund never appear to be… Read more

as large in percentage terms as the falls in the major indexes.In regards to sevice,on the odd occassion I have asked for something or made a query,they have responded immediately and without fuss.

Absolutely appalling! – The service that you receive from this company is definitely not worth the heartache. They dont work for you, you are just another number. They are never happy to help you,they never go outside their 'standard procedure'...for example, I asked for a phone call back on two different occasions as I was on hold for lengthy periods and passed from… Read more

staff member to staff member. They explained this is going above and beyond their normal procedures. I have spoken to around 5 different staff members there and they all reflect the same attitude of unwillingness and disrespect. If you request a form, expect to receive the wrong ones on at least two different occasions. They go through a very stringent security check each time you contact them....this would be a good thing, however, they ask for specific dates that your superannuation was lodged including the month, this is hard when you have worked in the same industry for 12years. They wont take into consideration that you can name your beneficiary, give them every detail on a form that you lodged recently, all of your other details and also the name of the employer who lodged your superannuation (they dont have this info apparently)...they will not speak with you without either your member number or the date it was lodged (exact date and month). It didn't matter that I had been waiting 6 weeks for a response to an urgent release of funds, they were not interested one bit.

Poor service and attitude from each staff member I dealt with (over 5 staff), not worth the heartache