Exorbitant insurance fees
In recent times I received a letter from this Super fund to inform me of increased insurance fees For Life and TPD insurance. Life insurance monthly fee was $79.36 and as of February 2020 has increased to $185.39! TPD was $100.64 per month and now is $232.94! This is more than 100% increase. How can they possibly justify such a massive increase? I was told it's due to their claim costs increasing.
Bad experience overall
I was a Suncorp employee in 2010. So my employee super was changed to brighter super in 2016 or so? Suncorp had a great return that year. However, when Brighter Super was created, there was additional fees that reduced this return. I've only learned about the high admin fees through this page lol. Assumed most supers would be the same. I also wanted to remove the insurance and my first letter "went missing". Does happen, but also a bit strange. Querying my super amounts as well, either it got eaten in fees or change over amount is wrong...
Don't bother with Suncorp Super - the only balance change are fees
After 12+ months with Suncorp Superannuation, i received one increase of a few dollars, and all the other transactions have been monthly admin fees and levies. They are not even performing a small fraction as well as bank account interest - even at today's appallingly low rates - which shows how bad Suncorp Superannuation is.
Suncorp Super is Okay!
They do not send you any documents or emails about anything!! You never know what's happening to your money. When you roll your super into or out of Suncorp you get no documents of proof about it, you just hope your money's gone to the right place!! They close your account without a word, no warning at all!! No closing statement or summary!! Absolutely no communication about what they are doing!! You're kept in the dark with not one word from them to say that your transfer is complete and here are the transfer details. Communication is zero!! D...o your research before you switch your super to another company!! Update: They did end up snail mailing me the transfer documents! I would have appreciated a quick email update then I wouldn't have worried so much!
Suncorp wealthsmart - you’ve lost me
I used to have great confidence in all Suncorp products, not any more. I cannot access my account online, 3 hrs & 4 phone calls to their customer service people trying sort it out I had to request they email & post hard copy statement. I then discover they’ve been charging $100 a month in ‘Admin fees’ on a 90K balance. There is no insurance. I’m now in the process of rolling into another fund. Now they’re txting me to say I have mail- go online to access! Computer says no!
Suncorp Brighter Super
I've been with Suncorp for about 7 years. My previous funds were rolled into it.
I started to pay attention recently when I realized that I was being given a smoker's insurance rate and my name was spelled wrong. I inquired about the 'mistakes' and found that they always default people to a smoker's rate in the absence of any information on smoking status. The previous funds that were rolled into it had me as a non-smoker, so I guess that information does not get through.
I asked to change it and was sent a form. The form did not have a...ny option to say I was a non-smoker. It was a form for people who have quit smoking, I guess this is designed so Suncorp don't have to admit they rip off non-smokers with their insurance rates. I was not happy with a form that basically forces me to state on paper that I've been smoking for years. I should also add that this was life insurance I never asked for, since I have no dependents. Not only did they never bother to find out my smoker status they also had no beneficiaries on my life insurance for the past 7 years I've been paying for it. I was also sent a form to change my name. The form was very difficult to fill out just because it catered only for legitimate name changes, you know, like marriage and divorce, not typos made by super fund staff. I had to explain to every person I showed it to that my name had never been the name on the super fund. The name I want to change the super fund to is my real name and always was.
Bad customer service, bad systems
When paying an employees SG super the $ bounced back. He checked with the fund and the USI they are using now is a different USI to the one previously (and successfully) used. I rang to see if we could manually intercept the $ I'd just paid. It was a large sum. A very officious customer service rep told me the USI number had ALWAYS been the new one. Ummm no it hasn't. I've been paying $ to his fund with that (now defunct) USI for over two years. She went on to tell me in the past if the USI hadn't matched it would have been manually matc...hed but that couldn't be done now. That's it. Here's a tip Suncorp Brighter Super. If you change a product, update your system to match the now defunct product USI codes. And the membership number hasn't changed so shouldn't that be the common denominator anyway. Commonsense really. I've left a message asking someone to call me back to discuss. That was 2 hours ago.
Death and suncorp
This is off topic but Suncorp are disgraceful. Suncorp super are paying my deceased brothers superaunnuation to a person he hasn't seen for 10 years against his wishes. How bad when you are no longer here and your wishes are disrespected. Shame on you Suncorp! I can no longer watch Suncorp netball and will make it my life mission to change this!
Issues since they moved Suncorp wealthsmart account to brighter super
Since Suncorp moved all existing wealthsmart super accounts to brighter super- I am no longer able to access my account online. I followed the instructions in the letter to reset abs I constantly get errors when proceeding to login screen. Phone support not able to help! Expensive for a basic product
Stay Away From This Super Fund
I went into TTR phase with this mob 18 months ago with $207,000. My balance has dropped to $200,000 and all I've had is $600 per month for 18 months. This equates to less than bank interest. Now they've changed it over to Superbright super and charging
more fees to be in line with other super they say.
I'm looking for a new super fund or start my own and put my share portfolio and super together.
I was with WealthSmart for about 10 years, the returns on my investment were, well below par, but that didn't stop Suncorp from taking around $700.00 per year in fees, and that is just in fees no insurance premiums...
WealthSmart have now changed their name to Brighter Super...Same Leopard different spots...
Given Suncorps lack care and support I have now changed super companies and the change speaks for itself....
PS....Suncorp is a retail fund, their main objective us to maximize profit...
I am now with a not for profit fund huge difference...
Non existent support
My mother passed away in early May this year leaving her remaining superannuation to myself and my sisters. Application was made to have the funds transferred at the end of May to assist us in paying for funeral costs etc.
After four lots of communication including one phone call (you cannot speak to anyone from wealth smart as they can't be contacted directly, you must go through the bank); we finally received the paperwork.
This was signed three weeks ago with our solicitor and we are still waiting for the funds. In the meantime I'm sure WealthSmart are cashing in on the interest of the estate.
Would not recommend this company to anyone and I'm making sure I'm telling as many people as I can about them.
Unable to access Super on Retirement
Have been trying to access money from a Suncorp Wealthsmart AXA account for nearly 5 years I am now 69 yo and with the fees etc I shall soon be owing Suncorp Money , not a large amount involved but being at the bottom of the food chain does not bode well.
Where did they get that word "Wealthsmart" from? The executives get wealthy because they're smart, especially when they pay 1.53%, when the stockmarket went up by over 20%. So we're the idiots and they're the smart ones! The executives must get a share of the money that we don't get.
The return is just rubbish.
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