Suncorp WealthSmart

Non Compliant and Horrible Customer Service – No communication, No transparency, No action on escalation requests. Multiple separate requests to have super rolled into my SMSF. Still not completed or actioned! Dozens of requests to have this escalated or discussed with a higher up, each time ignored or an internal request raised, which surprise surprise is never actioned. Advised internal… Read more

dispute resolution process - Requests for escalations will be actioned within 5 business days, requested and still no response.. Zero regard for the Regulation or Legislative requirements that they are governed by. In an industry so heavily regulated this is completely unacceptable.

They have now rolled over to Brighter Super who claims they can't find the request. Can't action it due to their policies and a house settlement is now compromised due to the absolute inadequate ability to undertake a simple request.

Further discussions will be had with the regulatory body and I will be processing an ATO closure immediately.

Perfect – My wife is currently suffering from lung and brain cancer I am her carer but unfortunately I am in hospital with Covid. Our medical bills are horrendous. When I spoke to the staff re a withdrawal from my super she could not have more helpful. Even when I rang asking for help on how to fill out the withdrawal form was very helpful. My withdrawal went through within a week. I cannot thank Suncorp Super enough

The Super fund is ok, but admin and customer support are dreadful – I have had a Suncorp super fund for 25 years and I have recently retired and want to set up a pension fund from the super I have been paying for the last 25 years. The online client portal continually failed. A phone call to Suncorp showed this was a known problem with their site and an instruction to use the public web site. I did this and… Read more

completed all of the details requested. Four days later an email arrived instructing me to complete a paper form with all of the details again and to supply proof of identity. A call to the support line produced the response "the system just wants an update of your identity". So, happy enough to accept my money with the existing id documents, but not prepared to pay out with them and "please supply all of the information about the pension fund, again". To verify my id, they want me to go to a Suncorp branch (they say the mail is too slow) - the Suncorp website listing Suncorp branches is wrong as a number of them are now shown as "closed" seven days a week, when a Google search is used, or you try to phone them. They have already transferred funds from my super account into the pension fund, so all of this is just a waste of time.

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.  Show details

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. Show details

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!!… Read more

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!! Do 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… Read more

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… Read more

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 any 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.

My local 14-years-of-service postal employee wasn't good enough as a witness for super funds as she'd moved post offices, she told me. So I had to go to the police station to get my document witnessed.

Then they changed the product, so I had to get all new forms and start again, arrgh!

Then I had to follow up to check on the name change. Nothing had happened. They had sent a request to my super fund inbox that my form was incomplete.

So I had to ring them up and find out what the problem was. Turned out the problem was that I hadn't supplied a marriage or divorce certificate. I explained that it was impossible because I'd never been married or divorced. Turns out someone there had not read the form and just assumed it was incomplete and tossed it aside. So the lady on the phone got it moving again.

I logged in later and it had finally happened, I finally had my name fixed.

I looked at the return after fees on my Australian Super fund and my Suncorp BrighterSuper and it was a no-brainer which fund to continue with. Australian Super beat Suncorp for earnings, they didn't force me into any overpriced insurances, and their online systems are super easy to use.

So I made a request to roll everything into Australian Super. I later get a text from Suncorp to check my inbox for messages. So I check it later on just to see what they want. I find I can't log in because I no longer have an account with them. So they've directed me to messages I will never receive apparently. That really was the icing on the cake.

I don't know why Suncorp have chosen to restructure all their super products, I've heard that they were losing money, but I hope they can address the way they interact with their customers. When there are other super funds doing it better people won't necessarily keep putting up with their existing fund. Not when it's so easy to churn.

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… Read more

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 matched 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.

Huge fees – 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… Read more

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… Read more

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.

Suncorp Wealthsmart – 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.