I withdrew superannuation earlier this year as part of the governments early release of superannuation measures, the process from application to money paid took two business days, fast forward 6 months and I have now been waiting over one month, my partner and her sister also withdrew some under the same measures (also with Telstra Super) and have been waiting the same amount of time. Despite this when I ask them what the delay is, their response is that I am possibly on a government watch list . Really!? all 3 of us are on some made up watch ...list? The lies are just staggering. Their next lie is that the details they're using to verify me don't match, which is incorrect as I checked the details both with Transport and Main Roads and with Services Australia (Medicare) and they are identical to the details I provided. Their technique just seems to slow down the need to pay out funds and make the process as difficult as possible. And they have the audacity to say that one month is a perfectly acceptable waiting time for this release, the ATO say that is ridiculous and they say that it should be paid no later than 6 (six) working days from the application date. I have been promised 9 callbacks at different points now and Telstra Super has not called back even once, not even an email at all.
Very poor poor returns, move your money before you regret it.
Returns are bad. After comparing returns with other funds I had to get my money out and into another fund. It was the right thing to do. Even with the free insurance included for working for Telsta, I would be worse off. Telstra shouldn't be offering this to new starters as it's not in the employees bet interest. They are send a lot of spammy emails that would make very little sense to most people. I feel they are taking advantage of Telstra employees who know little about super.
Very poor customer service
No response. No follow up. 70 emails sent over a month and still no response. Ask yourself do you want to join a fund with such low customer care or resoect. What do we pay an admin fee for.
Super made easy
We have dealt with Mark Urquhart and his assistant Luke, we reckon they are the best in the business. We were about to retire and are def not super savvy, both Mark and Luke made the whole process super easy and gave us all the info in layman’s terms we could understand , we are delighted how it was all handled for us and has made retirement super easy financially. We 100% recommend Telstra super, and were so relieved to find these guys.
I have been with Telstra Super for 34 years, had to go with them when I worked for Yellow Pages, tried to get away but reverted back when the other super company were worse. Have never been impressed with Telstra Super Performance, investment goes up and down leaving very little increase, I often wondered why would a Telstra Super employee do anything out of the ordinary as they are not commission based. I think Superannuation companies are not controlled enough by government legislation, there are too many company's offering super services.
Stable super fund
Been with the fund still even though I have left the Co for over 20 years. The fund has lack lustre performance over the last few years. A good little find for someone looking at retirement in the next few years as fees are quite low.
Telstra OFF LINE
I worked for Telstra for 39 years and have had my Super with them since 1969.
I am happy with their service and performance BUT. Their ONLINE performance is atrocious.
I have written to them several times and I get a generic reply which does not answer my question.
Why can't I access my account. Their standard reply is "inaccessible due to scheduled maintenance".
This happens around 3 or 4 times a month, I have written to Telstrasuper about this but they won't give me a number.
I don't know of any other Super fund or Banking institute that lock...
Thinking about moving to another Fund
Years ago Telstra Super was one of the best performers and they were always easy to deal with and they got things done quickly. Over the last 2 years they have not been performing as well as other Funds, and their service has gotten a lot worse. When my last withdrawal took over a week I wrote a letter of complaint. They responded with a statement that they take 7-8 Business Days to process withdrawals because of new regulatory rules. Nonsense according to ASIC and ATO. But I think I know what they are doing. They take out and hold a withdrawal request until the total fund drops, and then they release the withdrawal at the lower amount. Banks do the same with foreign currency exchanges.
Bad customer service
I’ve been with Telstra Super all my working life I switched from having someone personally manage my Super (which they did very well) but I had to switch as I couldn’t afford the fees. I needed to withdraw some funds for a medical procedure. I posted the form and expected to have the funds within a few days. Oh no I was told by the contact on the 1300 number that they didn’t have my application yet, that was four working days after I sent it. Then I was told it can take Australia Post up to 7-10 days to deliver the mail! It’s absurd I then se...nt it electronically and called up two days later to be told yes they had received it but because the end of month payments had to go out to members my form would be processed the following Monday! What really upset me was the fact I had explained the urgency through numerous calls because of medical grounds but was met with a nonchalant attitude of well that’s the rules.
Been with Telstra super ever since we got kicked out of com super. I don't know what's going on with them but I just lost $10,000 of my super in 6 months and this is far from abnormal, it's about the 5th negative return in the past 10 years. At this rate I will have nothing left in 5 years. time to pull out and cut my losses
Telstra Super Performance
Have been with them for 30 years
Compulsory membership when I worked for Telstra.
Performance Lack Lustre , appalling performance. Beginning to wonder if they are associated with Coles Supermarket, as its Down Down Down for your investment.
Consider what incentive does a Telstra Super employees get to give good performance? Sitting on the hide of a large corp their pay is not affected by poor performance. Can Telstra go anywhere else?
Direct Access product is expensive and extremely limited
This review is not about the general Telstra Super managed funds, but the more specialist Direct Access product - which allows access to ASX300 stocks and term deposits.
In short - don't bother. The system is limited and poorly presented. The menu system and allocations are poorly implemented and difficult to use. You cannot invest in Investment companies or most hybrid securities, and the term deposit rates are poor compared to the market. you are better off with ING Directs Living Super product - which is cheaper and slightly more flexible (...
Telstra Super let Down by poor Internet Issue
Telstra Super is an excellent organisation with good returns. Unfortunately they have a problem with their mainframe which means that PDF reports cannot be downloaded to Apple Mac computers. I raised this as an issue with Telstra Super in September 2012 and again early 2013. The latest is that they may be able to 'do a fix' by mid 2013 - Not good enough, and too slow a response for this great Fund
Returns good to excellent. I've just retired pushed my BALANCED option to cash in September 2008. Feels like they really care about you the individual and take pains to outline the options on investing and provide good suggestions to consider and decide on. No pressure. Ultimately individuals have to weigh their own situation and trust that the financial products and tools being used by the company are delivering in this tough climate. Seems to me this one still does!!
No Fees; Education helpful; Regular newsletters small & to the point; Very helpful salaried consultants (no commissions; On-line Access; 1-2 free advisory sessions per annum.
Questions & Answers
Why is the Telstra Super site down so often ?
It seems like every weekend lately when I try to access my account, the site is down for "scheduled maintenance".
How much maintenance can a site need. None of the other financial institutes are ever offline that I have noticed,
shorly they need maintenance as well.
I would like to know exactly how many times the Telstra Super site has been unavailable to the customers this year?
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