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UniSuper

UniSuper

2.2 from 42 reviews · View Statistics

Reviews

2.2

42 reviews
  • Transparency
    2.3 (13)
  • Customer Service
    2.6 (14)
  • Rates and Fees
    3.0 (11)
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Brodie M.

Brodie M.South East Queensland, QLD

Untrustworthy

published

The inbuilt insurance claim process for DBD members is disjointed. Different staff provide conflicting information and varying instructions. The staff have no integrity, and have demonstrated bad faith on countless different occasions.

Being in a position to claim life insurance has been stressful on myself and my family, but unisuper has made the situation so much more stressful than necessary. It feels like Uni super has has gone above and beyond to ensure we only get a fraction of our insured amount. Sadly the situation has been escalated to AFCA.

Transparency
Customer Service
Insurance Options
Income Protection
Rates and Fees
Incentivised ReviewNo
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Karu K.

Karu K.

  • 2 reviews

Very poor flexibility for investment savy members

published

I have been with this fund for 27 yrs now. Unisuper does not update your investment balance on a daily basis. When you switch investment options it takes two to three business days to take effect and they use the crediting unit rates at the end of 2nd (or 3rd) business day when they calculate the balance after the switching. There are other funds which use the crediting unit rates on the day of submitting the switch. Two days is a long time in a volatile investment environment. In Unisuper, you cannot invest in any specific shares but there are other super funds that you can do this. You cannot see the investment performance between selected days graphically (this option was there earlier but has been removed now).

Transparency
Customer Service
Insurance Options
Income Protection
Rates and Fees
Incentivised ReviewNo
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Marty Y

Marty YGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • 1 like

Great product

published

Working for a university I was not happy at first being required to use UniSuper under the EBA, but I can't question the returns they've delivered. Lots of options to adjust your investment strategy and frequent updates on how things are going, particularly when the market was up and down during COVID.

Fees are very low as you'd expect from an industry fund.

I don't use their insurance/income protection so cannot comment on that.

I am confident in their management of my super and even now when I'm moving out of the teritary sector I plan to keep using UniSuper as my fund for my next role.

Transparency
Customer Service
Rates and Fees
Incentivised ReviewNo
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heather

heatherHobart, TAS

  • 3 reviews
  • 1 like

Inconsistent information and service

published

There is a need to keep checking in on pension payments and pension creations. Information seems nit be transparent from team to team with misinformation if incorrect information continually given

Transparency
Customer Service
Rates and Fees
Incentivised ReviewNo
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Bobb09

Bobb09Gippsland, VIC

  • 3 reviews
  • 1 like

Questionable accounting practices

published
Transparency
Customer Service
Rates and Fees
Incentivised ReviewNo
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Micco

MiccoSydney, NSW

  • 3 reviews
  • 1 like

Happy customer

published

I've been with Unisuper for over 10 years in their High Growth, Sustainable High Growth, Global Companies in Asia and Global Environmental Opportunities options. Easy to use, easy to contact. The returns have been very good for example $10,000 in 2012 (start) would be $27,240 on 21/4/2020 (mid coronavirus) for their Global companies in Asia option.

Transparency
Customer Service
Rates and Fees
Incentivised ReviewNo
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Gary W.

Gary W.South East Queensland, QLD

  • 2 reviews
  • 1 like

Choose a better Super Fund!

published
Transparency
Customer Service
Rates and Fees
Incentivised ReviewNo
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Certified con artists. Stay away

published

Even a dog gets it right in a bull market. They will stop answering your calls or returning emails when you call to switch your super. Universities need to be investigated on forcing their staff to use this good-for-nothing fund. Nothing that they will do despite the rut the market is going through. Not sure if they have interns as their so called fund managers.

Transparency
Customer Service
Insurance Options
Income Protection
Rates and Fees
Incentivised ReviewNo
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Huge downfall

published

I have just retired with a small super balance of 110,000. I was shocked to see today that this has dropped virtually overnight to $96,000. This had been slowly building over many years. This is a huge amount to drop on such a small account. I am not a savvy investor but how do I know if this is genuinely due to COVID19 influences or not? Can I trust UniSuper not to use client money to keep themselves afloat ?

Transparency
Customer Service
Rates and Fees
Incentivised ReviewNo
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Jocko

JockoSouth East Queensland, QLD

  • 2 reviews
  • 2 likes

Can't understand all the negative reviews

published

Been with them 30 years and they have low fees and consistently return better than average returns. My retirement will be much more comfortable thanks largely to Unisuper. Can't say I've had much contact with their staff though.

Transparency
Customer Service
Insurance Options
Income Protection
Rates and Fees
Incentivised ReviewNo
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Troy Tempest

Troy TempestSydney, NSW

Hard to disagree with most of the negative posts on this site...

published
Transparency
Customer Service
Incentivised ReviewNo
Wayne

WayneGreater Melbourne (Outer), VIC

  • 3 reviews
  • 4 likes

Pathetic Company

published
Transparency
Customer Service
Incentivised ReviewNo
Brett

BrettSydney, NSW

  • 2 reviews
  • 3 likes

Incompetent, liars and thieves

published
Transparency
Customer Service
Insurance Options
Income Protection
Incentivised ReviewNo
See all answers

Unisuper share my personal information with their other customers without my permission

published
Incentivised ReviewNo
Lulu

LuluCentral Highlands and Goldfields, VIC

  • 4 reviews
  • 6 likes
  • Verified customer

Worst Super Fund - No Member Care

published

I opened a case against UniSuper with the Australian Financial Complaints Authority in 2019 for their dishonest business practice. AFCA found in my favor the Omdudsman awarded payment 6 years after it was claimed for. Unethical and morally wrong!!

Customer Service
Insurance Options
Rates and Fees
Incentivised ReviewNo
See all answers
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JohnCM

JohnCMBrisbane

  • 2 reviews
  • 1 like
  • Verified customer

Disappointing

published
BOB B.

BOB B.South Brisbane

Poor accounting practices, no transparency, generally a bad Super fund

published

Lied to me over the phone

published

I called UniSuper to ask if I could change from them to my super account I'd been with for the last ten years and was told I couldn't. The man I spoke to said that it was compulsory for my super to go into this account and that was the case with all uni staff. He said the uni was under no obligation to send my super elsewhere. According to him they didn't need to offer that option.

Greg

GregSouth Australia

  • 4 reviews
  • 2 likes

Nothing to complain about, fees seem reasonable and I'm happy with my current balance.

published

Been with UniSuper for close to 20 years on defined benefit and balance is just over $300k, never added any additional contributions. Was on the Balanced plan until about 4 years ago when went to a high-risk plan, then last year I paid them about $600 to do a thorough review of my investment strategy and suggest a custom plan which is now in place, it has similar returns but lower risk as my own attempts ended up over-exposing me to higher levels of risk for no extra return. They also reviewed insurance and made some recommendations but I didn't implement those. Nothing to complain about, fees seem reasonable and I'm happy with my current balance.

Be careful of their insurance premiums!!

published

Unisuper for charged me Insurance Premiums for the last 6 months without my authorisation. The form to transfer from Defined Benefits to Accum 2 was so full of jargons, with a hidden message that says you will automatically pay for insurance premiums if you make this move. The process to opt out of insurance was made difficult by not allowing me to cancel over the phone. Instead I had to log into my account, but remember you can't just click 'cancel', you have to go through all the categories and tick the smallest of tick boxes. It was so simple for them to charge me insurance I didn't need but so hard to cancel something I never wanted.

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Questions & Answers

Dr. Ikram Bajwa

Dr. Ikram Bajwaasked

I am working with a Company as Part-Time from many years and I am using CBA EssentialSuper.
Few months ago, I also have started a Research Assistance Casual Job with University. University is using UniSuper.

My question is that, can I also use CBA EssentialSuper for my University Casual Job? Instead of UniSuper?

No answers
PReb

PRebasked

I am a 65 year's old and in a normal growth account. If I move to Pension fund I gather I must accept a minimum of 5%. What is the last 5 to 10 years growth for my balance in a default fund.>

No answers
midlifetraveller

midlifetravellerasked

I am somewhat surprise to see quite a few negative comments about Unisuper. Although I also had a few bad experiences with particular call centre staff over the last 2-3 years my overall impression is that Unisuper is relatively and comparatively quite acceptable. Does anyone have a general view or opinion here on Unisuper?

3 answers

How good (or bad) a super fund is for you will depend on what you are after. Some people may want updates every month, some are happy with a statement once a year. The more updates, the higher the expenses because you want more from the fund. You might be happy with the default investment option. Generally this is fairly aggressive with investments in shares, private (smaller) companies, hedge funds and other alternative investments. This is great if you want growth and you are happy to ride out the next market dip, but may not be great if you are a conservative investor. A super fund is an investment vehicle, it is where you want to take the vehicle that is important. like every car, it is the hidden stuff under the bonnet that determines how well the fund performs, and that is the stuff you need to look into. Kenmore Financial are professional financial advisers if you need further advice.

Lulu
Lulu

UniSuper are the worst fund for member care. Read all the other poor reviews. I have opened a case against them with the Australian Financial Complaints Authority.

stu.mather
stu.mather

I've been with them since the 90's. I've had no issue with them. Competitive fees and good returns. The numerous awards they've won speak for themselves. Here's some Chant West ratings..
SHORT TERM:
Top 10 All Growth investment options: 1 year to December 2019
Super fund Investment option Return
- UniSuper High Growth 24.3%
- Vision Just Shares 23.8%
- MLC Aust & Global Shares 23.7%
- Sunsuper Shares 23.4%
- Rest Shares 23.0%
- Mercer Diversified Shares 22.8%
- Aust Catholic Super & Retirement Shares 22.5%
- ESSSuper Shares Only 21.8%
- BUSSQ All Shares 21.7%
- CFS FirstChoice High Growth 21.6%
LONG TERM
Top 10 All Growth investment options: 10 years to December 2019
Super fund Investment option Return (% per yr)
UniSuper High Growth 10.2%
Rest Shares 10.2%
ESSSuper Shares Only 9.8%
Equip Growth Plus 9.8%
VicSuper Equity Growth 9.6%
MLC Horizon 6 9.5%
MLC Aust & Global Shares 9.4%
Vision Super Just Shares 9.3%
MLC Aggressive 9.1%
Plum Pre-Mixed Aggressive 9.1%

The numbers don't lie.

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