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.
Very poor flexibility for investment savy members
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).
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.
Inconsistent information and service
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
Questionable accounting practices
My wife and I have been members for 19 years and have had reason to complain on several occasions. The first was when a $10,000 contribution to my wife's fund 'disappeared' and management denied any knowledge until I launched a bank Bpay investigation. The missing deposit consequently appeared with the excuse it was an administration error. The second was when my wife's account balance suddenly showed a significant decrease which could not be explained. On calling I was given the 'standard excuse' that balances shown were only 'estimated'. Howe...ver my own account was unaffected even though it was in the same investment strategy. The imbalance was corrected some weeks later when an independent audit identified the error! The third time, I applied to change investment strategy, which is always implemented two days after the application is submitted. When our accounts showed a loss of nearly $5000 from the total amount expected, I contacted Unisuper and was given a series of circular arguments that basically said, "It's correct because that's what we gave you"! I complained to Unisuper in writing citing my very good case, which was completely ignored. I then complained to AFCA, who is now following up the case. I was not surprised at the results of the banking enquiry, which exposed the tip of the iceberg. I seriously think a royal commission should expand its scope into all aspects of finance including superannuation.
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.
Choose a better Super Fund!
Would I recommend UniSuper to family or friends? Definitely not! My satisfaction on a scale of 1 to 10? - Can I select minus 1? I see a lot of similar concerns on this site. Transparency is a huge issue, especially when it is in an unstable market. Investment balances on your online account are several days old useless in a changing market and in terms of trying to make a decision to transfer to a different investment option. Investment lists on your account are about a month old and only show part of your investment the greater part of...your investment is grouped into an ‘other’ category so you have no idea where or who you money in invested with. Investment changeovers take 48 hours to process and in my experience what balance is transferred and when it is effective from is not clear and good luck in finding out what the transferred balance is because that is not immediate either. I’ve lost approximately 23K to date from a balance only a little over 100K . My request for an escalation to a supervisor to contact me regarding conflicting advice was not followed up. A week later I still had no contact and each day my super fund was losing more and more money. I requested this follow up a second time and was told by the escalation person I would receive a call within a three hour window No call was received that day! A request for them to investigate a recorded phone conversation to prove their staff gave me specific information was met with an explanation they could find no evidence of it Do I trust Unisuper after this experience? Definitely not!!! I have received better service returning a t shirt than I have with a company that has my future retirement savings!! It is woeful.
Certified con artists. Stay away
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.
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 ?
Can't understand all the negative reviews
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.
Hard to disagree with most of the negative posts on this site...
I’ve been with them for 24 years on their Accumulation 2 scheme. I can only say I’ve always been met with courtesy and helpfulness whenever I’ve spoken to any of their staff and their seminars are good. However, that glossy, smiling interface hides a moderately performing fund that offers limited transparency.
Since 2012, my account has returned maybe 5%ish on average. Last year 3.1% and I was $30K down at one point. This year it performed well in bonds and listed property for two months but now it’s rapidly heading back to zero return and ma...ybe worse. That’s scary as you near retirement. They have many investment choices. Basically the higher returns are attractive but risky and its far too easy to lose very large amounts of money very quickly. They tell you, you have to ride the markets and be in it for the long term and flash up graphs that show fantastic returns in some investment choices. It’s easy to do that with hindsight of course and they make it very clear that previous performance is no guarantee of future returns. I can vouch for that! Even in the so-called ‘defensive assets,’ like Australian government bonds, you can lose massive amounts. As you near retirement, you need a little more certainty. Last time I spoke to them, they said I should consider putting it all in cash. Their cash returns are woeful, worse than some banks are offering in savings accounts and term deposits, even after superannuation tax savings, but I guess the point is at least Unisuper can’t lose any more for me!
I had two meetings with one of their Consultants, he provided me incorrect information which caused me to have an excess tax bill of $4000. I complained to Unisuper and they offered me $79.00 as compensation when I was out of pocket $4000. The consultant actually lied when he made notes on 'his file' and advised he didn't provide me with incorrect information however, I made decisions based on this information that caused additional charges being imposed by the ATO. There customer service is pathetic and in the review they based the whole d...ecision on the notes that the Consultant had entered into his Calendar or UniSuper system. If you are going to use this company, be warned their Superannuation consultants are under trained and provide incorrect information, so I would ensure that you seek more expert advice and don't follow what the UniSuper consultant says. Stay away from their general advice as it is wrong and could cause you some additional charges if you do what they say. You have been warned..
Incompetent, liars and thieves
UniSuper, incompetent, liars and thieves. Since university employees to do not have a choice of superannuation funds (forced into UniSuper), I have been with UniSuper for approx. 12 years. I received a letter from them stating approx. 11 years ago they made a mistake (administrative oversight) with my fund and will now charge me approx. $2,000 for their error. I called to ask them to explain the error and they refused. I looked up my rights and under the Limitations of Actions Act 1958 (Vic), there is a maximum of 6 years a creditor can pursue ...a debt (if it was a debt as UniSuper refuses to provide any information about their administrative oversight). I wrote letters and telephoned UniSuper highlighting this ‘act’, but they refused to respond or return my calls (even the Manager Member Care). I then lodged a complaint with the Australian Financial Complaints Authority and within 90 days they responded. They informed me they made yet another error (yes can you believe it). The original administrative oversight error was wrong, and instead of charging me approx. $2,000, they should have charged me approx. $500. Of course I refused to pay or accept, and they returned all money deducted from this so called series of administrative oversights. From my experience, I would not believe a word they say. If you have a complaint, write a letter highlighting your complaint, give them a few weeks, and then move directly on to the Australian Financial Complaints Authority.
Unisuper share my personal information with their other customers without my permission
I have never been to VIC and Melbourne University. Because I am an employee of a university in Sydney. However, I received a letter from Unisuper on 19 March 2019 saying that Melbourne University requested my TFN which was not matched with their record. That is wired to me because I have never been employed by Melbourne University. But I treated this as a mistake. The question is how Melbourne University has my personal information.
So, I called their customer services line and the staff told me that she would remove me from Melbourne universit...
- Verified customer
Worst Super Fund - No Member Care
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!!
- Verified customer
I joined UniSuper 18 months ago thinking the were the best Super fund. I'm very disappointed. Their accounting systems, transparency and performance reporting are all pathetic. Their website suggested to me that they had good computer systems. However, from a member's point of view, their computer systems are pathetic.
They hide behind their 'crediting rate' methodology (instead of unit rates) and don't provide history so it has been impossible, at least for me, to determine why my balances don't match the reported performance. Sometim...
Poor accounting practices, no transparency, generally a bad Super fund
I have been with UniSuper for about 15 years but I have gradually become frustrated with their inconsistent and non-transparent accounting practices. I am transferring everything out of Unisuper and into HostPlus, which offers much more transparency and flexibility, as well as better investment performance over the past 10 years (I have been trying them out for 2 years).
Some of my problems with Unisuper: when I rollover money out of Unisuper, they are not consistent in how long they take to action the requested transfer; it can take anyw...
Lied to me over the phone
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.
Nothing to complain about, fees seem reasonable and I'm happy with my current balance.
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!!
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.
Questions & Answers
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?
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.>
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?
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.
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.
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..
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%
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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