Forced Super and try to stop you transferring
Forced to this fund and every time I try to transfer to my SMSF they change the form or delay or lose the forms, anything to hold onto YOUR money. Should not be compulsory.
There are much better Super fund choices
I've been with Unisuper for over 7 years, my work is unfortunately locked to them.
I give them 1 out of 5 because I found the staff unhelpful and generally rude, both face to face and on the phone. Their processes are disjointed and clunky, their website is also difficult to navigate and needs updating. I recently found out off a fellow staff member that my contributions were being taken in a way that was wasting $50 of my wages per pay cycle.
I wouldn't recommend Unisuper, from my experiences they lack integrity and professionalism.
Disgusting treatment of an elderly long-term member
We have been forced to jump through many, many hoops in attempts for my frail, elderly mother to gain access to funds in her, and her late husband’s, UniSuper pension accounts.
Every single piece of requested data was provided IN FULL to UniSuper in May this year. We have written advice that the documentation was received, and found acceptable, by UniSuper. And yet now in September, we are still unable to access funds . . . . unable to update contact information . . . . unable to even ascertain account balances. Emails remain unanswered weeks ...later. Phone calls have gotten us nowhere, with no one able to provide ANY explanation as to why a long-time member is blocked access to her funds. Meanwhile, fees on these accounts continue to far exceed the investment returns, with balances continuing to go backwards. My mother’s outstanding bills continue to go unpaid, and are racking up significant fines / interest. This nightmare has extended for over two years now, and has cost an elderly woman many hundreds of dollars. After many months of frustration, we raised a formal complaint with UniSuper. How can it possibly be considered appropriate for an organisation to have an individual closely associated with a formal complaint, personally investigating that complaint, and being nominated as the customer's point of contact for that complaint????? My patience is exhausted. We are now left with no option but to lodge proceedings with the Ombudsman.
In my opinion A premium Service
Not sure why the negative reviews. Personally I have been with them since 2016 and I have seen my wealth grow significantly. My wife is also with them as she was allowed to join. It's a premium fund in my opinion and not everyone can join.
To those saying that Unisuper told them to invest in a particular thing....well I find that hard to believe. In terms of reaching them the last 18 months has been tough for everyone.
If your getting bad returns it's because your are investing in poor choices. I invested in Global Oppurtunies in Asia and Env...
I've been with UniSuper for some years now - good returns with low fees, so pretty pleased with that. Phone support is actually good too - friendly and helpful, though the queue was about 40 minutes for my most recent query.
Tech support seems to be a problem though. I've been unable to login for weeks now, so can't even say if my funds are still there. I've had no response after three requests for assistance. The phone Helpdesk apparently 'escalated' this three days ago - but I suspect their escalator is currently jammed...
I cannot find...a complaints contact anywhere on their (publicly accessible) site, so no idea how I can move this ahead (or roll into another super fund) in order to access funds - and I need to. There is no point having good returns and low fees if funds cannot be accessed. My trust in their reliability is severely dented.
UNI SUPER new member
I've been with Uni Super for about 10 mins (well 10 days) and I'm not impressed. I have seven other super funds that I use for varying degrees of risk and investment strategies, based on a Super Funds performance in various investment/market areas. I move my funds monies between different types of investment strategies within each Super fund or between other Super funds, to maximise my investment returns. Hey its my hobby, and I spend a great deal of time researching various markets world wide chasing profits. I was hoping to combine these all...into Uni super funds, possibly 2 funds, one with a very risky strategy and one much safer, as I'm approaching retirement. But no! Uni Super only lets you have only one fund account, believe me I've tried and failed for 2. They charge you $10 dollars each time you switch investments, I know its only a small fee , but all my other funds do not charge and I can switch several times a year, depending on world wide market volatility. They also seem haphazard as to when the update your account, maybe every 2 or 3 days, or when the feel like it, I'm not sure . So I'm going to stick with Australian super for the bulk of my investments aprox $250K, in which I have 3 accounts, with different risk/return strategies. They do not charge for investment switches, (i.e. FREE) and all my accounts, which I check every day, are undated daily. The fund I am most impressed with right now and tentatively investing in, is Vision Super. It is matching and beating Uni supers performance in most areas and guess what, its updated daily and investment switches are FREE. Superannuation is not a savings plan it should make money i.e. profits, on your hard earned cash injections, if it isn't move your funds elsewhere. Its easy to do that. Good Luck all you Super Stars and may you make money and prosper. Don't forget when you hit 60, your super pension is TAX FREE. I love the sound of that.
Excellent Platform and Returns
I love the fact that I can change my investment options easily and see see very easily how much returns I have made in the past. I find the staff very approachable and helpful on the phone as well
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.
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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