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UniSuper

UniSuper (page 2 of 2)

2.1 from 32 reviews

See the Best Industry Super Funds in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

5 star
7
4 star
1
3 star
0
2 star
5
1 star
19

Fraud - scam - breach of consumer law

published

Switched my defined benefits to accumulation without seeking my consent and informing me - now denying all liability - I'm reporting you to ASIC and suing you. See you in court! You'll have to pay in the end, I guarantee you that.


Kelly

Kelly

  • 2 reviews
  • 2 likes

Poor services

published

If I can give no star, I would. My account with this superfund was created by my university. I was about to move my fund from Rest to this superfund. After my conversation via telephone with them, I changed my mind completely. No way I am gonna choose this company for my superfund considering their poor service and helpless attitude.


Compliainant

CompliainantAustralia

  • 4 reviews

Fraud

published

Universities have a very cosy relationship with UNISUPER and so they don't feel accountable, not to their captive audience. Unauthorised operations, unexplained significant changes to balances, changes to my account settings without my request, employers accessing the account without my authorisation, collusion to cover up employer's errors without full disclosure what happened and how it affects balances. Repeated and not refunded charges for insurance despite clear indication in the enrolment documents that I do not want it and despite several follow requests to remove it (after removing it - it's back again!). One is not in control of one's savings. This calls for an audit by the Australian National Audit Office. Shocking.

Albert Z.

Albert Z.

  • 2 reviews
  • 4 likes

Fees and insurance premiums that I didn't ask for.

published

So I did some casual work for a brief period of time and earned a small amount of super, just a bit over $140. My statement comes in, I've been charged $10.61 for ``taxes and other charges''; the government wouldn't tax such a small amount of money so I'm assuming these are ``other charges'', then $24.00 for ``fees and costs'' and then a whopping ``$46.48'' for life insurance I didn't ask for. That's over half of my super. Now I'm left with just a bit over $62.29. What a rip off.


Mrs Rakoff

Mrs Rakoff

  • 8 reviews

Relentlessly gouging me with fees...

published

I'm a casual worker and have compulsory Super which must be paid to this account (even though I have a substantial Super account elsewhere). After 4 years, fees have left this account with a balance that is close to $0. Very unhappy.


Zeeshan

ZeeshanMetropolitan Adelaide, SA

  • 24 reviews
  • 39 likes

Check your statements: my supper dropped 20%, even though contribution type was 10% up!

published

I joined UniSuper in mid 2014. I decided to chose balance option. I also paid $600 voluntary contribution every month to increase my super. After two years, now when I see the balance investment option went up by 10% but my super has dropped by 20% after (all taxes and their fees)! How the hell this happened! I am in touch with these people and won't let them swallow it easily.


Sam

Sam

  • 3 reviews
  • 3 likes

TAL Life Insurance is a disgrace

published

EddieRobinson

EddieRobinsonGreater Melbourne (Outer), VIC

  • 8 reviews
  • 7 likes

Compared to other industry funds - Excellent

published

After being screwed over badly by HealthSuper (First State) on the TPD benefits and they bled mr dry in the GFC, Unisuper makes them look fantastic and were very transparent with all the red tape that HealthSuper hid.
They told me exactly what I am covered for and the exceptions due to a pre-existing health condition.
The investment options are also excellent and I've spread my risks with minimal fees charged.
I've also been to a couple of their University seminars and found the educational experience valuable.
Happy to recommend them as in the top tier of financial products in Industry based super funds.


Ilukasue

Ilukasueperth

  • 4 reviews
  • 14 likes

Excellent investment options, great returns!

published

I have been with Unisuper Accumulation fund for about 15 years. The investment options just keep getting better.Fees are reasonable. You can change your investment options once per year at no charge. Prior to unisuper the other funds just lost money, especially if i stopped working, the fees continued to be withdrawn until the super was gone.I love watching my super balance increase every (well most) days.Great alternative if you are working full-time and can't manage a SMSF.

Ed

EdACT

  • 2 reviews
  • 4 likes

How I lost 20% of my super in a low risk investment with UniSuper

published

Anne and Adam

Anne and AdamGosford

  • 6 reviews
  • 10 likes

Overall a good fund

published

I've been with this fund for just over 6 years. During the GFC they did lose money but since then they have continued to perform well. Their fees are reasonable and transparent. I haven't had to deal with their customer service yet but the statements I've received are clear and provide adequate information and contact details.
performs well, transparent fees
like all funds, it's tied to the market and has the potential to lose money


Is this the only good super fund?

published

My wife & I have had about 10 funds since the introduction of superannuation, and UniSuper has had the lowest fees and best performance of the lot. During good times they earned more than most, and during the GFC they lost less than most. I can't say anything about their insurance, and I my customer service experiences have been limited -- but pleasant. This looks like the jewel amongst the dross, to me.
Inexpensive, diverse, rewarding, competent.


Page 2 of 2

Questions & 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?

2 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.


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