Not honest- i can't even fill the application form
I've visited them 2 times and have contacted Unisuper on the phone once to do the simple stage of filling the application form. They were no helpful at all; didn't answer the questions clearly. I've asked similar questions from 2 senior consultants of UniSuper, each hide sth information or simply didn't mention it. I can't trust them and although I'll loose 17% super I prefer to stay with my previous super with 9.5% rather than rolling over to with Unisuper.
What I can't understand is that why universities are supporting UniSuper while there are so many complains about their performance. I can't get my 17% super with any other superannuation providers except UniSuper. This makes me angry that what sort of promotion uni gives to me!
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.
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.
Fees and insurance premiums that I didn't ask for.
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.
Check your statements: my supper dropped 20%, even though contribution type was 10% up!
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.
TAL Life Insurance is a disgrace
TAL is the insurer of choice of my Super fund (UNISuper). I transferred my super across to UNISuper and subsequently had to re-lodge an application to increase my insurance level (such as I had with my previous Superfund). Doing the right thing I ticked a box on the form to indicate that I had an identified condition with a heart value – a completely non-life threatening, non-anything condition that large portions of the population are born with and never even know they have, but I happened to have been told about it and figured it was the righ...t thing to declare. TAL then made me jump through a ridiculous number of hoops getting reports from doctors and cardiologists, etc. all of whom told me there was nothing to really worry about with my condition. Five months later TAL sent me through a letter denying my application for insurance. Clearly no one at TAL Life Insurance has any medical training what so ever and the company is a typical SHAM insurance agent just out to make money and do whatever is necessary to deny members their right to fair cover and fair compensation. I’m am very disappointed that UNISuper would use such a disgraceful excuse for an insurer.
Compared to other industry funds - Excellent
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.
Excellent investment options, great returns!
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.
How I lost 20% of my super in a low risk investment with UniSuper
Unisuper gives you the “chance” of trying the Defined Benefit Divison (DBD) for up 24 months when you first join them, then you can transfer to Accumulation 2. Now after one year since joining DBD, I’ve decided to transfer.
As it was my first super account, I decided to initially try DBD because I would have the opportunity to follow up both options (DBD and Accumulation) closely and change later on if I decide to. I first chose DBD because Unisuper says “ DBD provides benefits that are not directly subject to volatile market movements”, an...d “market fluctuation are less likely to directly affect your final benefit, and it is the Fund that bears most of the investment risk”. So I was assuming I would be a lot less subjected to losses. I am aware of low risks from DBD as it relates to the formula they use to calculate your final benefit (that is, the benefit you use when you retire), however there is no mention to the risks associated if you want to transfer from DBD to Accumulation. As I am not using the benefit, I should not be subjected to this risk. The bottom line is that Unisuper made me loose 20% of my super. I am not saying that UniSuper overall is bad, but in my first year with them I have had very bad surprises.
Overall a good fund
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?
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.
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Questions & Answers
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.
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