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Virgin Super

Virgin Super

1.0 from 9 reviews

Virgin Super

I transferred to Virgin Super 7 months ago, thinking I was doing a good thing,in that period of time I have seen my portfolio lose money for 6 out of those 7 months, even after my own contributions. The arrogant consultant I spoke to told me that I was being unreasonable and that I should only expect returns over a 5 to 10 year period? (This also happened to my partners account) They advised me after 5 months to go to a more conservative portfolio structure, so I did and they still lost money. They also rip you off $100 for any withdrawal you make, thats right - $100 to withdraw your own funds to make a payment on insurance for example. My suggestion - stay away from these thieves.


Do not trust Virgin Money. Thieves!!!

Approx theee months ago i transferred my super from Rest into Virgin Super Money, thinking it was going to be the right move. Guess again. The worst decision I have ever done. I rolled my money in and then a month later for no reason they were rolling out my money without my permission. Lucky I was able to stop it but the lack of communication and the promises by Virgin money team in calling back and give me reasons why, non existent. Also on their online account, i did not want insurance and they kept taking my money for insurance still and asking for refund, they say we will investigate and call you back, never did. I even placed a complaint and they promised they would refund me, they never got back to me. In the end i had to roll my money out. Dont trust this company with your super or you may suffer the consequences. Dont trust them...


Virgin Super is now hopeless - after 10 years I have to remove all my funds from them

Virgin Super has continued to decline over the past 2 years to the stage where they are now unusable. I had a problem earlier this year with the ATO not having received a super tax payment from VS. Over the course of 5 weeks I could not get any proper response from VS either by phone or email. Eventually i had to lodge a complaint with the Super Industry Ombudsmen simply to get VS to repond. After contact from the Ombudsman, VS finally took some action, located the missing $ and made the transfer to the ATO.

Now 6 months later I have another issue. I've received no statement of the fees VS are deducting from my account since November 2016. They say that they can't provide these details but that if I wait until late October or early November this year (2017), they will give to me these details for the period to 30 June 2017. This is just hopeless. Other providers provide ongoing online access to these details and yet VS makes its customers wait more than a year for basic details.

I'm fortunate to have significant amounts in super between myself and my wife. While I've always appreciated the low fees charged by VS, I simply can't tolerate their current inability to provide even basic services to their members and so I've been forced to start the process of transfering all of our super to another provider.


Used to be good - but not any more

Virgin used to pride themselves on offering exceptional customer service. After a succession of changes in their fund managers, it's now not even good - it's barely adequate at best.

EOFY statement? You can have it *just before* the regulator demands it, and not a minute sooner. They're not even *trying* to be good any more.

It's a real pity, as I've had occasions in the past where they've offered very good personal friendly service, but those days appear to be long gone.


Inconsistent (at best) stories and excuses

Virgin have consistently failed to deliver on their promise. I was told by Customer Service that "legally Virgin had to payout my Super by 1st January 2016" Since then I have been given a merry-go-round of poor service and inconsistent stories. I have lodged formal complaints and have received the unsatisfactory information since January. An example of Virgins shoddy and inconsistent advice is:

In response to my initial complaint Virgin claimed to have reviewed all my correspondence with Virgin. In response I received an error filled letter that did not address my concerns and so I requested the transcripts of telephone calls so I could verify the issues, then following excuses flowed:
first: Virgin can not find them
then: I was told no calls were made
and when I provided dates and times of the calls: I was told Virgin will not provide them

Terrible service, terrible company - bad enough for a financial service firm - I would hate to know how they cut costs on flights


This is Disorganize and Very Bad Company

Australian Tax Office release my funds and sent to Virgin Super on 21-Oct-2015 but until now my money are still out of no where.
They are lazy and very bad costumer service. If you want stress free retirement life, avoid avoid avoid! Virgin Super. I experience anxiety, depressed, stressed and very awful situation hot to deal and communicate with this crap company.
If you have 100k dollars with your superannuation and this crap company used your money for monkey business for two or three months before they release and send back to you, how much they earned from their business?
I have two Thumbs Down!!! for Virgin Super, Shame on you Virgin Super!

1 comment
I will give more two weeks, then I will write my official complain to APRA. This is unacceptable.

Virgin super slow

They say you can get your super under Severe Financial Hardship , Sure after you get like a pile of paper work filled out then get it all witnessed by a JP . To then be told have to wait for the Trustees who Take so long to Say approved then Virgin have to Process the payment then you still have to wait till it arrives in your bank account .still waiting and waiting and waiting ...
Aussies answer the phone
Too much red tape


Was without access to my account for around nine months - awful, awful, awful service

I suffered through Virgins "systems upgrade" about three years ago, where I had no on-line access to my account at all for nearly nine months. The information provided by their customer service was appalling - I kept being told "Oh, it will be upgraded in a couple of weeks" over and over again. Towards the end I was seriously beginning to think they had somehow "lost" my account and I wasn't earning. I was unable to see my balance or make on-line transactions - at a time when because of the on-going effects of the GFC I needed to make changes to my investment allocations to reduce losses. Had no apology from Virgin at all, and as soon as I was able to receive my balance and check it, I left to another Super fund. Would not recommend to anyone at all - please steer clear!
Low fees
No on-line access, terrible customer service, lack of information, inability to manage my own account


Terrible

Effecting a rollover from Virgin Super to another fund or just getting money out of the Virgin Super (having reached retirement age) has proven difficult.

In my wifes case (hers was a rollover to another fund) it took us 3 months and a mountain of correspondence to get the money transfered over to her new fund. In my own case (getting money out of the fund, having myself reached retirement age) is also proving difficult. Three letters to Virgin Super so far and no reply !
Membership No. [number removed]
From my experience I cannot see any reason why anybody would reccomend this fund
Disappointing - See experience outlined below

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