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GrantMetropolitan Adelaide, SA
- 2 reviews
- 1 like
- Verified customer
Worst type of super scheme ever implemented.
There are too many issues with this fund that ill describe in dot point form, however all of that could be forgiven if it were not for just one fact - You cannot leave the defined benefit scheme unless you resign or retire. Terrible prospect for the reasons i'll list below:
1. This defined benefit scheme only increases by the 14.3% of your FAS, any investments made are kept by the APSS and not returned to any members. meaning you could have $200,000 in your DB and APSS will earn any and all interest it makes. (Even a tiny annual rate of 2....Read more
5% would have given you $5,000 each year NOT counting compounding interest!) 2. Approx July 2014, The previous CEO had removed the indexation of the salary to average weekly ordinary time earnings in the scheme. So unless staff start getting more than 3% pay rises per year, the super balance at retirement age will be significantly less. 3. In the 1st July, 2012, the APSS closed the fund to any new staff starting at Australia Post. Cannot be sure if this will be detrimental to current members or not, however it does mean no new funds coming in to fund the older members. (Remember, APSS invest the members funds and keep the profits - and losses. So if the market does have a crash, then the remaining finite funds from current members are all thats left to fund a potentially unfunded scheme). 4. Our DB fund is calculated by this method described on their website here: https://www.apss.com.au/member-benefits/?page=14-3--defined-benefitSimilar opinion? Write a review on ieatwords.com.au!
Defined Benefit
The defined benefit component of your super is not yours until you leave Australia Post, they will lend it to you at an alarmingly high interest rate until you leave Australia Post
Similar opinion? Write a review on ieatwords.com.au!
DISGRACEFUL
Lodged My Super Claim 3 weeks ago.I was sent Letter to say it was All Processed into my Bank Account.No Money Received into my Account now I have to wait for them to Investigate where it went.Everday they say they are working on it so Stressful and no Recourse.
1 comment
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Jack sprattLaunceston, TAS
Great super since inception
Joined Apss in 1990 and retired in 2011 and transferred into pension scheme had good returns in both, Any enquirery was deat with in a timely manner and I have found staff helpful and knowledgeable and always did what they said they would do.
1 comment
Australia P.Australia Post
Hey Anthony,
Thanks for taking that time to share your experience with us, it's great to hear. ... Read more
We hope you're having a wondering time with your retirement ^_^ ~SamiSimilar opinion? Write a review on ieatwords.com.au!
A Staff with Excellent Customer Service.
After numerous phone calls and talking to 4 different APSS staff trying to get them to fax a copy of a document to my tax agent which I needed to lodge my tax return because the one they sent me by post was lost in the mail, there was only one person who went out of his way to help me, and his name is Soma. Thank you so much Soma for all your help... you really made my day because I was beginning to worry that I would not be able to lodge my Income Tax Return before I go away, but now I am so relieved that my tax agent has advised me that he h...Read more
as just submitted my Tax Return. If it wasn’t for you I would have given APSS a rating of 1 star. Your customer service is excellent....a person with your attitude would go along way in his/her career.1 comment
Australia P.Australia Post
Hi Beth,
I'm so glad to hear Soma was able to get this sorted out for you and you can now enjoy your time away - thank you for sharing!... Read more
RoxySimilar opinion? Write a review on ieatwords.com.au!
BelMcGMelbourne
Disgraceful service
Dealing with my deceased mothers affairs I lodged all required documentaion via express post on the 22nd of Feb with APSS and after numerous follow ups on my end, we are yet to have this straight fwd matter finaliased
2 comments
Australia P.Australia Post
Hi BelMcG,
No one should have to go through such undue stress at what would be an incredibly difficult time for you, and I apologise that this occurred. ... Read more
I appreciate you reaching out here and sharing your thoughts and strongly urge you to contact the APSS team on 1300 360 373 as only they have access to the systems needed to resolve this. RoxyNot likely...I have made contact via this number countless times...I am honestly at my wits end. Nobody should be treated like this
..it is not acceptable and it is honestly the most appalling customer service I have received in my life.
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So unhelpful
Have called 3 times to inquiry about the status of a claim, no one is ever in the claims centre and I am yet to receive a call back.
1 comment
Australia P.Australia Post
Hi Big T,
How frustrating! Have you been able to get through yet? Can you please confirm the number you're calling and the time so I can check its all correct?... Read more
RoxySimilar opinion? Write a review on ieatwords.com.au!
John C
- 14 reviews
- 15 likes
No response to request
I need a copy of my balance for Centrelink so I can draw the aged pension . A simple strait forward request you would think . I'm still waiting . When I ring I am told you should have it by now . Well guess what ? I haven't . Emails never answered . Deplorable customer service .
2 comments
Australia P.Australia Post
Hi John,
I'm sorry this hasn't arrived to you yet. I'd encourage contacting APSS call centre on 1300 360 373 again so they can look into it - I'm afraid I don't have access to their systems here.... Read more
RoxySince my last post thanks to the girls at A.P. everything has been sorted . A big thanks to Roxy and Catherine for their help . 5 stars .
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Terrible and useless customer service; limited investment option
When you request information on the phone, they have absolutely no idea what you are talking about.
I was trying to withdraw funds from my account since I am over 65.
They tried to argue with me that I cannot because I am still working.
Finally they agreed and send me the form (since they are not available online). They sent me the wrong form and I tried to ring and went through the same thing- have to tell them again I can withdraw my fund because I am over 65!
Let's hope I get the correct form this time.
1 comment
Australia P.Australia Post
Hi there,
Thanks for your feedback. If you need further assistance, the best thing is to call the APSS call centre on 1300 360 373.... Read more
RoxySimilar opinion? Write a review on ieatwords.com.au!
Find out how APSS (Australia Post Superannuation Scheme) compares to other Public Sector Superannuation Funds
Know better, choose better.
Tony
- 32 reviews
change asap
I unfortunately had dealings with them. I wish I didn't. They will spend more on fighting you to set an example so others don't claim. I was retired hurt at work and got zero. My tpd money kept by them. Peanuts for such large organisation a lot for a family with little kids. Nasty experience to live through.
1 comment
Australia P.Australia Post
Hi Tony,
I'm really sorry to hear about your experience. If you'd like to discuss the matter further, the best thing to do is to call the APSS call centre on 1300 360 373 to find out what your options are.... Read more
RoxySimilar opinion? Write a review on ieatwords.com.au!
WrinklyAdelaide
- 5 reviews
- 1 like
Excellent
Have been in this fund since inception and could see the benefits from staying in the Commonwealth Super Scheme. I've been retired now for 3 years and found the Pension perfermance excellent just like it was during the accumulation phase. More than happy with my decision to stay with them.
I did my homework when the information sessions came out and found that it was a tough decision as both schemes were excellent but I've never regretted my decision to change to the APSS. I also sought independent advice who confirmed that both schemes were g...Read more
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johnsydney
Conned by australia post
I too was conned to opt out of the old Commonwealth super scheme and go into the apss scheme.
I still have all the paper work and visually recorded the sessions provided by post for the new super scheme.
It is my intention to take legal action if by the retirement age my apss is less than the old scheme I was in as I was informed by the session salesman that the new apss scheme is a far more attractive retirement scheme .
that was more than 25 yrs ago but so glad to have kept the evidence.
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Not Happy
Was a member of the Commonwealth Superanuation Scheme and was conned out of it in 1990.
The so called information sessions conducted by Post were in fact, giving financial advice to employees to switch to the APSS..
No positive information regarding the CSS,
Cash return is not so good.
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Greg1456AU
APSS Performance.
It has performed very well since I became a self funded retiree six years ago. Sure, it lost money due to the GFC, but in comparison to other funds it has performed very well. It reacts to the market slower than most, thus giving time to adjust one's portfolio. Overall I consider the APSS to be one of the better funds available. If you choose the non negative alternative, you must expect the returns to be lower when others are higher, to compensate for the non negative results when most are losing money. Overall it probably balances out over th...Read more
e long term. If you "jump ship", you may do so at your own peril. Be very careful ! Most of my friends are at least 30% worse of than me, as they were in other super funds over the past 8 years. Some have lost 75% of their money over the last 12 years, as they went to "financial advisers" (a very loose term), instead of just leaving their money where it was. I was told by several of these so called "advisers" to put all my super where it would have have performed very badly. Concluding, I am very happy with the APSS. Reliable, vertually no fees. Can not front their office. Mail only, to make adjustments or alter monies.Similar opinion? Write a review on ieatwords.com.au!
Questions & Answers
Maria Hillasked
I need financial adviser, I will retire on October 20
Could you please tell me which one, so I can contact them
No answers
Peter Rasked
what is my current balance
1 answer
APSS Management A.Australia Post
Hi Peter
Please call our contact centre on 1300 360 373 and they can provide you with a current estimate.
Thanks, Catherine
Michael John Bolusasked
Im unable to work due to mental illness can I access my superannuation
1 answer
Priscila L.Australia Post
Hi Michael,
Please call our support team on 1300 360 373 or you can email them at [email protected]
Priscila
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APSS Management A.Australia Post
Hi Susie
Can you please email your query to [email protected] and I will make sure your payment is tracked down urgently.
Thanks
Catherine