Reviews

Matthew W. · 2 posts

2y ago

Website is not accessible due to maintenance too often

Website is not accessible due to maintenance most of the time. Generally over weekends. Not recommended for this reason. They transferred my super from BT Super to BT panorama without asking. Difficult to assess long term trends.

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Maurice G Boyce Sydney, NSW · 82 posts

4y ago

What is Happening?

I have had a small supplementary fund with BT since 1970. It has been a good fund with NO fees and for the most part quite good returns. There have been some years with a euphemistically described 'negative return'. Since my retirement I have made occasionally withdrawals which have been paid promptly.
However a few week ago I received a communication from the BT group that my existing funds from my superannuation investment account have been transferred without my permission to BT Super. BT said the reason for this was to reduce fees. I did as

... Read morek for an explanation and one was given over the telephone. I was not happy, but basically even with fees BT Super appears to be paying a better return than a term deposit. BUT, as I read all the reviews for BT I see this all as part of the wider problem of superannuation and retirement funds, that is the whole system is flawed, offers very little help to retirees and none of these issues were really addressed in the recent Banking Royal Commission. 1, Most financial plans rely on the retiree drawing from capital and when that runs out they go onto the aged or disability pension. 2, Super funds charge quite punitive fees, they also can not guarantee a return on invested funds. This is just completely wrong. This the present system provides no assurance for retirees. A typical example will be where the retiree gets his or her lump sum, say $700,000. Wow, that is big money for many people, but again if the fund has a negative return, and pays and income stream of say $50,000, and charges fees of say 1.5%, that lump sum could be down to $600k at the end of the first year. Not good. The system is just not working and causing undue strain for too many retirees. AND, Then, if a nursing home bond is needed, things get so much worse. My observation; "The system is dysfunctional"

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