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ING Living Super (page 3 of 3)
David PPerth
- 2 reviews
- 1 like
Watch out for the auto life insurance
I started an simple ING super account for my 18 year old daughter about a year ago. Even though we specified NO life insurance on the application, but they automatically added it about 6 months in. We only found out 6 months after that when we looked at a statement and saw the life insurance fees being deducted. Agree - completely ridiculous for an 18 yo and very sneakily done. It's now a hassle having it stopped and still pending. Otherwise I would have been very happy with the fund.
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JonsnowSouth East Queensland, QLD
- 13 reviews
OK to get access to high fixed interest but woeful otherwise
Found staff and ING totally inflexible and did not clearly explain ING's own stupid rules. Rolled out of ING to an industry super where the staff seem to give a damn. If you want access to high fixed interest term deposit good but otherwise give them a wide berth
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Tom WaterhouseSydney
No fee Super Fund
I was previously with a major Superannuation fund that were charging me left right and centre on fees.
I looked around for a
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BaconLoverGreater Melbourne (Inner), VIC
- 54 reviews
- Verified customer
Very Confusing. Only If I Had A Chance To 'Undo' The Rollover To Ing
I opened up a new Living super account seeing all the fee free gimmicks but soon realised that nothing is free in this world. The fees for 'managed categories' are fairly high when I compared it with my previous Super. On top of that ING living super's categories are so confusing which has already cost me because I clicked 'Australian Shares' which was managed by ING however I had to click 'Trade Shares' on a lower column in order to manage it myself. Who would have thought there would be a significant difference there. It also takes 5 business...Read more
days (yes!!! 5 business days) to change your investment options!! I used to have that done in one business day or maximum 2 by my previous Super. TBH, I regret the decision. On the positive note, they are not bad on the phone to answer any of the questions you have. Fingers crossed I have a couple of decades to correct the mistakes and hopefully they make the interface bit better to avoid such confusions. Add on: ING super does not allow Dividend Reinvestment Plan on the shares either. So if you want to build wealth, one would have to buy shares again, which will cost $20 or .13% of the trade value too and won't get the normal discount that the companies give for DRPs.
2 comments
Update: I have ditched ING. Not going back there ever again.
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stuckerBrunswick Heads
Sneaky automatic adding of life insurance, otherwise OK
I recently received a letter from ING telling me they will automatically add life insurance to my super account, and I MUST contact them to "opt out". I'm really not happy with that kind of sneaky up-selling. What if that letter went astray, or I didn't comprehend it, or what if I was too busy or had other priorities? ING would just start to deduct $10 a week out of my account. Robbery! Why should I have to contact them to stop them from taking money from me?? Very Bad Form! ING gave me the option of adding life insurance when I opened the account, so if I wanted life insurance I would have got it then. I wanted a "set and forget" account, but you have to be vigilant or they will steal from you.
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J.JenkinsonMelbourne
- 8 reviews
- 11 likes
Okay. Could do better
I had initially opened a Living Super account, due to the flexible product offerings and the ability to invest in shares. The documentation was simple and the process easy. The problems started when i had some issues with a rollover. This was not handled well, and my complaints were drawn out to a lengthy (ongoing) process. The complaints department game the system by waiting the maximum time to respond to complaints - that is 28 days from the initial request, and ING have 90 days to respond. Then if they do not respond they have 45 days to res...Read more
pond to the subsequent follow up. ING Living Super uses these time limits to full advantage - rather than providing timely responses they wait the full length of time to respond. This may have a few complainants drop off in disgust, but does nothing for their image. low cost way to invest in shares through super, simple setup lack of integrity in compaints processSimilar opinion? Write a review on ieatwords.com.au!
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Questions & Answers
Bradasked
Why is ING super going down so rapidly?
I've lost 40% more than what I lost in the GFC.
No answers
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BaconLover
Update: The fee has gone up from $180 per year to $300 per year on top of the trade fee of $20 or .13%. Look elsewhere.