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TelAU
- 4 reviews
- 1 like
Getting a payout is difficult and unbelievably slow
My wife had contributed to legalsuper for some 15 years
7 months after she died legalsuper has still not settled my claim.
From the beginning there has been a lengthy and difficult process to reach the conclusion that what the will said and the what the super account said should be applied. ie that all the benefits should pass to me.
Then a 28 day delay in case anyone objected. Then another 5 days just in case of god knows what.
Then a week to get the first smaller cheque to me. Another week and the second cheque has still not arrived.
In all they have been unbelievably slow and inefficient.
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HGSydney, NSW
- 9 reviews
- 5 likes
Deducted Income protection Insurance fees when I was unemployed
I had signed for income protection insurance through Legal Super, which was my default super for 8 years. After I resigned from my job, Legal Super kept deducting income protection premiums from my super even thought they knew that the policy does NOT cover my situation.
I found out about this a few months later when I was getting things in order after I called them and asked I was still being covered. Immediately after I found out that I am no longer covered, I explicitly asked them to stop deducting insurance premiums from my super. To this date, 3 months after my request, that has not been done, and I am still paying premiums for the insurance that is of no value for me.
If this is not white collar crime, then what is it?
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Just try to get your super benefit out of Legalsuper
I am retired, with a small balance of funds remaining in Legalsuper. To close the account I priority posted to Legalsuper a Benefit Payment Request with the required ID (must be posted, not faxed, scanned or emailed).
One week after posting I enquired about progress with the payout. The fund could not confirm receipt of my payment request. As I need the money to complete a car purchase within days, I was concerned that the mail had not arrived. On phoning Legalsuper again today, it seems there is no way that the fund can tell me if my request...Read more
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Find out how Legalsuper compares to other Industry Super Funds
Know better, choose better.
Julie C
- 2 reviews
Other super funds don't do this...
After many years of having a superannuation fund with Legalsuper, I arranged a transfer to the same super fund as my husband. In doing this I eventually discovered if there are any "straggler" employer payments still in the pipeline then, even though Legalsuper know that an account has been closed, they immediately open a brand new account again in your name for that straggler payment. Why not a quick phone call to their former member to sort it out? Or rejecting and returning that payment to the employer as many other funds do? Not Legalsup...Read more
er - they are happy to charge a $50 fee each time an account is closed. In my case, I am up to the third lot of $50 ransom, despite contacting them several times well before this. The first $50 I accept. The 2nd & 3rd $50 is unacceptable. Legalsuper has a mantra of excuses as to why they do this which is not the case with other super funds. Looks like I may have paid a heavy price in fees with them in all these years. Beware!
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blueferrariSydney, NSW
- 12 reviews
- 1 like
Fees before you even have money in the account!
Shortly after starting a new role at a law firm, after spending significant time with accounting firms I thought I would consider rolling over my super to this account. I opened an account and left it to decide at a later date. It was a hard decision, but when I finally got time to roll over my previous fund I realised I was charged a weekly fee for over 8 months, just to open the account! It took so long as I didn't find them too helpful at the beginning when asking advice - should have listened to my instincts. In my view, this is unethical and petty, as there is no notification to advise of the fees when joining - very sneaky. Now looking for a new fund.
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bakerlogSydney
Great Direct Investment Option for buying shares
I'm not one to usually write online reviews (first ever), but I do generally rely on them when judging a product so thought I would return the favour since I couldn't find any detailed reviews before signing up. After hunting around for a super fund that allows direct investment in shares and ETFs I decided to give legalsuper a turn (allows investment in ASX 300) after reading some terrible reviews about AustralianSuper and CareSuper.
I begun by sending an email asking some technical questions regarding the Direct Investment Option (DIO) - s...Read more
uch as whether they allowed limit orders and the structure of the fees. I was surprised by the quick and personalised response - not usually seen in the bigger super funds where you get generic responses. They also offered and organised a suitable time to discuss my questions in more detail on the phone. From my experience their customer service staff are well trained, knowledgeable and could answer every question I asked. After this experience I was confident transferring my super into legalsuper and I am very happy with my decision. Once the money was transferred into legalsuper I then transferred the maximum amount allowed into the DIO (95% of total fund or $3k minimum left in main option).I placed a number of orders today which have already been executed, others are still on the market as the limit orders have not filled. The trading platform is very easy to use, flexible and satisfying. It provides current quotes, allows you to see the status of your orders and cancel them if necessary. It also provides profit/less data and allows you to sign up for DRPs. Any dividends and franking credits are added to a separate cash account that must be maintained at a $500 minimum. This cash account is used to purchase shares/ETFs and is where your $20 monthly fee is deducted. UPDATE: I am no longer with legal super (transferred most to SMSF), however the fund roll over process was very smooth and they even did an ETF straight into my SMSF account which was very convenient. Direct Investment Option - easy to use platform with all the functionality you would expect/need For some reason my employer and legalsuper had trouble setting up a salary sacrifice as a secondary super fund. So I had to change legalsuper to my employer sponsored fund. Also, you are required to hold 20% in cash in the DIO option which can be invested in term deposits, but I feel that is a lot of unused capital and would rather it was more like 5% which would allow me to invest 95% in shares.Similar opinion? Write a review on ieatwords.com.au!
jcmc8Perth
- 7 reviews
- 14 likes
great fund once it's up & running
My husband and I have recently transferred from a SMSF into legalsuper.
The legalsuper office staff are very helpful and friendly but getting through to their insurance staff can be a bit frustrating at times, depending on when you ring. However, on the whole, the transfer process has been very easy.
The investment options are limited by comparison with some of the larger funds, but legalsuper will let you customise your own stock market investments if that floats your boat.
Life & TPD insurance rates are spectacularly good - a major...Read more
reason why we moved to legalsuper combined with the hassle of running a SMSF. After reading some of the horror stories posted on Product Review from traumatised investors regarding the apathetic and dodgy service received from many other super funds, we have been very happy so far with legalsuper. great insurance rates and attentive, reliable service from staffSimilar opinion? Write a review on ieatwords.com.au!
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