I’ve been with them for 24 years on their Accumulation 2 scheme.
I can only say I’ve always been met with courtesy and helpfulness whenever I’ve spoken to any of their staff and their seminars are good. However, that glossy, smiling interface hides a moderately performing fund that offers limited transparency.
Since 2012, my account has returned maybe 5%ish on average. Last year 3.1% and I was $30K down at one point.
This year it performed well in bonds and listed property for two months but now it’s rapidly heading back to zero return and ma...Read moreybe worse. That’s scary as you near retirement.
They have many investment choices. Basically the higher returns are attractive but risky and its far too easy to lose very large amounts of money very quickly.
They tell you, you have to ride the markets and be in it for the long term and flash up graphs that show fantastic returns in some investment choices. It’s easy to do that with hindsight of course and they make it very clear that previous performance is no guarantee of future returns.
Super Investment Options Explained - Rask Finance - [HD]
I can vouch for that! Even in the so-called ‘defensive assets,’ like Australian government bonds, you can lose massive amounts.
As you near retirement, you need a little more certainty.
Last time I spoke to them, they said I should consider putting it all in cash. Their cash returns are woeful, worse than some banks are offering in savings accounts and term deposits, even after superannuation tax savings, but I guess the point is at least Unisuper can’t lose any more for me!