Colonial Mutual in Australia....anyone had any dealings with them?

[Kenny202]

Currently investigating my options re my Colonial Mutual super fund and its availability to me in the next couple of years.

Have also had dealings with them before with terrible results. Reminds me of trying to make a claim with a dodgy insurance company back in the 80's 90's where they just kept fobbing you and hoped you went away. Apart from the fact their performance has been dreadful last 5 years. They seem like borderline scammers...

 

Anyone else had any dealings with them? I am concerned as at some point in the future I will need to withdraw my funds and don't want to make an in person trip to Australia to do it. Should that become necessary I will not be responsible for my actions. Hard to believe a high profile company could be like this in this day and age with so much potential social media exposure

[Fat is a type of crazy]

I think Colonial Mutual and Colonial First State are related. I had a terrible experience with the latter's non superannuation share fund in the early 2000's. I note Colonial First State has terrible reviews on the Product Review site. But maybe they are not totally the same thing. This site is a good comparison of superannuation performance in Australia comparing fees and returns:

YourSuper comparison tool | Australian Taxation Office (ato.gov.au)

 

I have found the industry super funds to do good e.g. Australian Super. 

[Kenny202]

7 minutes ago, Fat is a type of crazy said:

I think Colonial Mutual and Colonial First State are related. I had a terrible experience with the latter's non superannuation share fund in the early 2000's. I note Colonial First State has terrible reviews on the Product Review site. But maybe they are not totally the same thing. This site is a good comparison of superannuation performance in Australia comparing fees and returns:

YourSuper comparison tool | Australian Taxation Office (ato.gov.au)

 

I have found the industry super funds to do good e.g. Australian Super. 

Just checked mate it is actually Colonial First State. Did you withdraw any funds while you were overseas? I wonder if it's difficult to join with another super fund and let them do the transfer etc? I am guessing probably not. And then at a later date either withdraw from them or roll it over or have a look at my options. That's the next step don't have a clue what to do with my super re investing it or doing a draw down once I am eligible to receive it and I am guessing getting any advice in this area from CFS would be a joke

[ubonjoe]

Moved to here.

[Fat is a type of crazy]

46 minutes ago, Kenny202 said:

Just checked mate it is actually Colonial First State. Did you withdraw any funds while you were overseas? I wonder if it's difficult to join with another super fund and let them do the transfer etc? I am guessing probably not. And then at a later date either withdraw from them or roll it over or have a look at my options. That's the next step don't have a clue what to do with my super re investing it or doing a draw down once I am eligible to receive it and I am guessing getting any advice in this area from CFS would be a joke

If you google changing super funds in Australia it looks like it is pretty straight forward. I think the Government have made it easier so you can put it all in one fund. If you pick one and then look at their site or give them a call I'm sure they'll be happy to assist. 
 

I am still working in Australia. I need to work it out too in terms of getting it out. I know that if you wait till 60, assuming you are a resident, the tax is much better if you take it as an income stream. Given Colonial First State is big and supposedly respectable you might get lucky to find someone good to help with that sort of stuff before you go elsewhere. 

[Kenny202]

Just now, Fat is a type of crazy said:

If you google changing super funds in Australia it looks like it is pretty straight forward. I think the Government have made it easier so you can put it all in one fund. If you pick one and then look at their site or give them a call I'm sure they'll be happy to assist. 
 

I am still working in Australia. I need to work it out too in terms of getting it out. I know that if you wait till 60, assuming you are a resident, the tax is much better if you take it as an income stream. Given Colonial First State is big and supposedly respectable you might get lucky to find someone good to help with that sort of stuff before you go elsewhere. 

Nah they are dreadful really and bad reviews all over the net. I have contacted Australian Super already ask them if I can authorize them to transfer my funds to their fund. I did that a few years ago was pretty easy hope its still the same. Also asked them if someone can contact me re options for the future. I did ask Colonial about that a couple of years ago and they told me that I should contact my own financial adviser

[LosLobo]

7 hours ago, Kenny202 said:

Nah they are dreadful really and bad reviews all over the net. I have contacted Australian Super already ask them if I can authorize them to transfer my funds to their fund. I did that a few years ago was pretty easy hope its still the same. Also asked them if someone can contact me re options for the future. I did ask Colonial about that a couple of years ago and they told me that I should contact my own financial adviser

Over the past five years I went from Mercer to Rest and then AustralianSuper. AustralianSuper's online system is great, you can move your funds between investments In almost real time.