Thursday, August 09, 2007

A warning to be heeded

Please do not make the same mistake that I made. By default I opened an ING Superannuation account, via my old employer, and I recently tried to transfer my accrued super to my Virgin Super account.

I filled out all the forms, crossed my Ts, dotted my Is - Signed, sealed and delivered. For those who haven't transferred money between super funds before, the forms require the membership number of your old fund. This is relevant (see below).

My other superannuation accounts all transferred the money with no argument. ING, however, sent me a letter stating they were waiting on confirmation from my old employer that they weren't going to make any more contributions. OK, fair enough (thought I, oh so naively).

Well today I got another letter:

Dear Ms [my name],
Just because you have left your previous employer ... does not mean you need to change your superannuation fund.
[blah blah blah]
We are pleased to advise you that we have transferred [enter substantial amount of money here] to Integra Super Personal. Your new member number is xxxx1234567890xxxx. Please quote this number on all future correspondence.
Etc.

So not only did they blatantly ignore my request to transfer my money to Virgin, but they sabotaged my entire request by giving me a new member number.

The worst part is yet to come. They actually CHARGED me a transfer fee plus management fees for their completely criminal act.

So my warning is quite significant. Whatever you do, do not put your money anywhere near ING or you'll never see it again, minus all their fees. They have stolen my super and I'm not sure what approach to take, but I'm not going to bend over and make it easy for them to [you know what].

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