20k QFF Points for joining Australian Super

[Leroy87]

Just got notice of this: Qantas

20k points on offer for contributing $350 to a new super account within 6 months - points to credit 2-3 months after the threshold has been met.

I can't see in the Ts&Cs whether it can be an employer contribution or is required to be an after tax contribution but either way, if you're not a member seems a pretty easy way to score some cheap points: put the money in and then move it your main super account once the bonus credits.

 

[serfty]

I read somewhere that "exit fees" were going the way of the dodo. Did that happen?

 

[Leroy87]

I read somewhere that "exit fees" were going the way of the dodo. Did that happen?

From what I can read from here, it would be $35.

Superannuation Fees & Costs | AustralianSuper

I think the legislation to remove exit fees takes effect in July 2019, so you could wait and avoid the fee.

 

[NoName]

Sign me up!

 

[Dr Ralph]

Offer opened today. Strongly suggest you check out the full terms before signing up. Just some of the things I noticed that you should be aware of:

'New members who join AustralianSuper (the Fund) during the period of 29 January 2019 to 5 May 2019 (inclusive) will receive 20,000 Bonus Qantas Points, subject to satisfying these Terms and Conditions.'

'This offer is available only to Qantas Frequent Flyer members who join AustralianSuper for the first time'

'To be eligible for this offer, you must join AustralianSuper via this page before 5 May 2019 and contribute at least $350 within the first six months. If you join through another channel you won’t be eligible for this offer. '

'Bonus Qantas Points will be provided as a one-off allocation approximately 2–3 months after the $350 contribution threshold is met (see condition 2(c)). AustralianSuper will not notify new members once the Bonus Qantas Points have been allocated. New members should contact AustralianSuper if they are concerned that their Bonus Qantas Points have not been appropriately allocated. '

'If for any reason this offer is not capable of running as planned, AustralianSuper reserves the right in its sole discretion to cancel, terminate, modify or suspend this offer.'

Qantas

points to credit 2-3 months after the threshold has been met.

Not quite. Note it states:

'approximately 2-3 months'

 

[RooFlyer]

OK, I signed up; been looking at Aust Super as an option for a personal account. Will try 'em to see how they look.

The link supplied in the joining e-mail failed, and the on-line route failed, so I called the number supplied.

Oh. My. God.

The poor chap in the call centre is truly clueless; I know its impolitic to say that these days, but its the case IMHO. For instance, he first told me I had to wait 24 hours (link says must be used within 24 hours). Then told be to re-use the link (even though it it says it can only be used once). Then about 3 other things, all of which were spurious. Then it was a pop up problem. Then a browser problem.

I eventually got him to escalate, so now he's slowly typing an e-mail to someone. He read it back - completely wrong! And wrong the second time. And wrong the third time. So we compromised that someone from IT will call me 'maybe within 24 hours'.

I think I'll HUCA.

Edit: the menus and messages when you call are really painful.

 

[Dr Ralph]

OK, I signed up; been looking at Aust Super as an option for a personal account. Will try 'em to see how they look.

The link supplied in the joining e-mail failed, and the on-line route failed, so I called the number supplied.

Oh. My. God.

The poor chap in the call centre is truly clueless; I know its impolitic to say that these days, but its the case IMHO. For instance, he first told me I had to wait 24 hours (link says must be used within 24 hours). Then told be to re-use the link (even though it it says it can only be used once). Then about 3 other things, all of which were spurious. Then it was a pop up problem. Then a browser problem.

I eventually got him to escalate, so now he's slowly typing an e-mail to someone. He read it back - completely wrong! And wrong the second time. And wrong the third time. So we compromised that someone from IT will call me 'maybe within 24 hours'.

I think I'll HUCA.

Edit: the menus and messages when you call are really painful.

BEWARE: Nice escape clause that I couldn't have drafted better myself:

'If for any reason this offer is not capable of running as planned, AustralianSuper reserves the right in its sole discretion to cancel, terminate, modify or suspend this offer.'

 

[RooFlyer]

BEWARE: Nice escape clause that I couldn't have drafted better myself:

'If for any reason this offer is not capable of running as planned, AustralianSuper reserves the right in its sole discretion to cancel, terminate, modify or suspend this offer.'

Well, yeah, not worried about that. The points will be a bonus for an option I was looking to investigate anyway. I wouldn't open a super account just to get points! Same as I'm not changing health funds just to get points.

My second call. Definitely better - although the auto menu offered to call me back as the wait time was between 1 and 2 minutes! To NOT be called back, you had to progress a couple more steps in the menu.

The operator was able to progress me a bit, but we came to a halt when the system didn't recognise my account "because its less than 24 hours" - notwithstanding the link was only to be used within 24 hours.

Anyway, that's enough time for today. Will try again tomorrow.

 

[Dr Ralph]

I wouldn't open a super account just to get points!

I would and will likely go ahead with this offer.

Can easily put the $350 in and then close account and transfer to my regular super account.

Fees are the only issue. Haven't done the exact calculations just yet, but looks to be around $60 as a total cost.

 

[Pushka]

Well, yeah, not worried about that. The points will be a bonus for an option I was looking to investigate anyway. I wouldn't open a super account just to get points! Same as I'm not changing health funds just to get points.

My second call. Definitely better - although the auto menu offered to call me back as the wait time was between 1 and 2 minutes! To NOT be called back, you had to progress a couple more steps in the menu.

The operator was able to progress me a bit, but we came to a halt when the system didn't recognise my account "because its less than 24 hours" - notwithstanding the link was only to be used within 24 hours.

Anyway, that's enough time for today. Will try again tomorrow.

I think there is something in that 24 hour thing. We experienced similar with HESTA.

It surprises me that Super Funds can make this offer legally because with SMSF at least, you can’t be seen to be making a ‘personal benefit’ from your super. But hey ho, we know who runs these super funds don’t we.

 

[get me outta here]

As Aussie Super is one of the better ones not behaving as badly as the banks, if this link can be made to work, for those with no current super fund or intending to move to Aus Super, it would be a reasonable deal.

 

[Pushka]

As Aussie Super is one of the better ones not behaving as badly as the banks, if this link can be made to work, for those with no current super fund or intending to move to Aus Super, it would be a reasonable deal.

The Industry funds are good performers. And with potential change of government are well placed.

 

[woodborer]

I know how the 20,000 points is being paid for. LOL

From 30 March 2019, the Administration fee will increase from $1.50 to $2.25 per week which is an additional $39 per year.

 

[HTG2016]

I am able to sign up online via the link . Thanks OP

 

[JohnK]

I got the email as well. Sign up and transfer AMP funds would be classed as s deposit?

I know how the 20,000 points is being paid for. LOL

From 30 March 2019, the Administration fee will increase from $1.50 to $2.25 per week which is an additional $39 per year.

So the $350 would be gone in 3 years?

 

[get me outta here]

Making a deposit into super will have earnings on that money. Best for you to do sums and work out what the investment returns would be on your deposit. The money would only be zeroed out if you made zero on your investments, which is very hard to ‘achieve’. You can see the returns easily on their website.

Ausuper has done quite well whichever govt is in power.

I got the email as well. Sign up and transfer AMP funds would be classed as s deposit?


So the $350 would be gone in 3 years?

 

[GSP]

Yes as get me outta here mentions the fees need to be offset against capital growth of the units purchased and conversely could be capital loss on top of the fees. Little more risky in these volatile times, although can be mitigated into the most conservative option (Stable), it would have been a bummer to take up this offer in September just been on a balanced or more aggressive options.

 

[serfty]

Ok, the legislation is pending senate approval.

So, does this superannuation product have exit fees?

 

[Pushka]

Ok, the legislation is pending senate approval.

So, does this superannuation product have exit fees?

Are you feeling ok?

 

[get me outta here]

I think JohnK said he is a gambler, so bu**er the expense, go for ‘high growth’.

Yes as get me outta here mentions the fees need to be offset against capital growth of the units purchased and conversely could be capital loss on top of the fees. Little more risky in these volatile times, although can be mitigated into the most conservative option (Stable), it would have been a bummer to take up this offer in September just been on a balanced or more aggressive options.