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Here is another reason I started my own SMSF, it is o.k for political parties to try and force you into retail or industry funds, but that doesn't make it right. This article shows, it isn't really your money, you just think it is IMO. Well worth reading the whole article IMO.
Maybe a look into the infra structure exposure and why the high exposure, is warranted? Maybe a tip of the iceberg moment unfolding?
https://www.smh.com.au/business/ban...suspend-cash-withdrawals-20200407-p54hqc.html
From the article:
The $44 billion superannuation fund representing the hospitality industry has updated its product disclosure statement to highlight its "absolute discretion" to "suspend or restrict" applications for cash withdrawals, despite defending its ability to pay out the government's emergency early access scheme.
Hostplus has altered a clause in its PDS that will be relevant to a large portion of its members without any warning. Previously, the clause had told members they can switch between investment options and it would be processed within two days. The amended clause reveals the fund has total power to halt payouts at its discretion.
"The trustee may suspend or restrict applications, switches, redemptions and withdrawal requests for all or a particular investment option at its absolute discretion. In such circumstances, transactions may not be processed or may be processed with significant delay," the updated clause on page 62 of the 215 fund's product disclosure document said.
"The trustee may also decide to process a transaction request for a particular type of benefit from a suspended, restricted or closed option on a case by case basis. Any decision about whether to process transactions from such an option will be made in the best interests of investors as a whole.
"All impacted transaction requests will be processed using the effective unit price applicable on the date the suspension is lifted, or the date special approval is granted if earlier."
Hostplus says the trust deed – a legal document setting out the terms and conditions for managing a trust – had always enabled the fund to suspend redemptions.
Hostplus is the industry superannuation fund for employees in hospitality, tourism, recreation and sport. Join now and get super informed.
Maybe a look into the infra structure exposure and why the high exposure, is warranted? Maybe a tip of the iceberg moment unfolding?
https://www.smh.com.au/business/ban...suspend-cash-withdrawals-20200407-p54hqc.html
From the article:
The $44 billion superannuation fund representing the hospitality industry has updated its product disclosure statement to highlight its "absolute discretion" to "suspend or restrict" applications for cash withdrawals, despite defending its ability to pay out the government's emergency early access scheme.
Hostplus has altered a clause in its PDS that will be relevant to a large portion of its members without any warning. Previously, the clause had told members they can switch between investment options and it would be processed within two days. The amended clause reveals the fund has total power to halt payouts at its discretion.
"The trustee may suspend or restrict applications, switches, redemptions and withdrawal requests for all or a particular investment option at its absolute discretion. In such circumstances, transactions may not be processed or may be processed with significant delay," the updated clause on page 62 of the 215 fund's product disclosure document said.
"The trustee may also decide to process a transaction request for a particular type of benefit from a suspended, restricted or closed option on a case by case basis. Any decision about whether to process transactions from such an option will be made in the best interests of investors as a whole.
"All impacted transaction requests will be processed using the effective unit price applicable on the date the suspension is lifted, or the date special approval is granted if earlier."
Hostplus says the trust deed – a legal document setting out the terms and conditions for managing a trust – had always enabled the fund to suspend redemptions.
Hostplus is the industry superannuation fund for employees in hospitality, tourism, recreation and sport. Join now and get super informed.