Hostplus has, without warning, altered a clause in its PDS that will be relevant to a large portion of its members. The amended clause reveals the fund has total power to halt payouts at its discretion.
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.
"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.
A Hostplus spokesman said the changes to the PDS were made after a scheduled review designed to bring the existing powers to "suspend withdrawals" and "freeze investment options" to the fore.
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