Media reports published earlier this morning concerning Hostplus are misinformed and contain a number of incorrect statements.
Hostplus recently updated its PDSs in accordance with our program. This ensures
alignment and uniformity (where appropriate) between Hostplus’ core disclosure documents.
Hostplus confirms that no amendment to the governing rules of the product has been made.
Alongside other prudent superannuation funds the Hostplus’ Trust Deed prudently (like others) empowers its Trustee with a broad discretion to suspend or delay unit pricing in extraordinary situations to ensure equity, fairness and balance in investment pricing and transactions in the best interests of all members.
In Hostplus’ case, this trustee power is not new. It is not unique. It is not exceptional. As part of its recent update, Hostplus highlighted elements of the Fund’s long-standing governing rules and discretions as these relate to investment pricing and transactions.
These are challenging times for our members. Misinformed media speculation unnecessarily concerns our members and it is both regrettable and misplaced.
The Fund remains committed to supporting the Federal Government’s Policy to allow members to access up to a total of $20,000 from their superannuation accounts over the course of the current and next financial year, to assist them through the current crisis and has ample liquidity available to support members undergoing financial hardship.
Please quote a Hostplus spokesman.
