'Absolute discretion': Super fund Hostplus rewrites PDS to suspend cash withdrawals

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.

Easy fix, roll over to another fund.

Dogs!

I would be moving my super

Arseholes

Hostplus move is illegal. That’s our money. Industry fund ads tell us this all the time! IndustrySuper

Um, it's not their money.

WOAH

Is this even legal?

BK6785 Change funds. Cost is negligible.

How wrong is this ..Government needs to take over all funds ..First run the whole super funds and only let the government run it ...Second than the Government can take charge of all money to retirees..real SIMPLE and safe for all

There needs to be a royal commission into industry funds.

Corrupt funds stealing your money !

. It would not be difficult to test in court. It's your money &, if you satisfy Govt legislation on age, etc, you can withdraw. Is the ACTU/ CFMMEU objecting to their slush fund being paid out, under law?

Paul Keating's superannuation system has finally been exposed as the scam it is - legalised theft of YOUR Money.

Government needs to over rule them , its not their money to control

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