11th Oct 2018
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Biggest super fund may block withdrawal of savings
Author: Olga Galacho
fund may withhold savings

In a first for an industry superannuation fund, AustralianSuper is threatening to tweak the rules to stop members from withdrawing their savings from certain asset classes.

Fears of a plunge in commercial property values, here and abroad, prompted the nation’s largest super fund to consider the defensive action in a bid to protect itself from any possible crash.

In addition, AustralianSuper will no longer allow members to invest more than 70 per cent of their savings in its property options from 19 November.

The $140 billion fund has $1.7 billion of its members’ retirement savings invested in property.

Some 40,000 members flocked to move their savings into the fund’s property option over the past couple of years as capital values climbed strongly.

However, rising global interest rates, a tightening credit squeeze, and the likely economic shocks of the planned Brexit have pundits predicting that the value of commercial buildings will plummet at some point.

The Australian reported the fund would also block savings from being switched out of property options and stop any new contributions into the option for up to two years “in exceptional circumstances in response to a market stress event”.

During a freeze, investors will not be able to transfer their balance, make lump-sum withdrawals or receive an income from funds invested in the property option, the newspaper reported.

AustralianSuper group executive Paul Schroder said the changes were being made to “manage risk and protect all members’ interests” after consulting members.

“This is a prudent step designed to ensure all members can continue to exercise investment choice over the long term and in all market conditions,” Mr Schroder said.

“The fund is committed to the property option, but these changes were necessary to ensure other members are not disadvantaged in the event of a significant property market correction in the future.”

In a policy update, the super fund’s members were told: “Direct property assets can’t be easily bought and sold at short notice. If the market experiences a stress event, which causes lots of investors to sell property assets at the same time, or makes it more difficult for investors to finance transactions, we may not be able to find willing buyers at reasonable prices. Having the ability to freeze the option provides a safeguard by allowing some time for the market to recover before selling property assets.”

Did you move your savings or investments into property assets to take advantage of growing capital values? Are you likely to be affected by AustralianSuper’s rule change?

How does your super affect your overall retirement income? The RetirePlanner™ tool has all the information you need.

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    COMMENTS

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    Not a Bludger
    11th Oct 2018
    10:26am
    Appalling - no more and no less than union thug boss directors of this fund trying to protect themselves from the consequences of their poor investment decisions with other peoples money.
    If I were in an industry fund I would be getting my super money out pronto.
    Cowboy Jim
    11th Oct 2018
    10:59am
    Cashed out my super at age 65. Lost quite a bit of it during GFC, never wanted to go thru that one again. That property is over priced we have known for a few years now and a correction has to come. Just wonder though why credit card interest is stuck at about 20%; mine at least is.
    johnp
    11th Oct 2018
    11:21am
    The reason credit card interest is high is simply because they can !! The banks that is !!
    ozrog
    11th Oct 2018
    11:26am
    Better than a bank super fund. The property market on the east coast is way over priced and due for a crash. Just make sure you've not invested heavily in property.
    Grateful
    11th Oct 2018
    11:35am
    Cowboy Jim. Your credit card interest is high because YOU use it!!! Blame yourself.
    Get a Debit Card and only spend what you can afford.
    Or, on urgent bigger items, get a personal loan at less than half of the credit card interest rate as a last resort.
    KSS
    11th Oct 2018
    12:30pm
    Pay the credit card in full each month and it doesn't matter what the interest rate is!
    Cowboy Jim
    11th Oct 2018
    12:41pm
    I do pay the card off every month most of the time. Do have a debit card but that is not enough for a hotel booking for instance or to get a car for hire. You have to show a credit card and later when you bring the car back they let you pay with debit card.
    There might be cards around that work both way.
    Old Geezer
    11th Oct 2018
    2:15pm
    Credit cards are awesome when you treat them like your slaves not your master. I get lots of points, free travel insurance and a flight every year somewhere for free. Cash is a big pain and with credit cards I have no need for cash either. They certainly come into their own overseas especially the ones without fees and good conversion rates.
    Old Geezer
    11th Oct 2018
    2:17pm
    Just in case you missed it those of you who don't pay your credit card off in full by the due date there are changes to how interest is calculated from January 1 too.
    Rod63
    11th Oct 2018
    3:37pm
    That's rubbish Not a Bludger. This is a sensible prudent move. Industry funds are much better than for profit funds.

    Your "union thug boss directors" is a shocking comment. In any case, the directors don't make the investment decisions.
    Grateful
    11th Oct 2018
    7:09pm
    Cowboy Jim. Check out Old Geezer's reply and see why you are paying 20%.
    Old Geezer
    11th Oct 2018
    8:38pm
    Agree Grateful if you wish to borrow money don't use a credit card. I have a line of credit at 3.95%pa interest.
    MICK
    11th Oct 2018
    9:56pm
    AUSTRALIAN SUPER? Is that a Retail Fund?
    What can I say and we we go again.................
    olbaid
    11th Oct 2018
    10:04pm
    HAHAHAHA Mick - its industry

    yes here we go again indeed . Industry fund thieves
    Rae
    12th Oct 2018
    8:18am
    Ian Silk could in no way be considered a "Union boss".

    AustralianSuoer is a major default Industry Fund with around 10% of all superannuation investors.

    The Board are mainly Financial people and I haven't checked but they don't appear unionised.

    Queensland Motorways is the subsidiary.

    Just because a fund is Industry and Not for profit doesn't mean it's a union controlled entity.
    It just means there are no private owners or shareholders wanting some of the profits so all can be directed back to members after costs.

    Costs apparently are minimal which would make a huge difference at the end of the saving decades.

    The CEO Silk is worried for his members who have jumped on the property bandwagon when greed was at it's highest. It is the problem with Markets really. Too many jumping in at the top and losing out when the smart money take profits as fundamentals scream sell. Then those same punters panic and sell into the fall whining about losing money with no idea of what they are doing.

    Silk is valiantly trying to save them from their own greed and fear.
    Old Geezer
    14th Oct 2018
    3:19pm
    AustralianSuper is the largest Australian superannuation and pension fund, with roughly 1 in 10 Australian workers as members. AustralianSuper is an industry superannuation fund run only to profit members. AustralianSuper has a MySuper authority, meaning it can accept default contributions from an employer on behalf of employees who have not nominated a superannuation fund. It is owned by the Australian Council of Trade Unions and employer peak body the Australian Industry Group.
    Rae
    15th Oct 2018
    8:52am
    Interesting OG. Nothing about the ACTU or AIG in the info I read. Sounds like a balance though.
    Old Man
    11th Oct 2018
    10:41am
    Members in a super fund trust the fund managers to make prudent investments and keep abreast of the markets. This, in the past, has always been done on the broad scale and not in a particular sense affecting individual members. I'm not sure what Schroder is trying to prove but it may just be an attempt to gain a bit of publicity for his fund because his fund managers would be making decisions each and every day to protect the fund from excessive market fluctuations.
    Rae
    11th Oct 2018
    11:47am
    How do you protect fund members who insist on all their money being in either property or fixed interest(debt) because they wrongly think that is safer somehow?

    Most even believe the fixed interest is like a deposit account for goodness sake during the Biggest Bond Bubble ever seen.
    Old Man
    11th Oct 2018
    12:11pm
    Rae, the short answer is "You don't". My experience with super funds is that all of the risks are explained and it's then up to the member to make their choice. It's the responsibility of the fund managers to protect the fund, not to protect individual members who choose to ignore the advisers.
    Rae
    11th Oct 2018
    2:37pm
    Yes you are right Old Man but I can't see "fixed Interest " or REITS explained carefully enough with warnings about the risk of Capital Loss.

    People panicked in a fall and bail out at the worst time actually capitalising losses and then blame the Markets.

    I took a heap of profits late last year and am willing to run the gauntlet during the coming corrections. It won't be pretty but it's long overdue.

    There may even be bargains to collect along the way for the nimble.
    Old Geezer
    11th Oct 2018
    2:49pm
    Agree Rae I have more cash than I have ever had as I too have been taking a lot of profits of late. I am happy to hold what I now have.

    Yes no doubt I will collect some bargains along the way too.

    I actually like days like this as it shows where the strong shares are and many today in the green have been weak of late too.
    Chris B T
    11th Oct 2018
    4:17pm
    Superannuation Funds Industry or Commercial don't take any Risks as fees etc are still paid if fund preforms well or not.
    Both offer a method of earnings than you take all the RISK's.
    Me after the GFC I lost all trust in Superannuation Funds and with drawn all funds and I invest where and how I Please. Nothing new here as all the Risk's before were mine, just I control the Risk's without the fees.
    {;-(0)
    Old Geezer
    11th Oct 2018
    8:41pm
    I can never get my head around why people buy bargains everywhere except where they can actually make money where they buy assets at a premium and sell in a fire sale. Reverse your thinking and you will be far better off.
    olbaid
    11th Oct 2018
    8:58pm
    Yes OG - just dumped a few more K's into Aussie shares this morning. Dollar cost averaging

    Fully imputed dividend shares as well - sorry Robert
    MICK
    11th Oct 2018
    9:58pm
    Bla bla bla..... Everything other than discussion of a Retail Super Fund doing business and doing what Industry Funds are not doing.
    Australians in an Industry Fund know they have made the right choice and being blocked from withdrawing your money is the clear sign of the big end of town playing with YOUR money.
    Rae
    12th Oct 2018
    8:24am
    It's an Industry Fund MICK. Not for Profit but not allied to any union. Not sure of board composition. May be Members reps.

    Not all Industry Funds have union or member reps.

    All Funds should have member reps in my opinion simply to keep the foxes in control.
    TREBOR
    13th Oct 2018
    8:31am
    Not relevant to any issue of DI, diablo - unless you are getting an unfair tax advantage out of it.. DI is not supposed to be giving you a free handout - it is merely a company paying some of your tax - part of your gross income, in advance and should properly be treated as such.

    On that simple basis - it should be abolished entirely so as to ensure all pay their own taxes in full. However, since it is advertised as 'tax effective' it is a rort and simply cannot be currently properly dealt with by the ATO, probably on orders from political types who benefit from it- and like trust funds, would not be in use unless it gave an unwarranted advantage to some, but primarily to the major shareholders, unlike you dreamers at the bottom who pick of a few cents here and there....

    Simple, really.
    Grateful
    11th Oct 2018
    11:31am
    Just further evidence why superannuation funds should be managed by the government through something like the Future Fund. Superannuation is specifically designed for retirement and should not be a toy to be played with on speculative products such as property and equities.
    Just today we see the Dow Jones drop by 1,000 points at one stage and the ASX is continuing on a downward trend wiping out "gains" over the last year. What if someone retires today or tomorrow, compared to a few months ago? Now TIMING of your retirement is also a gamble
    Gamble upon gamble upon gamble. Is that what they designed superannuation for and to make it worse the government uses taxpayer money to subsidize all of that gambling!! It is crazy and grossly irresponsible of contributors into such funds and the very government that subsidizes them.
    When will they ever learn?? They won't and we all know why!!!
    Rae
    11th Oct 2018
    11:54am
    A sensible person retiring today would hold a few years income in cash and let the correction just get on correcting. All investment is speculation at some point. Setting up a tax minimising saving vehicle based on diversified assets isn't a bad idea but then letting the punters loose to "choose" nutty options like 70% property or all fixed interest is decidedly odd.

    Properly invested Capital is not gambling. It's when those who think it is starts acting like it is that everything goes wrong for a while. The Markets will always eventually correct to mean. It's what they do.

    They designed Superannuation because Keating was a neo-liberal economist but what we have now is nothing at all like the system he put in place.
    Adrianus
    11th Oct 2018
    12:39pm
    Keating didn't design Superannuation. It was going many decades before super contributions were written into awards.
    Cowboy Jim
    11th Oct 2018
    12:46pm
    Superannuation was available for employees of larger companies, mine was a publishing firm, and Government employees. In my case it was compulsory after 6 months employment. At the end of your work you could take the lot out at 65 years of age, pay off your debts and get the age pension (no means test then).
    Old Geezer
    11th Oct 2018
    2:12pm
    1000 points today is nothing as it's only about 3%.

    No bargains yet.
    TREBOR
    13th Oct 2018
    8:32am
    Agreed apart from 'handled by the government' ... allow that and they will see it as just another potential slush fund for their every wet dream of an idea... just as they did with the original pension scheme funded out of personal income tax.

    NEVER let the government near your money.
    Rae
    11th Oct 2018
    11:39am
    Gosh No. Property booms and busts are the easiest way to lose capital and end up with no income that I know of.
    Rae
    11th Oct 2018
    11:43am
    The Fund should never have allowed more than around 10% of total investment to be put into a property fund in a boom.

    Surely with all the fees paid a few analysts should be available to ensure risks are contained.

    Besides the very worst time to sell is during the crash. You simply lock in the Capital loss.

    All the fees and charges should ensure both capital and income protection is available.
    Adrianus
    11th Oct 2018
    12:33pm
    I see, it appears that the attack on retail funds is not working for some reason?
    olbaid
    11th Oct 2018
    12:40pm
    Hahaha - only an industry fund run by communist union thugs would contemplate such draconian measures
    They sold their members anything to make money - now they want to hide losses and continue to milk members fees by not allowing withdrawals
    Bring back the Royal commission to investigate these frauds
    MICK
    11th Oct 2018
    10:01pm
    AUSTRALIAN SUPER is a Retail Fund. That's why it is stopping people from accessing THEIR money.
    I'd love to see a RC into superannuation companies. It would have the same results as the big banks and Retail Funds would be exposed.
    As normal olbiad/OG or whoever you are the truth is not palatable for you. That's why you have no credibility.
    TREBOR
    13th Oct 2018
    8:35am
    You're bleating rabidly without foundation, diablo... 'communist union thugs' ROFLMAO... you're utterly paranoid... and no 'losses' there yet - just a move to preclude some down the track ....

    My god, man - you're good for a laugh.... your sit-down comedy routine should be marketed...
    KSS
    11th Oct 2018
    12:50pm
    Isn't this what diversity in investment is meant to deal with?

    If people chose to put most of their money in a single asset (whether property of any kind, domestic or international shares, vintage cars etc etc etc) well that's their decision. But they cannot then whinge when the market changes and the value goes down on that particular asset and they lose out. Who are they going to blame?

    Still it is only a loss if you liquidate the asset. It is concerning that the superfund intends to 'protect investors from themselves' buy denying access to their investment for up to two years. Someone in their 30s can ride that out and in fact probably wouldn't notice. A retiree may not be able to live on the remaining 30% of the asset for that length of time and yet would be stopped from selling even part of the the other 70%. What then?

    And what of others who invest by the maxim, "buy low sell high"? A collapse in commercial property values would only be temporary (as all crashes are) and in fact provides opportunities for those with other funds to invest which they will also be denied.

    Lose, lose, lose it seems to me. And it's NOT Australian Super's money in the first place!
    Rae
    11th Oct 2018
    2:44pm
    I doubt a Government pension would be available either as the asset would still exist but not be accessible . Sounds dodgy.

    There has been talk about the APRA Bail In applying to cash holdings in Super and SMSF too as well as bank deposits. OG hates cash but I'd be taking note of this risk, slight as it may be it's quite real.

    KSS historically property price collapses can go on for decades. Far longer than most retirees can wait I expect.
    Old Geezer
    11th Oct 2018
    2:54pm
    Rae the problem is that if they take peoples cash then many will qualify for the old age pension which will be a real burden on the country.
    Rae
    11th Oct 2018
    4:38pm
    Yes OG. It's just the wording of the Legislation is unsettling especially after Cyprus and Greece.
    Old Geezer
    11th Oct 2018
    8:49pm
    Know what you mean Rae. I was handed a disclaimer just before I was due to ride in a horse drawn wagon while in Canada recently. I read it and refused to sign it as it said that if the horse did something stupid I was going to be held responsible. I was told that if I didn't sign it that I was not allowed on the wagon. I said no way and asked to be taken back to the hotel. No I didn't get a refund but made it quite clear that the tour guide was irresponsible in handing out such forms at the last minute and just expecting people to sign without even reading them.
    Rae
    12th Oct 2018
    8:30am
    You have to be careful OG. I always read the disclaimers and mostly comply especially for wilderness adventure activities, absailing etc where I'm a bit in control. No way would I have guaranteed the behaviour of an unknown horse either.

    Usually the disclaimed merely states you are aware of the danger of the activity and the fact you could be injured or killed. To expect responsibility for anything is a bridge too far. I will be reading these much more carefully in future. Thank you.
    olbaid
    11th Oct 2018
    12:58pm
    Oopsie - looks like massive negative returns for all industry funds this year

    Modest Self funded retirees without a passive income stream outside supper are going to take a pretty bad hit

    Those on pension welfare need not worry - they get the same income and more with indexation no matter what thhe property or share market does or how bad the economy is
    Old Geezer
    11th Oct 2018
    2:08pm
    Yes it's great but it hasn't reached the price I want to pay as yet.
    olbaid
    11th Oct 2018
    2:21pm
    Some stocks looking good
    NAB for eg 11% gross dividend yield and 30% off 52 week high
    Shhhh - don’t tell Trebor . He’ll get his knickers in a twist re franking credits again
    Old Geezer
    11th Oct 2018
    2:25pm
    AMP is green too. Interesting. They are only 50% franked so Trebor will only gets his knickers half in knots over their franking.
    Cowboy Jim
    11th Oct 2018
    5:28pm
    That is why I do not worry, olbaid - only part pension but it's enough and yes: I do not worry one little bit, as you can see "welfare" is not all bad. I put in all these years, now I am taking some back out before it all goes to the great tidal wave wanting to come here.
    Rae
    12th Oct 2018
    8:41am
    Let's hope either they have cash to see it out or Centrelink fixed it's 8 month wait for the pension. Centrelink and the Government are messing too much with the ASX now through incompetence and policy decisions for my liking. Plenty of less conflicted Markets out there.

    I could see the ASX being affected way back at that 2014/15 budgets. It has been yielding but not really achieving great price levels. The DOW has been a better bet.That is correcting as well.

    Lot's of boomers all selling out to spend up and then receive the pension was a dumb idea. Of course Hockey, Abbott or Credlin would never have seen that consequence coming.

    Just dumb ideas and no consideration of the consequences.

    If you had any brains now you'd sort the lump sum out at retirement to receive a regular indexed pension. It's worth around $600 000 of savings for goodness sake.

    Some of us here enjoy the Markets and can play the game because we have the emotions and character for it. Most people don't and they do need reliability and security which Superannuation unfortunately doesn't offer.
    TREBOR
    13th Oct 2018
    8:38am
    ranking credits, being a blatant rort, will not be with us much longer, OG.. don't worry yourself though - if you have been honestly paying your due taxes it will not affect you in any way to receive your full dividends upfront and then calculate your tax accordingly.... as you should be doing by adding in your DI...

    Any honest taxpayer has no issue with receiving every cent in his/her own hands and then honestly reporting...
    Old Geezer
    14th Oct 2018
    3:23pm
    Youi are right Trebor it won't affect me as I was just invest elsewhere instead. I also will lose no sleep over the ATO either. It might however make things more difficult for those on welfare when they go looking for the money they didn't get out of this unfair tax grab.
    Old Geezer
    11th Oct 2018
    2:09pm
    Nothing usual they all get frozen when markets tank anyway.
    Rae
    12th Oct 2018
    8:48am
    Yes OG. Apparently from the research Idid last night Silk is concerned by the 200 000 annual exits from the fund as boomers retire and attempt to get a government pension.

    Just another consequence of those disastrous and unnecessary Hockey Budgets.

    It's probably effecting all the funds now as the boomers retire and if they pull their funds to spend as Government policy directs and attempt to access Centrelink the wait for a pension at Centrelink will continue to increase.

    No wonder they got Hockey out of the country. Washington is far too good for him.

    An experienced Public Servant might have set him right about the consequences but Credlin sacked them all. Dumb and Dumber and an even worse mob waiting in the wings.

    I can see where the phrase "Poor fella, My Country" came from in all of this.
    Old Geezer
    14th Oct 2018
    3:14pm
    I agree Rae. If people think things are bad now then they have no idea what is coming.

    I hear every day of a self funded retiree that's had enough and they are either spending their wealth or upsizing their house. I did love the couple who told me they were running out of money and were thinking of downsizing again from their $3 million plus abode. They told me they have done it 4 times already but I wasn't game to ask what the first house cost. Idea is to just have enough for the full OAP and spend the rest on a house even if it costs many millions. I must admit the idea does have merit and might even think of doing it myself when the property bubble bursts.
    Rae
    15th Oct 2018
    8:58am
    Yes OG. It was stupid policy especially with the numbers of retirees hitting 67. There are another 3.8 million coming and I don't see how it can be funded with the current Industry policy, tax cuts, privatisations and an attack on savers that screams "don't save for yourself or you'll get nothing".
    Rod63
    11th Oct 2018
    3:37pm
    This is a sensible prudent approach to protect members.
    olbaid
    11th Oct 2018
    3:39pm
    Nonsense - its members money and they should be able to withdraw it as and when they like , subject to eligibility criteria

    What the industry funds are doing is illegal, designed to gouge fees from members.
    Old Geezer
    11th Oct 2018
    4:10pm
    I refuse to invest my money anywhere that I can't get it out within a few days.
    Rae
    11th Oct 2018
    4:40pm
    Have to agree with that Og. Even fixed Term Deposits are dodgy at the current yields.
    Grateful
    11th Oct 2018
    7:15pm
    Many of you are ignoring the very basics here, these super funds are managing funds for most of their contributors' lifetimes.
    They MUST make such decisions as if they don't they put at great risk the entire fund.
    If you want access to YOUR money whenever you want it, don't leave it in a super fund. Period. You are only trying to have your cake (all the taxation benefits) and eat it. Sorry.
    Old Geezer
    11th Oct 2018
    8:35pm
    That's why I have my own SMSF.
    Rae
    12th Oct 2018
    8:55am
    Yes Grateful that is right and many are choosing to withdraw funds to apply for pensions after spending up. That is becoming a problem. I looked up AustralianSuper and a couple of articles regarding Silk's views quite clearly show the concern as Boomers take the money and run with it.

    The Government Pension changes have encouraged this. They were very badly designed to save a pitiful $4 billion in my opinion. It was pure malice from the LNP and we will all pay for it unfortunately.
    Not a Bludger
    11th Oct 2018
    7:51pm
    Rubbish - Rod 63 - the only times that a financial institution has frozen withdrawals is when they knew that they did not have the cash to pay out their depositors.
    This is called a “run”.
    So, what do these union thug boss directors know that their depositors don’t?
    So where is the Royal Commission on this one - and if not why not?
    And, also where is ASIC and APRA on this one - gone off for the weekend, have they?
    Not a Bludger
    11th Oct 2018
    7:57pm
    And, further, why have these union, thug, boss directors not made public what they know that has caused them to want to freeze these investments and forbid withdrawals - is this not in breach of every disclosure law in the country?
    Rae
    12th Oct 2018
    9:01am
    If you do a bit of research you'll discover AustralianSuper is not a union fund and Ian Silk is not a union boss. He came out squeaky clean in the Banking Royal Commission.

    He's worried about the 200 000 boomers taking the money ant the increasing number doing it. There's your "run".

    Why? Because the blessed LNP were too stupid to see a wave of Boomers coming who would do exactly that when their budget changes stuffed up people's retirement planning.

    So now the LNP have created a run on the funds as millions retire and a Centrelink not able to cope.

    You can't blame the Unions for this mess. In fact hatred and sprite towards Unions has caused it. There are always consequences and the wise person tries very hard to see as many of them as he can before doing something stupid.
    Adrianus
    12th Oct 2018
    10:45am
    These so called non for profit funds, or as we know them Union Funds, are heavily invested in unlisted assets, infrastructure, private equity and property. Chasing the extra 1% can at times have a negative impact on the return and reduce a fund's legal liquidity level. What they are not telling their members Not a Bludger is that we are about to see Property values decline. They may have already. Global markets have come off significantly and we can expect a hit of sellers this morning on the ASX. By having a moratorium on redemptions it gives them more time to put off getting their valuations done. Lower vals spread across more members.
    One in every ten super members is effected by this. I dare say, and I don't mean to be harsh, but most members are forced into union funds and wouldn't even give their annual statement a second glance.
    Rae
    12th Oct 2018
    2:26pm
    Adrianus just what then do Bank owned or shareholder owned funds invest in and why are their returns so much lower in most cases. Lower by several % points.

    Ian Silk the CEO of Australian Super stated the 200 000 withdrawals a year is a concern.

    Why do you think people are taking the money and spending it down?
    old frt
    11th Oct 2018
    8:12pm
    Read the article properly.
    Aust. super has $1.7 billion invested in commercial property of $140 billion of funds under management , hardly a hick on the balance sheet . The members that choose an investment partially or fully exposed to commercial property must realise that A.Super cannot liquidate their investments overnight .
    Rae
    12th Oct 2018
    9:05am
    Most sensible comment. They are trying to protect those few who have over invested in Property and save them Capital loses if they try to liquidate now the Property Market is in withdrawal.

    This happened to Investors in REITS back in the GFC. Their funds were frozen for quite some time as I recall.


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