Funds with restricted withdrawals

Over the course of the past 12 months, a number of fund managers have implemented restrictions on withdrawals from their funds. If you're invested in any of these funds, we have written to you previously but thought it was worth reminding you how these restrictions work. A full list of these funds can be found within our monthly investment profile summary (available within the performance reports section of our website).

We appreciate that restricted withdrawals can be quite inconvenient. While we're limited in what we can do, we've put together a number of procedures to reduce inconvenience where possible and to ensure that members are treated equitably.

We pay out withdrawal and switch requests on a 'first in, first out' basis

Although some fund managers pay out withdrawals on a pro-rata basis, we use any proceeds received from fund managers to return money to members in the order in which we received their requests.

We resubmit unfilled withdrawal requests on behalf of members

Some fund managers cancel unfilled redemption requests after each redemption window. In these circumstances, we will resubmit these requests on behalf of members for each redemption window until such time as the request is filled. This includes any redemption requests related to investment switches.

Financial hardship requests

The Trustee will consider financial hardship requests as a matter of urgency. All approved requests will be given priority as soon as sufficient funds are received from the fund manager.

Accounts 100% invested in assets with restricted withdrawals

We continue to pay pensions to pension members even if their entire portfolio consists of assets with restricted withdrawals. We are monitoring this on a monthly basis and will notify members if there are any changes. Super members whose entire portfolio consists of assets with restricted withdrawals will have any new contributions invested in the United Cash Management Fund or an alternate investment strategy that they have provided to us.

 If you need any further information regarding funds with restricted withdrawals, please speak to your financial adviser or call our customer service team.