WealthFocus transaction process

APN Property for Income (Investments, Super and Pension)

Important changes
On or around 5 October, 2012, WealthFocus will be returning approximately 75% of capital in the APN Property for Income Investment Option to investors. The remaining portion of each investor’s holding will be held in the APN Unlisted Property Fund, which is a new fund created to hold the illiquid, unlisted property fund investments currently held in the APN Property for Income Fund.

How will the return of capital be paid to investors?
If you are a WealthFocus Super Plan or Pension Plan member, you can choose any WealthFocus investment option to receive your return of capital. If an instruction form is not received by 3pm, Wednesday 26 September, 2012, your return of capital will be paid to the Vanguard Australian Property Securities Index Investment Option.

If you are a WealthFocus Investment Funds investor, you can choose either a WealthFocus Investment Funds or WealthFocus Investment Advantage investment option to receive your return of capital. If an instruction form is not received by 3pm, Wednesday 26 September, 2012, the return of capital will be paid directly to you.

How long will it take to get my money from the APN Unlisted Property Fund?
The APN Unlisted Property Fund is an illiquid fund. The primary objective of the Fund is to achieve an orderly realisation of the Fund’s assets within five years of commencement. However, the underlying manager cannot provide any assurances as to if, or when, investors may be able to withdraw from the Fund.

We will write to you in the future as we receive more information about when capital can be returned from the fund.

Quarterly withdrawals will not be available from this fund.

Will I get returns from the APN Unlisted Property Fund?
The APN Unlisted Property Fund is expected to pay income half yearly. For WealthFocus Super Plan and Pension Plan members, these will be reinvested.

Will my pension payments be affected?
If you currently receive a pension payment, this will continue to be paid from the available funds in other Investment Options. For members with significant investments in this Investment Option, alternative arrangements will be made to ensure pension payments continue to be made. We will contact you if this applies to you.

Hardship criteria

The following cases of hardship will be considered for investment funds:

  • severe financial hardship
  • unemployed for at least three months
  • medical costs
  • accommodation or transport modifications
  • funeral and related expenses
  • care for the terminally ill
  • home mortgage foreclosure
  • binding financial obligation made prior to suspension
  • permanent incapacity
  • other compassionate grounds
  • investor is deceased and beneficiary of the estate is suffering from one of the above grounds of hardship

The specific criteria to meet these grounds of hardship are detailed in the statutory declaration that you will need to complete in order to be considered.

Our handling of your personal information will be administered in accordance with our Privacy Policy.

How to make a hardship claim

You must complete the statutory declaration and submit relevant supporting documentation. To make a claim you must have exhausted all other means of accessing funds to meet your needs including, realising other liquid assets, applying for financial hardship through your superannuation fund and applying to Centrelink for assistance.

Our handling of your personal information will be administered in accordance with our Privacy Policy.

How claims are processed

1. We will consider hardship claims on a case by case basis according to the hardship criteria.
2. The maximum payment allowed by the regulator is $100,000 per calendar year (for investment funds). We will pay a lesser amount if we determine that the hardship being experienced can be addressed by a lesser amount.
3. You can only make four hardship claims each calendar year as an investor in a mortgage fund (for investment funds), or where you are a beneficiary of a deceased estate invested in a mortgage fund (for investment funds) and you meet the hardship criteria. This is subject to the overall cap of $100,000 per calendar year.
4. We will process claims as they are received.
5. You will still have your first return of capital processed to you in March 2012.

Payment amounts

Whether we can make a hardship payment will depend on the amount of cash available. Therefore, we cannot guarantee to make a hardship payment even if your hardship claim is approved.

Will my pension payments be affected?
If you currently receive a pension payment, this will continue to be paid from the available funds in other Investment Options.

For members with significant investments in this Investment Option, alternative arrangements will be made to ensure pension payments continue to be made. We will contact you if this is the case for you.

WealthFocus Pension Plan - pension payments

We have made arrangements to continue to make regular pension payments for people invested in affected options.

For investors invested in other unaffected options we will continue to pay regular income in proportion to their investments in those options. For investors only invested in suspended investment options we have made other arrangements to continue regular payments.

How we keep you informed

We continue to update this website with further information and detail about transaction arrangements for the affected funds. We have written directly to all investors in the funds, as well as advisers.