ING acts to unfreeze pensions
ING Custodians has joined Perpetual Investments in announcing that investors in pension accounts linked to mortgage funds will receive pension payments despite the current suspension on redemptions from such funds.
Perpetual Investments made a similar announcement late on Sunday.
ING Australia’s executive director of wealth management, Ross Bowden, said the company had been particularly concerned with assisting pensions members who relied heavily on receiving regular pension payments.
“This has been a difficult time for our investors, advisers, fund managers and the industry as a whole,” Bowden said. “ING has also been concerned by the impact of the suspension policy for investors experiencing financial hardship.”
He said given some investors were suffering financial hardship, ING welcomed the Australian Securities and Investments Commission’s (ASIC’s) proposal to modify the operation of provisions of the Corporations Act so that fund operations such as ING’s could work with ASIC to provide some relief to eligible investors.
AUTHOR
Mike Taylor
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