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Scott Pape takes aim at HostPlus, unlisted investments

Aaron PatrickSenior correspondent
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Scott Pape, the author of the best-selling The Barefoot Investor books, has criticised his own superannuation fund, Hostplus, over changes to withdrawal rules and funds in general that invest in unlisted assets.

The Barefoot Investor by Scott Pape is one of the most popular-non-fiction books. 

In recent years, Mr Pape has been one of the biggest promoters of Hostplus' share index fund, helping driving billions of dollars and thousands of new investors into the industry fund.

Reports that Hostplus changed its rules to make it harder to withdraw money, or switch to cash, prompted a rebuke from Mr Pape.

"As a member, my view is that the fund should not restrict, in any way, any member from leaving if they choose to," he said in an email.

"For years Hostplus has run the cheapest index super fund in Australia - even cheaper than Vanguard. Recently a number of low-cost challengers have come up: Australian Super Index Balanced, REST Index Funds, SunSuper Index, and Media Super."

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Summary | 1 Annotation
not investing in cash-like securities. Without cash, the fund will be forced to sell assets, locking in losses.
2020/04/18 06:22