Investment, Insurance, Superannuation
Click on the updates below for further information.
The OneAnswer AXA Australian Property Fund was terminated in February 2013 and proceeds of the wind-up were passed on to investors shortly after that time.
For Investment Portfolio investors capital was returned via a deposit into the investor’s nominated bank account or by cheque. A withdrawal confirmation was sent to investors.
For superannuation members, capital proceeds were switched into a Trustee-determined replacement fund unless members provided alternative instructions previously.
Please refer to Product updates for further information.
OnePath submitted a full withdrawal request to AXA on behalf of the OneAnswer AXA Australian Property fund prior to 31 May 2012.
We recently received confirmation from AXA that they intend (at this stage) to meet our redemption request by their scheduled payment date of 30 January 2013. To facilitate this they are continuing with their plans to sell a number of properties over the course of 2012.
If we receive the proceeds by 30 January 2013 we should be able to pass these on to OneAnswer investors soon after.
It is important to note that AXA has advised that they have the right to cancel withdrawal requests and move into termination phase prior to 30 January 2013. We will continue to liaise with them in relation to the withdrawal proceeds and if required will post further updates on this web page.
For further information on the previously announced AXA changes please refer to the updates below.
OnePath submitted a full withdrawal request to AXA on behalf of the OneAnswer AXA Australian Property fund prior to 31 May 2012. We expect that over the coming weeks we will hear from AXA as to the processing of our withdrawal request. AXA has advised that all withdrawal requests by 31 May 2012 will be paid no later than 30 January 2013.
Following an update from AXA we will communicate the implications for OneAnswer investors. For further information on the new AXA withdrawal process and other changes previously announced please refer to the update shown below.
In February 2012 AXA announced a number of changes to the AXA Wholesale Australian Property Fund into which the OneAnswer AXA Australian Property Fund wholly invests. Please click on the link below for detailed information on the changes.
Underlying investment fund update - AXA Wholesale Australian Property
As OneAnswer - AXA Property fund (Fund) invests into the AXA Wholesale Australian Property fund, we have been provided consent by AXA to provide you with access to their 'AXA Property Fund Update Flyer' and the ASIC Regulatory Guide 46- additional disclosure document. These documents are relevant to investments in the Fund and will provide further information around the management of the Fund's underlying assets.
ASIC Regulatory Guide 46 - Additional disclosure for Unlisted Property Schemes
Click here to view the Disclosure Principles for Unlisted Property Schemes – ASIC Regulatory Guide 46
Although OnePath is authorised to use these documents, they are prepared and issued by AXA who may change the documents from time to time. OnePath takes no responsibility for the content and investors should refer to these documents for general information only.
Payments have now been processed. Please refer to ‘Return of capital’ tab for details of payments
Payments have now been processed. Please refer to ‘Return of capital’ tab for details of payout percentages
During January 2011, we returned a portion of capital to investors in the AXA Australian Property fund, which was approximately 8% of clients' balances for Investment Portfolio and 14% of clients' balances for Personal Super and Pension. The rate is higher for Super and Pension clients as it includes accrued income not previously paid out.
This follows the receipt of liquidity in mid December 2010 from the wholesale fund into which OneAnswer invests.
We communicated via a letter to all investors in the fund during the week of 17 January to inform them of the upcoming payment. Further details on payments for OneAnswer Investment Portfolio and Personal Super and Pension clients are outlined below:
OneAnswer Investment Portfolio
The return of capital for Investment Portfolio clients was processed with their quarterly income distribution payment between 17 and 19 January 2011.
OneAnswer Personal Super and Pension
For OneAnswer Personal Super and Pension clients, payments were processed as a switch into the ANZ Flexible Term Deposit Plus fund.* Clients are free to switch the proceeds to an alternate fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period). There are no entry fees or transaction costs applicable to ANZ Flexible Term Deposit Plus. Payments were made at the end of January.
For further information on the ANZ Flexible Term Deposit Plus fund please refer to the current Product Disclosure Statement.
You may also wish to speak with your financial adviser regarding this payment.
*For Term Allocated Pension clients, the payment will be made to the ING Cash fund.
OneAnswer Investment Portfolio
The return of capital for Investment Portfolio clients was processed effective 17 November 2011.
Payments should be received by clients around 21 November 2011. Please see below for the return of capital amounts:
| OneAnswer Investment Portfolio |
Return of capital - cents per unit |
Return of capital % |
Unit price after capital payment $ |
|---|---|---|---|
|
AXA Australian Property fund |
5.4219 |
7.7 |
0.62618 |
Client quarterly transaction statements will reflect these payments and will be issued in late January 2012.
Unit prices and therefore account balances decreased by the amount of the capital payment immediately after 17 November 2011. The number of units held does not change.
Personal Super and Pension
For Personal Super and Pension clients, payments were processed as a switch into the ANZ Cash Advantage* or to another investment fund if they have nominated one. Clients are now free to switch the proceeds to another investment fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period).
The switches were processed from 18 November 2011. Switch confirmations were mailed to clients in early December. Unit balances reduce after the switch processing. Unit prices are not affected.
| OneAnswer Personal Super | Return of capital % |
|---|---|
|
AXA Australian Property fund |
9.4 |
| OneAnswer Pension and Term Allocated Pension |
Return of capital % |
|---|---|
|
AXA Australian Property fund |
9.2 |
*For Term Allocated Pension clients, the switches were made to the OnePath Cash fund.
OneAnswer Investment Portfolio
The return of capital for Investment Portfolio clients was processed effective 14 June 2011.
Payments should be received by clients around 16 June 2011. Please see below for the return of capital amounts:
| OneAnswer Investment Portfolio |
Return of capital - cents per unit |
Return of capital % |
Unit price after capital payment $ |
|---|---|---|---|
|
AXA Australian Property fund |
6.141519 |
8.26 |
0.68185 |
Client quarterly transaction statements will reflect these payments and will be issued in late July or early August.
Unit prices and therefore account balances decreased by the amount of the capital payment immediately after 14 June 2011. The number of units held does not change.
Personal Super and Pension
For Personal Super and Pension clients, payments were processed as a switch into the ANZ Flexible Term Deposit Plus fund* or to another investment fund if they have nominated one. Clients are now free to switch the proceeds to another investment fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period).
The switches were processed on approximately 7 June 2011. A switch confirmation will be mailed to clients in late June. Unit balances reduce after the switch processing. Unit prices are not affected.
| OneAnswer Personal Super | Return of capital % |
|---|---|
|
AXA Australian Property fund |
9.75 |
| OneAnswer Pension and Term Allocated Pension |
Return of capital % |
|---|---|
|
AXA Australian Property fund |
10.52 |
*For Term Allocated Pension clients, the switches were made to the OnePath Cash fund.
OneAnswer Investment Portfolio
The return of capital will be paid as a distribution from the Fund shortly after it is received and will follow existing client distribution instructions. Clients will therefore see the payment deposited into their bank account or receive a cheque if no account details have been provided. Quarterly transaction statements will reflect these distributions.
OneAnswer Personal Super and Pension
For OneAnswer Personal Super and Pension clients, payments are processed as a switch into ANZ Cash Advantage* or to an alternative investment fund within OneAnswer if one has been nominated‡.
Shortly after the switches from the suspended fund are processed a Switch Confirmation will be mailed to clients. These transactions can also be viewed online through Account Access.
Once the switches have been processed you can switch or withdraw† the payment amount. Withdrawal and switch forms are available from the find a form or brochure page.
* For Term Allocated Pension clients, the payment will be made to the OnePath Cash fund. For further information on ANZ Cash Advantage or OnePath Cash fund please refer to the current Product Disclosure Statement.
† Withdrawals subject to meeting cashing event and potentially fees, for more information speak to your financial adviser.
‡ If you haven’t already, you can nominate an alternative investment fund within OneAnswer for future payments at anytime by completing a Return of Capital Standing Instruction Form.
On 31 October 2008, the Australian Securities and Investments Commission (ASIC) announced measures to facilitate early withdrawals for investors from suspended mortgage funds in cases of financial hardship. Generally, hardship withdrawals will only be permitted in certain circumstances such as permanent incapacity, on compassionate grounds (e.g. medical costs for serious illness, funeral expenses) or if the investor is unable to meet reasonable and immediate family living expenses. Superannuation members will still need to satisfy any applicable conditions of release under superannuation laws to be able to withdraw from a superannuation fund.
Hardship relief for AXA Australian Property
ASIC has granted AXA an exemption from the laws which govern mortgage funds and other selected suspended funds to allow early withdrawals to be made from its suspended fund on hardship grounds. This means that we are now able to allow people who are suffering financial hardship to withdraw an amount from their investment account if they meet the grounds specified by ASIC, that is permanent incapacity, certain specified compassionate grounds or severe financial hardship.
Click here (81kb PDF) for further information as to what constitutes permanent incapacity, compassionate grounds and severe financial hardship.
To apply for a withdrawal on the basis of hardship relief please speak with your financial adviser or call Customer Services on 133 665, weekdays between 8:30am and 6:30pm.
On 19 August 2008 AXA announced that they proposed to list AXA's Wholesale Australian Property Fund on the Australian Securities Exchange (ASX) subject to unitholder and other approvals. As a result of this proposal, AXA advised that some steps would be required to facilitate the listing and preserve the fund's current liquidity level. These steps included extending the payment of withdrawal requests on AXA's Wholesale Australian Property Fund from daily to a period of up to six months.
AXA's Wholesale Australian Property Fund is the underlying fund of the AXA Australian Property fund available via OneAnswer. This means that AXA will not be processing withdrawal requests at this time. AXA's decision to extend the withdrawal timeframe from daily to six months directly impacted OnePath's ability to process and pay withdrawal requests from the AXA Australian Property fund. Therefore OnePath has had to suspend withdrawals from, and applications to, the AXA Australian Property fund available via OneAnswer.
On 15 October 2008 AXA announced that following unprecedented volatility in the market that the proposed ASX listing would not proceed prior to the end of 2008.
On 28 November 2008 AXA announced that a new withdrawal regime would be introduced for the AXA Wholesale Australian Property Fund. AXA will make a withdrawal offer to investors but have not as yet indicated when they will make their first withdrawal offer. We expect to make a withdrawal offer to investors in the AXA Australian Property fund available via OneAnswer following AXA's withdrawal offer.
In December 2009 AXA notified us that there is currently no timeframe for a withdrawal offer. This is due to continued liquidity issues within the underlying fund, AXA’s Wholesale Australian Property fund. We have therefore been unable to make a withdrawal offer to investors invested in the AXA Australian Property fund via OneAnswer Investment Portfolio, OneAnswer Personal Super and Pension.