media release
19 November 2024
Statement regarding adjustments to number of units issued during the pandemic
Attributable to a HESTA spokesperson:
HESTA has been in discussions with APRA around adjustments to the number of units some members acquired in certain investment options during the period of significant market volatility, arising from the COVID-19 pandemic in March 2020.
Upon further analysis, HESTA has determined that an adjustment to the number of units issued at the time be made for some members. There have been no findings of breaches or contraventions of the law. The median value of the adjustment will be around $17*.
This adjustment considers the difference in the value of units issued to these members at the time and investment earnings that would have subsequently accrued. Current members impacted by this adjustment will automatically receive the adjustment through their account and exited members will receive the equivalent dollar value of units via the ATO.
This adjustment will occur in the coming weeks and current impacted members will be separately notified.
*Rounded down to the nearest dollar
Ends.
Media contact:
Sam Riley
General Manager Media Relations and Corporate Affairs
(03) 8660 1684