22. The Rev Craig Roberts asked -

Has the Diocesan SuperFund ceased its practice of advancing mortgage loans to clergy to allow them to acquire an investment property? If so,

(a) why, and

(b) can the SuperFund suggest strategies to clergy which may allow them to afford both a residence in their retirement and an income to live on at that time?

To which the President replied -

I am informed that the answer is as follows.

Anglican SuperFund - Sydney has ceased making loans to Fund members.

(a) The Fund had been providing loans to a small number of members under a long-term arrangement with the regulators. The ability to make loans under this arrangement will almost certainly be lost in any merger, when current regulations will be applied. It was therefore considered prudent to cease providing loans.

(b) No. Under its Australian Financial Services Licence, the Fund cannot advise a particular member on retirement strategies. Such advice can only be provided by a licensed financial advisor.