Repayments of OnePath mortgage fund delayed

Earlier this year OnePath announced it had decided to wind up the Private Portfolio Service (PPS) Superannuation Fund scheme, as well as the PPS Mortgage Trust.

However, according to a recent memo to advisers, payments from the mortgage trust wind-up are on hold for now.

"We had intended to make an initial distribution from the Mortgage Fund this month however, the Trustee, who is the independent third party with ultimate oversight of the Fund, has determined that a partial wind-up distribution cannot be made at this stage," OnePath's memo said.

"This is due to an on-going contractual arrangement with Portfolio Mortgage Company Limited."