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The Retirement Reward Plan (RRP) enables Avant to reward members for their commitment to Avant, their contribution to Avant’s financial success and their years of practice - by providing Avant with the ability to return funds to you by way of a Retirement Reward dividend when you permanently retire from medical practice. In 2016 Avant paid out $6.6m in dividends and increased the notional allocation of RRP funds to $323m.
Comprehensive overview of the Retirement Reward Plan
Avant can support you at every stage of your medical career.
If you are a voting member who makes a financial contribution through premiums, a Notional Member Allocation may be displayed on your profile page.
Comprehensive information on the Retirement Reward Plan for Avant membersRetirement Reward Plan
Retirement Reward Plan
A member benefit designed to enable Avant to pay a Retirement Reward Dividend to eligible voting members upon their permanent retirement from paid medical practice.
Retirement Reward Dividend
A dividend that may be paid at the discretion of the Avant Board to voting members upon permanent retirement from paid medical practice.
Notional Contribution to the Retirement Reward Plan
Avant has notionally contributed $320 million to the Retirement Reward Plan in 2016.
Annual Notional Contribution to the Retirement Reward Plan
As part of the end-of-year reporting process Avant will consider making annual notional contributions to the plan on behalf of all of its members after reviewing the financial strength and outlook of Avant. In 2016 an additional $19.3 million was contributed.
Notional Member Allocation
A measure to provide voting members with an indication of what they might have received had they retired in the previous financial year and been eligible to receive a Retirement Reward dividend. Notional member allocations are updated each October as part of the end-of-year reporting process to reflect any Annual Notional Contribution to the RRP. Members can see their RRP notional allocation via the Member Login.
FAQs for Avant members
The Retirement Reward dividend may be paid at the discretion of the Avant Board to voting members upon permanent retirement from paid medical practice.
The Avant Board will consider declaring Retirement Reward dividends as part of each end-of-year financial reporting process after reviewing the financial strength and outlook of Avant at that time.
However, if Avant experiences adverse financial conditions which impact the financial strength of the Group, or for other reasons, the Board, at its sole discretion, may elect to reduce, suspend or cease making declarations of Retirement Reward Dividends.
Once the Avant Board has declared a Retirement Reward dividend, which is expected to be fully franked, then, and only then, is there an obligation for Avant to pay the dividend.
FAQs for Avant members
Earliest retirement date to be considered for a dividend
Commencement of Retirement Reward Plan
Record Date for financial year - date that determines eligibility for the notional member allocation
Retirement notification date – date at which members who retired during the financial year must notify Avant to be considered for a Retirement Reward dividend
Avant considers annual notional contribution to the Retirement Reward Plan, annual notional member allocations and the declaration of Retirement Reward dividends
Payment of Retirement Reward dividends, if any, for eligible retiring members - if declared
FAQs for Avant members
It is important to note that there is no entitlement for any member to a payment unless and until a Retirement Reward dividend has been declared after you have advised us of your retirement and you have been deemed eligible. Avant advises members not to make any financial decisions based on the notional member allocation.
While your retirement may seem some time away, we want you to know that your loyalty and contribution to our financial success could be rewarded at the end of your career.
All Voting Members of Avant are automatically eligible to participate in the Retirement Reward Plan, and when you start making a financial contribution through premiums, you may receive a Notional Member Allocation.
Avant expects to make additional notional contributions into the Retirement Plan after the close of each financial year. As notional contributions occur, members should expect their notional allocation to rise to reflect their own financial contribution for that financial year.
However, there may be years with an unexpected poor financial performance, when Avant may not make an Annual notional contribution, or in severe circumstances, may need to reduce Retirement Reward dividends or withdraw the Retirement Reward Plan.
Become a member
If you have any questions about the Retirement Reward Plan, you can contact Avant Member Services Monday to Friday 8am to 7pm AEST on 1800 128 268.