The Retirement Reward Plan is a unique benefit program for Avant members. In October 2019 payments of over $9 million were made to members who retired in the 2018-19 financial year. Avant is also notionally contributing a further $25 million to the plan in 2019.
Established in 2014, the Retirement Reward Plan is one way we share our financial success with members. The plan gives us the ability to return surplus capital to eligible members by way of dividend, when they permanently retire from paid medical practice. Over 43,00 members now have a notional balance under the plan, which can be viewed after logging in to the Avant website.
As part of the end-of-year reporting process, Avant will consider making annual notional contributions to the plan after reviewing the financial strength and outlook of Avant. To date over $407 million has been contributed to the plan and over $38 million paid out to retired members.
Login to the Avant website to view your notional balance
Simply contact your Member Services team to notify us of your retirement. If you tell us before 31 July you may be eligible to receive a dividend that same year. Dividend declarations, if any, are expected to be made in September, and any payment of declared dividends is expected to be made in October.
The Avant Board will consider the declaration of dividends following the receipt of notifications from eligible retiring members and a review of Avant’s financial performance.
To let us know you are retiring, or if you have any questions about the Retirement Reward Plan, please contact your Avant Member Services team Monday to Friday 8am to 7pm AEST on 1800 128 268.
Phone 1800 128 268
Fax 1800 228 268
Dr Larry Fingleton, New South Wales
All voting members are automatically eligible to participate in the Retirement Reward Plan.
A voting member is any medical practitioner who is practising or entitled to practise medicine in Australia, and has paid an annual membership subscription to the Avant Mutual Group (this includes interns, RMOs, trainees and specialists).
The Board developed this initiative to recognise the significant contribution retiring members have made to the success of Avant, and allows us to reward these members for the strong legacy they leave for the colleagues who follow in their footsteps. To date we have notionally contributed over $407 million to the Retirement Reward Plan, which is allocated across all eligible members.
The Retirement Reward Plan is secondary to our core insurance commitments to our members, and therefore not a guaranteed benefit. However it has been designed to be financially sustainable with the intention of it being an ongoing benefit for members.