Avant Retirement Reward Plan
Financial strength has its rewards
The Retirement Reward Plan is a unique benefit program for Avant members. In October 2024, over $18.6 million was paid out to members who retired in the 2023-24 financial year. Avant plans to contribute another $33.5 million to the plan in 2024.
About the Retirement Reward Plan
Established in 2014, the Retirement Reward Plan allows Avant to share its financial success with members by returning surplus capital as a dividend when they retire from paid medical practice. Currently, over 61,000 members have a notional balance in the plan.
Each year, as part of the end-of-year reporting process, Avant decides on annual contributions to the plan based on the company's financial strength and outlook. So far, over $529 million has been contributed to the plan, with more than $111 million paid out to retired members since the plan began.
Eligibility criteria
All voting members are automatically eligible to participate in the Retirement Reward Plan.
A voting member is doctor 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).
What to do when you're retiring
If you are permanently retiring from paid medical practice, you will be entitled to apply for the Australian Government's Run-Off Cover Scheme (ROCS) policy and your Avant Retirement Reward Plan Dividend.
Notify us of your retirement as soon as possible, and we can assist you with your ROCS policy application. If you notify us before 31 July, you may be eligible to receive your dividend in the same year. Any dividends declared will be announced in September, with payments made in October.
The Avant Board will decide on dividends after receiving notifications from retiring members and reviewing Avant's financial performance.
To notify us of your retirement, apply for a ROCS policy, or if you have any questions, contact the Member Engagement team Monday to Friday, 8 am to 7 pm AEST, on 1800 128 268 or email memberservices@avant.org.au.
I am really enjoying retirement and happy in this new phase of my life. I have time for tennis and golf – 18 holes exhausts me; 9 holes is my happy place. The dividend payment was an added bonus for my retirement.
"
Key dates
Disclaimers
IMPORTANT: The Retirement Reward Plan reflects the current policy of the Board for determining which members of Avant are eligible to participate in the Retirement Reward Plan and any Retirement Reward Dividends declared by Avant. The Retirement Reward Plan is entirely at the discretion of the Board and no member will be eligible to receive a Retirement Reward Dividend until such time as the Board declares a dividend in favour of that member. The Retirement Reward Plan is subject to change, suspension or termination by the Board at any time.