Avant Retirement Reward Plan
Financial strength has its rewards
The Retirement Reward Plan is a unique benefit program for Avant members. In October 2023 payments of over $15.3 million were made to members who retired in the 2022-23 financial year. Avant is also notionally contributing a further $30 million to the plan in 2023.
About the Retirement Reward Plan
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 54,800 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 $497 million has been contributed to the plan and payments made to retired members every year since the plan’s inception.
What do I need to do if I’m retiring?
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.
I never expected such a dividend and paid my membership happy in the knowledge of the fantastic service you provide in the way of my medical insurance. The peace of mind was well worth it. You have all made my life more comfortable – both in work and retirement."
Who is eligible?
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).
|Latest date of retirement to be considered for a dividend payment later that year
|Latest date by which Avant should receive notification of retirement to be considered for a dividend payment later that year
|Avant Board declares any notional contribution to the plan, member allocations and dividends
|Payment of any dividends to eligible members