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MBF premium payments

Posted: Wed Apr 29 2015, 22:49
by Capt Hollywood
A query for Matt, has the Fund ever considered a payment 'plan' instead of the one off annual premium? With the annual premium coming due I'm up for $1800 and would find a monthly or quarterly premium payment far easier to cope with. Just a thought, it may also make the Fund more affordable to some potential members who are sitting in the fence.

Re: MBF premium payments

Posted: Thu Apr 30 2015, 01:47
by J-C
There is a quarterly plan that has become available this year to members who suffice certain requirements. Just email the membership address and they will send you the application form.

JC

Re: MBF premium payments

Posted: Thu Apr 30 2015, 02:03
by Matt Nielsen
Hi Capt. It's an ongoing discussion that is somewhat complicated by the nature of the product. I'd love to see the option of monthly payments and better access for guys on more irregular or lower incomes. It's a Fund for everyone... not just those of us lucky to have our employers pay most of the bill.

Under the current rules, it's a tricky one because your membership relies on you being a fully paid up member. It's a little more complex to work out coverage for people who have only paid one month versus people who have paid a full year.

Remember you're not paying a 'premium' as we're not an insurance company... rather you're making a contribution to a Mutual Benefit Fund. I know ... if its walks like a dog... but its an important distinction that allows a more favourable tax treatment of payouts etc.

There is already a provision for the staff to assess an application for quarterly payments on the basis of hardship and anyone how would like to access this facility should speak with the office directly - 03 9928 4500

It'd be great to get some feedback from you guys as to how popular such an option would be. Who wants regular payments rather than lump sum? Would you be willing to pay a little more to cover additional costs?


Matthew Nielsen

Re: MBF premium payments

Posted: Thu Apr 30 2015, 02:55
by Local
Thanks Matt for the feedback.
I for one one love quarterly payments and was a low hr pilot (low income) and have wanted to join the fund but for whatever reason all bills tend to come at once.
Local

Re: MBF premium payments

Posted: Thu Apr 30 2015, 03:14
by Hugh Bosh
The short answer is yes, I would welcome the opportunity to pay fortnightly subscriptions and yes I would be prepared to pay a nominal increase to cover costs.

The Fund management body might view this as an attempt to increase the level of service for its members. I also think that the growth of the fund would be significantly enhanced.

Re: MBF premium payments

Posted: Thu Apr 30 2015, 12:20
by Capt Hollywood
Thanks for the reply and info Matt. You could always start a pole on BS and gauge the interest of forum members who are not MBF members but would consider joining if the premium payment arrangement was changed. You could also assess the interest in various payment intervals options.

If I had a choice I think I'd opt for monthly or quarterly payments and would be happy to accept a penalty for doing so.

Re: MBF premium payments

Posted: Tue Jul 21 2015, 23:38
by Hugh Bosh
Hello Matt,

Have you any updates regarding MBF's policy on premium payments?

HB

Re: MBF premium payments

Posted: Wed Jul 22 2015, 12:49
by Matt Nielsen
Hey Hugh.

I assume your question relates to the earlier discussion about periodic MBF contributions rather than a single annual payment?

At this stage, the status quo remains. Contributions are payable annually. That said, if you can make a case for quarterly contributions based on your circumstances... whatever they may be, the MBF will consider it.

I can report that in the latest renewal period, there has been a significant increase in the number of members who are accessing this option and it'd be safe to say that the burden of evidence is neither arduous nor especially high.

If you don't ask... you don't get. :)

The MBF is aware that this issue is an important one with the membership... in some part because I bang on about it nearly every month! The technology is there and there really is no reason why we cant look at rolling out quarterly or monthly payments as a matter of course.

Everything at MBF moves very slowly. Being conservative has protected your Fund through a pretty difficult time and I think as of recently, your MBF held a position of some $102 million AUD.

Please be patient with us... regular payments is one of a number of proposed ideas that we hope to put to you all soon.

FYI... AGMs for both the AAPMBF and the AFAP will be held at Kingscliff NSW on 7th - 9th October. Members and visitors are welcome and it'd sure be nice change to hear a few more rotary war stories over an ale or two... with all due respect to our plank driving colleagues.

Any other ideas you may have for the future of the Fund would be gratefully received... except advice to buy adult entertainment venues... we've had that advice one too many times already :?

Fly safe



Matthew