BENEFIT PAYMENT

After nearly 50 years of successfully supporting the education journeys of over 550,000 Members and their children as ASG, we have now refreshed our identity to Futurity Investment Group and created an innovative range of Education Bonds.



As Futurity, we remain true to our roots as an independent education-purposed mutual organisation. We continue to help our members reach a brighter future through financial self-sufficiency to meet lifelong education objectives for their families and others dear to them.

These Special Distribution Benefits are monies that Futurity, as a member-owned mutual, is distributing to certain eligible former Student Beneficiaries who participated in ASG Scholarship Pools dating back many years.



The Benefits arise because each eligible Student Beneficiary was a participant in an ASG Scholarship Pool that was one of a series of pools established annually within a larger ASG Benefit Fund that is now being terminated.



Because the Benefit Fund being terminated had residual surplus funds, Futurity as a member-owned mutual, is now distributing these funds to eligible former Student Beneficiaries.

For some Beneficiaries, these might be in relatively small amounts as low as $100 and for others they can run into thousands of dollars.

Each Student Beneficiary’s Special Distribution Benefit has been determined with the assistance of Futurity’s independent Appointed Actuary under a Distribution Scheme (Scheme).



Different factors have influenced the amounts determined – these include specific Scholarship Pool year, the number of qualifying Student Beneficiaries, the surplus remaining, investment performance and the Pool’s claims experience.



The Scheme has been devised to operate on a fair and equitable basis as between the eligible Student Beneficiaries of their respective closed Scholarship Pools.



In devising the Scheme and in the arrangements leading up to these distributions, there has been extensive assistance from Futurity’s Appointed Actuary and consultation with Futurity’s regulator the Australian Prudential Regulatory Authority.

The payment being made to you is ex gratia in nature, and does not represent a return of income or capital. It is akin to a gift from Futurity. It is our general understanding that payment of a gift of this nature is non-taxable in the hands of a recipient.



If uncertain, you may wish to seek independent tax advice.

No. It is a once-off and fixed amount.

Futurity will make a number of attempts to locate eligible Student Beneficiaries over at least the next 3 years, after which their Special Distribution Benefits may be reallocated to other eligible Members or Student Beneficiaries on the advice of Futurity’s Appointed Actuary.

This is due to the way ASG education products were structured with multiple Scholarship Pools formed over successive years and housed with larger Benefit Funds.



Although the Scholarship Pools closed years ago – residual amounts accumulated for a variety of reasons (see question on How have your Special Distribution Benefits been determined for more information) in the larger Benefit Funds giving rise to surplus that becomes releasable in the end-of-life Benefit Fund termination process.

Only those Student Beneficiaries who are eligible under the Distribution Scheme as explained in this question (See question on How have the Special Distribution Benefits been determined for more information).