When you sign up to become a member of the Australian Pensioners’ Association for a small annual fee of $12.50, you have the option to join the Funeral Fund.
Once you are a member of our Funeral Fund, you nominate the amount that you wish to deposit into your account at your leisure, whether that be weekly, monthly or annually. This may be the minimum of $10 or the maximum of $13,500 – the amount is completely up to you!
The reason why our Fund operates this way is because we act as a savings bank account. Your Funds are invested on your behalf and they gain interest and dividends throughout the year.
Every twelve (12) months the net surplus from the investments are distributed and credited to your account and at the end of the year the accounts are audited. On completion of the audit the final statements of account are sent out to members. Because of the rules of the Benefits Act S.A., and Centrelink, monies cannot be withdrawn until Death.
On your death, the total amount accumulated in your account is paid out, less a fee of 5% which is the prime method of running the Fund. This is referred to as your Benefit.
We are very different from the many funeral insurance funds available because we offer our members total freedom and control of their money, and here’s how:
Read about the differences between funeral savings (bonds) and funeral insurance at MoneySmart.
Peter is a 60-year old man.
He opens a funeral fund savings policy.
He chooses to contribute approximately $410 per year.
The membership fee is $12.50 per year.
Total contributions over 20 years would be approximately $8,200.
Plus 20 years of interest at an average of 4.6% per year, which equals to approximately $5,377.
Minus 5% administration fee on death.
I would like to tell you how pleased I was at the simplicity of claiming on the fund, after the sad death of my husband. I just sent in the claim form with a copy of his death certificate and received my cheque within two days. Thank you. I am certainly remaining in the fund myself, so there won’t be any hassles for my children when my time comes. My son has now also joined the fund.
I remain, Yours Truly,
The phrase ‘Rest in Peace’ can work for you and your loved one that you’re making Funeral arrangements for. Being a member allows you to manage how much and when you contribute to your fund. Any annual interest gained from your investment will be credited to your fund which is shown on your annual statement…
Loved one…Rest in peace
You…Reflect in peace
Every aspect of The Pensioners Association is Very Positive.
One Negative…losing a loved one.
Cheers
