AAPMBF - Proposed 2025 & 2026 Rule Change
As you may be aware the AAPMBF has recently conducted a major review of its current product offering to ensure it continues to offer members a market leading product with increased monthly (temporary), capital (permanent) and death benefits.
Members are now being asked to vote on the revamped product. It is pleasing that the proposed rule changes will offer significant improvements to members which will provide stronger financial security, better coverage, and more money in your pocket when you need it most.
AAPMBF members should have received an email on 25 March outlining these changes along with voting instructions.
If the proposed rule change is successful, some of the key highlights effective 1 May 2025 include:
- Maximum death benefit increased to $400,000 (minimum increased to $150,000 and then increasing by $10,000 per membership year)
- New trauma benefit - Members have quicker access up to the greater of $100,000 or 10% of their Capital Benefit balance in the event of a severe injury or illness
- Maximum Monthly Income Protection (temporary Loss of Licence) increased from $12,000 to $15,000 per month
- Maximum refund of contributions increased to $75,000.
If the rule change is successful, some of the key highlights effective 1 May 2026 would be:
- Maximum permanent Loss of Licence amount increased to $1.2M (Members can choose a level of cover from $100,000 up to $1,200,000 in increments of $1,000)
- Maximum total amount payable in the event of death increased to $1.6M
- Maximum joining age increased to 55
As the fund is owned by the members, it is incumbent upon us as members to assess the changes being made and to vote for the changes if we wish to see them implemented.
We encourage all pilots to read the information provided by the AAPMBF, ask any questions and cast your vote once you are informed. The vote has already opened and closes 28 days later (Sunday April 20).
Information
To view information about the proposed Rule Changes you can visit the AAPMBF Members portal (MyPage) or use the below links:
Summary
We believe that the changes being proposed by the AAPMBF are very positive and will benefit the overwhelming majority of Virgin Pilots and so encourage members to vote accordingly.
This is also a timely reminder for those members who are new to Virgin and who are eligible for the MBF but not yet members, to consider their loss of licence protection, especially in light of Virgin’s contribution to this as a term of your EA.
Questions
For further information about the proposed Rule Changes or for assistance locating your AAPMBF Membership Number, please contact AAPMBF Member support at membership@aapmbf.com.au or call (03) 9928 4500.
AFAP Virgin Pilot Federation Executive
First Officer Michael McGinnis - AFAP Vice-President (Admin and Finance)
First Officer Steve Hungerford - VPF Chair
Captain Brad Wilson - VPF Vice-Chair
Captain Wal Gowans - VPF Committee Member and AAPMBF Director