What is GEN and VTA?
You'll notice a change when you log in to the App or portal. A new feature indicating which of two account types you hold.
From now, we're all GEN.
GEN stands for General Account and is the default for all members.
VTA is short for Voluntary Termination Account.
These account types will have no impact on you if you solely hold income protection so you can stop reading from here and go do that thing you need to do.
If you have severance contributions going into a Protect account it still won't impact you - unless you decide to leave work voluntarily and make a claim.
There is no change to your ability to claim tax free redundancy IF YOU HAVE A GEN ACCOUNT
3 claims affected
Submitting a claim for:
- Resignation
- Retirement
- Promotion off the tools
will change your account type from GEN to VTA.
This is a one time move. The account type switch only happens when you submit one of the above three claims but it is a permanent change - more details here.
If you are considering lodging a voluntary termination claim, give Member Services a call on 1300 344 249 and they'll walk you through the new process.