Posted on 15 July 2014 by Education Finance
Following an unexpected deficit in the Mutual Fund accounts for the year ending 2013-14 due to an unprecedented number of claims received in the final 3 months of the year. The Mutual Fund Board met in June 2014 to discuss this issue and decided to increase the premiums as from 1st July and only release 50% of the claim in real time, with an adjustment for the balance not being released until the end of the financial year when the full costs are known. For further information, please visit the Mutual Fund website.
A new calculator has been created for schools and is now available via the Mutual Fund website. Please note that the calculator has prorated the premiums, so that the premium charge is for 9 months (July to March) and not the full year.
Should you want to amend your Mutual Fund premiums please complete the ‘Amend Your Existing Mutual Fund Agreement’ form via the Mutual Fund website on or before 31st July 2014. If however, you wish to keep your existing cover then you will need to do nothing and you will receive a premium notification in early August, with the premium being charged later in the month.
All outstanding claims relating to 2013-14 have now been processed and will be paid today, notification of which went out last week via the Finance Information Community on SecureNet.
All premium charges relating to April 2014 to June 2014 will be processed today and notification of your premium for these 3 months were sent out last week via the Finance Information Community on SecureNet.
All claims relating to April 2014 to June 2014 that have been received on or before July 27th will be processed for payment on the 28th July.
Should you have any queries on claims or premium, please contact the Mutual Fund Team.
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