2026 Product Changes and Benefits
Effective 1 May 2026
With a membership of more than 3700, in 2025 the Trustees began to embark on significant system upgrades and an improved Loss of Licence product – Nominated Capital Benefit (NCB)
From 1 May 2026, MBF are excited to present the following.
$1.2 Million NCB Cover
The maximum NCB cover amount will increase for all members.
If you are aged 18 to 49 years of age, the maximum cover will be $1.2m.
Members can choose a level of NCB from the minimum $100k up to $1.2m (based on age at joining). Calculations are based on a rate per $1k. As with the current product, the available maximum cover begins to decrease from age 50.
SCB/PCB to NCB (Current 2025/26 Members)
The current Standard Capital Benefit (SCB) and Premium Capital Benefit (PCB), based on Joining Bands, will cease at the end of the 2025/26 Fund year (30 April 2026).
The SCB/PCB will be converted to a Nominated Capital Benefit (NCB) which will match the level of cover held effective 30 April 2026. Under the Transitional Rule, all members will have the opportunity to increase their level of cover up to their new maximum NCB available.
Base Rates and Loading
The new Contributions and Benefits Single-Scale will be easy to understand.
Base rates will apply to members who join(ed) the Fund before age 41 with no loading.
Base rates for 2026/27
| Present Age | Max Cover | Rate per $1000 | Annual Cost | Present Age | Max Cover | Rate per $1000 | Annual Cost | |
|---|---|---|---|---|---|---|---|---|
| 18 | $1,200,000 | $3.15 | $3,780.00 | 42 | $1,200,000 | $4.35 | $5,220.00 | |
| 19 | $1,200,000 | $3.15 | $3,780.00 | 43 | $1,200,000 | $4.40 | $5,280.00 | |
| 20 | $1,200,000 | $3.15 | $3,780.00 | 44 | $1,200,000 | $4.45 | $5,340.00 | |
| 21 | $1,200,000 | $3.15 | $3,780.00 | 45 | $1,200,000 | $4.50 | $5,400.00 | |
| 22 | $1,200,000 | $3.15 | $3,780.00 | 46 | $1,200,000 | $4.65 | $5,580.00 | |
| 23 | $1,200,000 | $3.15 | $3,780.00 | 47 | $1,200,000 | $4.80 | $5,760.00 | |
| 24 | $1,200,000 | $3.15 | $3,780.00 | 48 | $1,200,000 | $4.95 | $5,940.00 | |
| 25 | $1,200,000 | $3.15 | $3,780.00 | 49 | $1,200,000 | $5.20 | $6,240.00 | |
| 26 | $1,200,000 | $3.15 | $3,780.00 | 50 | $1,080,000 | $5.50 | $6,940.00 | |
| 27 | $1,200,000 | $3.20 | $3,840.00 | 51 | $1,080,000 | $5.80 | $6,264.00 | |
| 28 | $1,200,000 | $3.20 | $3,840.00 | 52 | $990,000 | $6.10 | $6,039.00 | |
| 29 | $1,200,000 | $3.20 | $3,840.00 | 53 | $930,000 | $6.40 | $5,952.00 | |
| 30 | $1,200,000 | $3.20 | $3,840.00 | 54 | $930,000 | $6.70 | $6,231.00 | |
| 31 | $1,200,000 | $3.35 | $4,020.00 | 55 | $930,000 | $7.05 | $6,656.50 | |
| 32 | $1,200,000 | $3.38 | $4,056.00 | 56 | $850,000 | $7.35 | $6,247.50 | |
| 33 | $1,200,000 | $3.42 | $4,104.00 | 57 | $850,000 | $7.70 | $6,545.00 | |
| 34 | $1,200,000 | $3.45 | $4,140.00 | 58 | $850,000 | $8.20 | $6,970.00 | |
| 35 | $1,200,000 | $3.50 | $4,200.00 | 59 | $730,000 | $8.70 | $6,351.00 | |
| 36 | $1,200,000 | $3.60 | $4,320.00 | 60 | $640,000 | $9.30 | $5,952.00 | |
| 37 | $1,200,000 | $3.65 | $4,380.00 | 61 | $640,000 | $9.90 | $6,336.00 | |
| 38 | $1,200,000 | $3.70 | $4,440.00 | 62 | $880,000 | $10.60 | $6,148.00 | |
| 39 | $1,200,000 | $3.75 | $4,500.00 | 63 | $880,000 | $11.30 | $6,554.00 | |
| 40 | $1,200,000 | $4.00 | $4,800.00 | 64 | $880,000 | $12.20 | $7,076.00 | |
| 41 | $1,200,000 | $4.20 | $5,040.00 |
Members who join(ed) from age 41 to age 55 will pay a 10.5% percentage loading to the above rates for each year of joining after age 40.
Example:
Joined at 45 = 5 x 10.5% loading
Joined at 49 = 9 x 10.5% loading
Joined at 54 = 14 x 10.5% loading
Refund of Contributions
Future NCB contributions paid will be included in the Refund of Contributions (ROC) calculations (previously SCB only).
TransitionAL Rule - Capping of Contribution Increases for current members
Most current Members will benefit from the new single scale.
However, some late joiners, those with complex cover or nearing retirement, may face higher costs for the same amount of cover. To assist, any significant contribution increase will be capped at $250 during transition until 31 May 2026. This is a one-off offer that will not be repeated in future Fund years.
Changing NCB levels and Health Declaration
From 2026, Members will be able to increase their NCB cover at any time throughout the Fund year, offering flexibility to better suit changing circumstances (e.g. family, job changes, employer contributions).
Any increase in NCB will require the completion of a Health Declaration and will be subject to a Zero and/or a Limited Cover Restriction for pre-existing medical conditions declared.
Existing 2025 Product Features
These features were introduced from 1 May 2025 and will apply to the new NCB product as well:
Death Benefit
- $50,000 additional Death Benefit for all Members as the new starting point is $150,000
- Death Benefit increase of $10,000 per year of membership extended to 25 years
- Maximum Death Benefit increased from $300,000 to $400,000 (but not greater than SCB/NCB amount)
Refund of Contributions (ROC)
- Maximum ROC increased to $75,000
New 2025 Benefits
- Trauma Benefit of $100,000 for specified trauma events
- Single Pilot / Multi Crew Benefit to assist with training and re-employment
Monthly Benefits
- Maximum Monthly Benefit increased from $12,000 to $15,000
- Unemployed Monthly Benefit increased from $8,000 to $10,000
Resources
Contact us
- +61 (0)3 9928 4500
- Email: Membership Services
