Velocity has announced some changes to the Family Pooling arrangements withing the Velocity Program. The changes were announced in a note on the latest statements,
The text of the changes is as follows:
We are making some changes to the Family Pooling rules which will come into effect on 27 April 2016.
From this date:
- â€˜Pilot Goldâ€™ members will be permitted to participate in a Family Pool as either a contributor or a beneficiary
- Limitations to the number of contributor and beneficiary changes within a Family Pool will apply as follows:a.) A beneficiary will be permitted to have a maximum of 5 Contributing Accounts in any calendar year
b.) A contributor may contribute to a maximum of two Beneficiary Accounts in any calendar year
- Where a new Family Pool is created or an existing Family Pool is
changed, the contributor will be required to specify his or her
relationship to the beneficiary.
The first point is self-explantory, and basically removes the restriction on Pilot Gold members from particpating in the program.
The second point is a more significant change, as it introduces some limitations on how pooling arrangements can be adjusted during a year. At present, there are no real limitations on how often arrangements can be changed during a year. The new limitations introduce limitations on how a family might rotate the pooling around themselves. This is normally done in order to maximise the ability for several members of a family to gain status over a year.