Lifeplan Education Investment Fund
The Lifeplan Education Investment Fund is a professionally managed savings investment product designed to build a nest egg to fund education expenses for children.
It covers primary, secondary and tertiary education fees and expenses including uniforms, books and school excursions in Australia and overseas.
Features and benefits:
- Anyone can start a plan - parents, grandparents, uncles, aunts, godparents or friends
- Children or students of any age are eligible
- No entry or exit fees
- Your choice of 7 leading Fund Managers and 19 investment profiles
- Contribute either through an initial lump sum amount, or a monthly savings plan
- Raise or lower your contributions according to your circumstances, without any fees or penalties
- You are in total control of your money as you can access your money at any time, for any purpose
- No withdrawal fees
- There are special tax benefits not available in other investment and savings vehicles
You can also call Lifeplan Funds Management on 1300 1300 38 9am to 5.30pm, weekdays.
How does it work?
The Lifeplan Education Investment Fund is a special type of investment product which is classified as a ‘scholarship plan’ in
accordance with the Income Tax Assessment Act 1997. This entitles Lifeplan to obtain a tax benefit (which we pass on to you)
worth up to $30 for every $70 of earnings used to pay education expenses. Some other important features include:
- The ability to choose to withdraw from contributions and investment earnings.
- No annual tax return obligations for you or your nominated student, while your investment remains within the Fund
Every individual plan is made up of two parts:
The first part records the balance of investor contributions in every individual plan and is referred to as the ‘Investor Contributions’ account. The investor can withdraw available funds from this account tax free, at any time and for any purpose
The second part contains the ‘Education Benefits’. Education Benefits comprise the ‘Investor Earnings’ account plus a tax benefit
referred to as the ‘Education Tax Benefit’.
The Education Tax Benefit is only available when Investor Earnings are withdrawn to pay
‘education expenses’ and can be worth an additional $30 for every $70 of earnings withdrawn. Lifeplan pays you the Education
Tax Benefit in your withdrawal.
When an investor makes a claim for education expenses, Lifeplan’s ‘EasyClaim’ withdrawal process will automatically calculate the withdrawal allocations between Investor Contributions and Investor Earnings accounts or, alternatively, you can choose the