The Retired Platinum membership category is our way of recognising and rewarding your valued contribution to the Accounting profession.
If you're thinking about, or have already started your second job in your retirement years, you'll still need to ensure that you're covered with Professional Indemnity (PI) insurance.
For example, your second job may involve working as an experienced Consultant with an Accounting practice, for family and friends, or providing assistance to a community group. In this case, you may be at risk if you're not insured.
We require an IPA member who provides any type of accounting advice or service to hold PI insurance.
Also, you'll need some level of PI insurance even if you provide private, honorary pro-bono work for families and friends, a charity, or not-for-profit community organisations.
When you, as an individual, provide advice or related accounting services, the fact that a fee is charged or not charged for that service or advice does not change or reduce your liability in connection with that service or advice. You're liable for such advice/services and your own personal assets may be at risk should a claim be made against you for a financial loss as a result of such advice/service.
Due to the above circumstances, we've arranged a "Limited Policy" available to retired members, allowing you to continue working part-time.
- Cover for up to $250,000
- Networking opportunities - facility to network with Practices in order to work for them on a part-time or casual basis.
- Tailored Continuing Professional Development (CPD) sessions - keeping you informed and updated on regulatory changes in the profession.
- Member offers - receive discounts and special rates on a range of services and products.
- Professional recognition - recognition as a valued and experienced professional Accountant of the IPA.
The Retired Platinum insurance policy won't provide cover in the following cases:
- If you promote your business to the public;
- If you hold a public practice certificate or are operating a public practice;
- If your turnover from the provision of services to the public exceeds the tax-free threshold (currently $18,200 per annum);
- For any work undertaken or involved with Public companies (listed or unlisted);
- For receivership, insolvency, and or reconstruction services;
- For business valuations, mergers or acquisitions;
- For financial planning or investment advice, including stockbroking/securities dealings;
- For run-off for any work done in a public practice or by a public practice;
- For forensic accounting; and
- For any breach of IPA By-Laws.
The Retired Platinum membership category fee is $345.00 (incl GST) and inclusive of the PI insurance premium.
If you wish to take up this offer, apply now.
If you have any questions on the Retired Platinum membership category, please contact your local division on 1800 625 625.