Since setting up Whai Rawa, Te Rūnanga o Ngāi Tahu has contributed over $24 million in matched savings, distributions and associated tax credits.
For every $1 adult members aged 16-64 save in 2017, Te Rūnanga will contribute another $1 (up to a maximum of $200 per year). For child members (under 16 years old as at 31 December), Te Rūnanga will contribute $4 for every $1 saved (up to a maximum of $200 per year). Matched savings for your 2017 savings are paid at the end of March 2018.
These matched savings entitlements remain unchanged since 2008.
Elective members (those aged 65 and older) receive Kaumātua Grants rather than Whai Rawa matched savings and distributions.
Te Rūnanga sets a provisional budget for distributions within the Whai Rawa budget each year as part of the overall Te Rūnanga budget. The actual amount paid as a distribution will then depend on how much is paid out in matched savings.
To date the distributions have been:
NB: The adult member distribution is paid to those aged under 65 as at 31 December. Those members aged 65 or older receive a Kaumātua Grant. SOME ADULT MEMBERS AGED 65+ RECEIVED THE 2016 DISTRIBUTION IN ERROR, WHICH HAS NOW BEEN REVERSED OFF ACCOUNTS. We apologise for any inconvenience or confusion to those members.
Te Rūnanga currently make a newborn distribution of $100 to child member’s accounts if the child is enrolled in Whai Rawa before they turn one. This distribution is made in March, at the same time as other payments from Ngāi Tahu.
All costs and expenses, other than Investment Manager fees, will be met by Te Rūnanga until 30 June 2018. Find out more.
All matched savings and distribution payments have MATCs attached which offsets some of the RSCT* deducted which means more money going into your account.
* Te Rūnanga matched savings and distributions are subject to RSCT (retirement scheme contribution tax) deducted at your personal RSCT rate. Find out more.