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Overview

Since setting up Whai Rawa, Te Rūnanga o Ngāi Tahu has contributed over $43 million in matched savings, newborn and annual distributions. Note: the annual level of contribution may differ between calendar years and between members. Te Rūnanga o Ngāi Tahu may choose to cease or reduce contributions.

Whānau – an important update about Annual Distributions

As you are aware COVID-19 has impacted many businesses, iwi, hapū and whānau, Te Rūnanga o Ngāi Tahu included. As part of 2020 budgeting reviews Te Rūnanga o Ngāi Tahu have reduced the amounts they contribute to Whai Rawa member accounts for 2020 and subsequently there will be no Annual Distribution paid to all members in March 2021 for the 2020 calendar year.

Te Rūnanga will make a class distribution(s) such that all child members, irrespective of their savings contribution, will receive $200*.

Matched Savings and Pēpi Distributions remain unchanged.

Te Rūnanga o Ngāi Tahu will review their position on Annual Distributions and class distribution(s) in early 2021 ahead of the 2022 Financial Year.

 

* Te Rūnanga matched savings and distributions (when applicable) are available to all members under 65 years of age (see the Product Disclosure Statement) and are subject to RSCT (retirement scheme contribution tax) deducted at your personal RSCT rate (see the Other Material Information document at www.whairawa.com). Distribution payments are made no later than 31 March in the calendar year following payment. Download our PDS at www.whairawa.com/pds

Ngāi Tahu Contributions
Matched Savings*

Currently, for every $1 adult members (aged 16-64) save in a calendar year, Te Rūnanga will contribute another $1 (up to a maximum of $200 per member). For tamariki members (aged under 16 years old as at the end of the relevant calendar year), Te Rūnanga will contribute $4 for every $1 saved (up to a maximum of $200 per member). Matched Savings and any Distribution payments are made no later than 31 March in the calendar year following qualification.

For the year 2020, Te Rūnanga will make a class distribution(s) such that all child members, irrespective of their savings contribution, will receive $200*.

Elective members (those aged 65 and older at the end of the relevant calendar year) currently receive Kaumātua Grants outside the scheme rather than Whai Rawa Matched Savings.

Distributions*

Te Rūnanga sets a provisional budget for distributions within the Whai Rawa budget each year as part of the overall Te Rūnanga budget. Matched Savings are paid out of the Te Rūnanga budget first, with the balance (when applicable) being divided up for Distribution at Te Rūnanga’s discretion. Distributions are not certain; some years Distributions may not be made at all.

In 2020 there will be no Annual Distribution for members due to financial impacts of COVID-19 on Te Rūnanga businesses and operations. Matched Savings and Pēpi Distributions remain unchanged. Te Rūnanga will make a class distribution(s) such that all child members, irrespective of their savings contribution, will receive $200*.

Elective members (those aged 65 and older as at the end of the relevant calendar year) currently receive Kaumātua Grants outside the scheme rather than Whai Rawa distributions.

To date the distributions have been:

  • March 2007: Adult members $125 Child members $0
  • March 2008: Adult members $250 Child members $250
  • March 2009: Adult members $25 Child members $25
  • March 2010: Adult members $20  Child members $25
  • March 2011: Adult members $25 Child members $25 (paid March 2012 because of Canterbury earthquakes)
  • March 2012: Adult members $30 Child members $30
  • March 2013 Adult members $45 Child members $45
  • March 2014 Adult members $37 Child members $37
  • March 2015 Adult members $60 Child members $60
  • March 2016 Adult members $80 Child members $80
  • March 2017 Adult members $108 Child members $108
  • March 2018 Adult members $125 Child members $125 (+ child member bonus $25)
  • March 2019 Adult members $125 Child members $125 (+ child member bonus $45)
  • March 2020 Adult members $125 Child members $125 (+ child member bonus $60)

Note: the annual level of contribution may differ between calendar years and between members. Te Rūnanga o Ngāi Tahu may choose to cease or reduce contributions.

Newborn Distribution*

Te Rūnanga currently makes a newborn distribution of $100* to a child member’s account if the child is enrolled in Whai Rawa before they turn one. This distribution is made in March, in the year following enrolment, at the same time as other Whai Rawa payments from Te Rūnanga.

Reduced Fees

All costs and expenses, other than Fund Manager fees, will be met by Te Rūnanga while Whai Rawa Fund Limited remains the manager of Whai Rawa.

Māori Authority Credits

Generally, all Matched Savings and Distribution payments have Māori Authority Credits attached which offsets some of the RSCT* deducted which means more money going into your account.

* Te Rūnanga matched savings and distributions (when applicable) are available to all members under 65 years of age (see the Product Disclosure Statement) and are subject to RSCT (retirement scheme contribution tax) deducted at your personal RSCT rate (see the Other Material Information document at www.whairawa.com). Distribution payments are made no later than 31 March in the calendar year following payment. Download our PDS at www.whairawa.com/pds