Since setting up Whai Rawa, Te Rūnanga o Ngāi Tahu has contributed over $35 million in matched savings, distributions and associated tax credits. 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.
Ngāi Tahu Contributions
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.
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.
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 (if any) are paid out of the Te Rūnanga budget first, with the balance being divided up for a Distribution for all eligible members.
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)
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.
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.
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 are available to all eligible members under 65 years of age (see the Product Disclosure Statement) and are subject to Retirement Scheme Contribution Tax (RSCT) 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 qualification. Download our PDS at www.whairawa.com/pds