Some information is primarily sent by email such as the annual report. We have not encouraged sending of statements by email because it is generally not secure, however if this is your preference we can certainly send statements and most communications to you by email. Some things will continue to be sent by mail, usually because we don’t have an alternative email system set up for these. Development of email alternatives has not been a focus as we are moving to a system where members will be able to access their statements online via our secure portal. It has taken longer than desirable but we hope to have this in place by the end of the year.
Any complaint received by us will be investigated and we will take appropriate steps to try and resolve it. If after this, the complaint is not satisfactorily resolved, members are welcome to contact Financial Services Complaint Limited (FSCL) our chosen dispute resolution provider. For members based in Australia, the Australian Financial Complaints Authority (AFCA) should be contacted. Find out more.
There are a number of different organisations and individuals involved with looking after Whai Rawa. Find out more.
Whai Rawa is just one of a number of initiatives from Te Rūnanga designed to assist whānau. Click here for further information on other programmes of assistance.
Once opened a Member can close their accounts upon reaching the age of 65. Other possible grounds for closure can be found on pages 5-7 of the Product Disclosure Statement.
Payments are allocated to member accounts based on the six-digit reference member along with the bank account name details of the payer. Any payment from an account whose account name does not directly match the name of the member will be treated as a third-party contribution. These will normally be payments from parents or other whānau members and employers. Member contributions and third-party contributions will both qualify for Matched Savings.
There is no disadvantage to the Member in having funds allocated to the third party account as it has been created to separate member contributions from other contributions thereby providing possible protection of these contributions and associated earnings in the case of relationship breakdown and/or bankruptcy.
Transactions normally take 2-3 days before they appear on our online system. We can check your transactions – to do so we will need you to advise us what payments you believe are not showing – including dates and payment methods.
You can check your account balance and transactions by contacting us; details can be confirmed over the phone and/or a full list of transactions sent to you. You also have the ability to log-in to Whai Rawa using your account number and the four-digit pin assigned to you when you opened your account. If you have forgotten your pin, contact us.
Whai Rawa will also send you a six-monthly statement summarising account activity for that period.
Because each member account has a number of subaccounts and PIE tax is deducted from each account separately.
Both earnings and payments from Te Rūnanga are subject to tax and it is important to supply the correct tax information. Find out more.
Whai Rawa is currently invested in a conservative fund. Earnings are calculated on the closing daily balance of your account but are credited to the account quarterly. Once earnings have been paid and then allocated to your account, they then form part of the next daily closing balance of the account and earns interest. Find out more.
Matched savings are designed to encourage members of Whai Rawa to save their own money by providing a unique incentive of ‘matching’ the amount members save, (to a maximum) with money from Te Rūnanga. Each year Te Rūnanga will determine the amount of matched saving available to members for the next year. Find out more.
Those aged 65 and older receive Kaumātua Grants rather than matched savings and distributions.
Each year Te Rūnanga o Ngāi Tahu determine the amount (if any) of the Annual Distribution to be made to members of Whai Rawa. Find out more.
Contributions are normally paid to member accounts on or before the 31st of March each year.
A Member may transfer part or all of any amount in their Whai Rawa Accounts (Transferor) to any other Member (Tranferee). If any amount transferred is eligible for Matched Savings, the Matched Savings will be credited to the Transferor Member.
The Manager may decline to register any transfer where the Member receiving the transfer is entitled to make a withdrawal or where the Manager considers the transfer is being made by a Member who may be able to apply for a withdrawal for the purpose of avoiding the restrictions on withdrawals in Whai Rawa. The Manager may impose terms and conditions on any transfer as it sees fit, subject to applicable legal restrictions.
There are a range of ways to make contributions to your account or the accounts of friends and whānau:
Because of some of Whai Rawa’s unique benefits, it is not a registered NZ superannuation scheme. This means funds cannot be transferred into Whai Rawa from other super schemes or from KiwiSaver schemes.
Yes Whai Rawa is accessible to whānau anywhere in the world.
Whānau who have previously owned their own home may still (in some cases) be able to withdraw their funds from Whai Rawa. We generally follow the Kiwisaver deposit subsidy eligibility rules when deciding on such cases. Find out more about the Kiwisaver eligibility rules here.
You can withdraw from your Whai Rawa account:
You can also withdraw in certain special circumstances (normally serious hardship).
In some circumstances the Manager may exercise its discretion to approve a withdrawal where not all the conditions are met. Find out more about withdrawals.
Whai Rawa is a Unit Trust. All your savings and any other contributions (including Ngāi Tahu’s) will be combined so the total amount is available when you make a withdrawal. On your six monthly statement you will see the total contributions that have been made to your account, but the statement will only show the summary of your account.
For more information See section two (page 4) of the Product Disclosure Statement.
As with any investment, there are some risks associated with Whai Rawa. The principal risks applying to Whai Rawa that could affect returns (and which are risks applying to most unit trusts generally) are outlined in Section 6 (page 20) of the investment statement.
As with any savings scheme, there will be costs incurred for managing Whai Rawa. Such as : Manager’s & Administration Manager’s fees; Trustee fees; Expenses of the Trust/Other fees.
Investment Manager fees will be met by members until further notice. Te Rūnanga o Ngāi Tahu has agreed to pay all the remaining fees and expenses until 30 June 2017. From 30 June 2017, Te Rūnanga may decide to reduce the amount it pays towards those fees or decide not to pay them at all. Any fees not paid by Te Rūnanga o Ngāi Tahu or any other third party will be met by Whai Rawa and may be charged to Members’ accounts. For more information see Section 4 (page 14) of the 2015 Investment Statement.
No. Due to some of Whai Rawa’s unique benefits, it is not a registered superannuation scheme. This means funds cannot be transferred into Whai Rawa from other superannuation schemes or from KiwiSaver schemes.
Yes. Whai Rawa is complementary to KiwiSaver; most adult members of Whai Rawa are also in KiwiSaver.
Yes. By opening an account (even if you’re not in a position to start saving right now) you will be eligible to receive any distributions Te Rūnanga o Ngāi Tahu may decide to make to members.
Click on the join online button at any time to complete the application form online (which takes less than 5 minutes) or complete the paper application form inside the Product Disclosure Statement. You can always contact us if you have any questions about the process.
The new anti-money laundering legislation means we now require further confirmation of your identity. Find out more.
If you are not yet registered with Te Rūnanga o Ngāi Tahu’s Whakapapa Unit you can do this at the same time as joining Whai Rawa.
Here’s a Glossary from our Product Disclosure Statement of all key terms and phrases used in Whai Rawa.
You can contact us at any time with any inquiries.