Whai Rawa Frequently Asked Questions
- What is Whai Rawa?
- Who can join Whai Rawa?
- What is the Annual distribution from Te Rūnanga o Ngāi Tahu?
- What are the matched savings from Te Rūnanga o Ngāi Tahu?
- What are the matched savings for 2010?
- How do I pay money into Whai Rawa?
- I already have plenty of savings plans, why do I need another one?
- I don't want or need to save for the future – what about me?
- How many Whai Rawa accounts can I have?
- What happens to any funds in my Whai Rawa account if I die?
- When can I withdraw money from my Whai Rawa Account?
- Can I gift money to Whai Rawa members?
- Can those aged 65 and over get matched savings as well as Kaumatua Grants?
- How is interest/earnings calculated and added to my Whai Rawa account?
- How much have I earned on my Whai Rawa account?
- What return can I expect on my savings?
- Can I invest my savings in a higher risk fund?
- My balance doesn't seem right- it isn't showing all of my payments?
- My account shows third party contributions. What are these?
- Can I transfer money into another Whai Rawa Account?
- Can Whai Rawa account holders use their funds to study or purchase property overseas?
- How do I withdraw money from my Whai Rawa Account?
- Glossary of Terms - Whai Rawa
- What are the Risks?
Whai Rawa Frequently Asked Questions
What is Whai Rawa?
Whai Rawa is a scheme for Ngāi Tahu Whānui.
Its focus is on supporting members to achieve increased personal financial wealth in the medium to long term and assisting members to access higher levels of tertiary education, increased levels of home ownership and increased emphasis on saving for retirement.
Whai Rawa is also a means whereby members can increase their level of understanding of financial and investment matters through education/training programmess.
Who can join Whai Rawa?
Individuals who are enrolled with the Ngāi Tahu Whakapapa Unit are eligible to join Whai Rawa and will be sent a Whai Rawa pack on enrolment.
What is the Annual distribution from Te Rūnanga o Ngāi Tahu?
Each year Te Rūnanga o Ngāi Tahu determine the amount (if any) of the Annual Distribution to be made to members of Whai Rawa.
Once added to member's account the annual distribution then begins to generate earnings which accumulate and compound for the members benefit.
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
What are the matched savings from Te Rūnanga o Ngāi Tahu?
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.
What are the matched savings for savings made in 2010?
These remain unchanged from 2008 and 2009 matched savings.
Adult members, who save into their Whai Rawa account, in 2010, will receive matched savings at a ratio of 1:1 up to the maximum of $200.
Child members, who save into their Whai Rawa account in 2010, will receive matched savings at a ratio of 4:1 up to the maximum of $200. For example $50 saved in 2009 would receive the maximum matched savings of $200.
All matched savings payments are inclusive of Retirement Scheme Contribution Tax (RSCT) so the actual amounts paid into member accounts will depend on their RSCT rate.
Matched savings for your 2010 savings are paid at the end of March 2011.
Are there any other major benefits of Whai Rawa?
Te Rūnanga has to date paid all investment fees and administrative costs associated with Whai Rawa meaning members have been able to enjoy the full benefits of distributions, matched savings and earnings from the cash fund Whai Rawa has been invested in.
This will continue at least until June 2012.
How do I pay money into Whai Rawa?
Learn about all the ways you can pay money into Whai Rawa.
I already have plenty of savings plans, why do I need another one?
It is your right as a Ngāi Tahu member to join Whai Rawa and receive the benefits of the Ngāi Tahu Settlement (Te Kerēme).
Please refer to the latest Investment Statement for further information on how Whai Rawa works.
I don't want or need to save for the future – what about me?
Why not set up a plan for your whānau? You could contribute to your tamariki, mokopuna or other whānau members’ accounts. This would help them get a good start in life and give them choices in the future. You would be teaching them the value of saving money for themselves in the future – instead of spending it all now. You would be helping future generations of Ngāi Tahu build up their wealth, which will empower your whānau and all Ngāi Tahu to build independence and dignity.
How many Whai Rawa accounts can I have?
Only one account per person is possible but you can open and/or contribute to accounts for others.
What happens to any funds in my Whai Rawa account if I die?
If you have a will, the proceeds of your Whai Rawa account will follow the provisions of your will. If you do not have a will the proceeds will follow the common law provisions for treatment of assets upon death.
When can I withdraw money from my Whai Rawa Account?
Your first port of call is to the Whai Rawa contact centre, call 0800 942472 for assistance to withdraw your money.
You can withdraw from your Whai Rawa account:
- for tertiary education
- for first home purchase
- for retirement from age 55 onwards
You can also withdraw in certain special circumstances and savings will be paid to your estate when you pass on.
You need to be 16 years old to be eligible for any withdrawal.
You cannot withdraw more than the amount in your account.
Can I gift money to Whai Rawa members?
Yes, the simplest way to do so is to ask for their Whai Rawa account details and deposit the money into their Whai Rawa account. Alternatively you can contact the call centre for assistance. Please feel free to ask for a Koha card when making gifts to another member.
Can those aged 65 and over get matched savings as well as Kaumatua Grants?
Kaumatua Grants are provided to all those aged 65 and over regardless of whether they are Whai Rawa members and are paid instead of paying Whai Rawa matched savings and distributions (if any). Entitlement is calculated based on the age of the person as at 31 December i.e. if someone turns 65 during the calendar year they will receive the Kaumatua Grant rather than matched savings.
Kaumatua grants are not taxed as they are deemed a gift. This effectively means those aged 65 and over receive a net amount equivalent to the benefit received by many adult Whai Rawa members.
While those aged 65 and over are encouraged to remain as elective members of the Whai Rawa scheme some members do choose to close their accounts when they reach 65.
How is interest/earnings calculated and added to my Whai Rawa account?
Interest/earnings is calculated on the closing daily balance of your account but is credited to the account quarterly. Once interest has been paid and then allocated to your account, it then forms part of the next daily closing balance of the account and earns interest.
What return can I expect on my savings?
We invest in an ING Wholesale Cash Fund which has a conservative investment strategy with the 90 day bill rate as the benchmark.
From 1 October 2010 funds will be invested in a conservative fund that has been chosen to generate a better return whilst still remaining low risk.
Can I invest my savings in a higher risk fund?
No. Whai Rawa does not currently offer different investment options at this stage but this may change in the medium term.
My balance doesn't seem right- it isn't showing all of my payments?
We can check your account and balances – to do so we will need you to advise us what payments you believe are not showing - including dates and payment methods.
Contact us on 0800 942 472 (0800 WHAI RAWA) or email us at whairawa@ngaitahu.iwi.nz..
It may take up to 10 days to check your account and reply to your enquiry.
My account shows third party contributions. What are these?
Each member’s Whai Rawa account has five separate sub accounts for: (1) Te Rūnanga distributions, (2) Te Rūnanga Matched savings; (3) Transfers from other Whai Rawa accounts; (4) Member contributions; and (5) Third party contributions. Separation of funds will not generally affect the availability of funds for withdrawal but may provide additional protection of funds in cases of relationship breakdown and/or bankruptcy.
Where a payment comes into the member account and it appears to be from the member it will be added to the Member Contributions sub-account. Any payments where the origin of the payment is unclear will be added to the Third Party Contributions sub account.
Can I close my Whai Rawa account?
A Whai Rawa account can be closed in the following situations:
- When a Member passes on
- When a Member's tribal registration is found to be invalid
- With the permission of the Member, where all accounts have had a zero balance and there has been no account activity for period greater than 12 months
- Without the permission of the Member, where all accounts have had a zero balance for a period of more than three years.
Can I transfer money into another Whai Rawa Account?
A Member may transfer part or all of any amount in their Whai Rawa Accounts (Transferor Member) 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.
Can Whai Rawa account holders use their funds to study or purchase property overseas?
Yes. Please call 0800 942472 or +64 3 363 8998 or email us for further details.
Glossary of Terms - Whai Rawa
Administration Manager – The Administration Manager will administer Whai Rawa.
Annual Distribution – The Annual Distribution is the amount Te Rūnanga will contribute to Whai Rawa accounts after Matched Savings have been paid.
Calendar Year – 1 January to 31 December.
Child member – A member under the age of 16.
Credited Earnings – The income/earnings received on the assets of Whai Rawa and allocated to your Member Accounts.
Education Withdrawal – This is the withdrawal you can make to help finance tertiary education.
Housing Withdrawal – This is the withdrawal you can make to purchase your first home.
Investment Statement – This legal document that sets out a summary of the rules and conditions of Whai Rawa. You must receive this before you invest in Whai Rawa.
Manager – The Manager is responsible for the day to day running of Whai Rawa, including investing Whai Rawa's assets.
Matched Savings – For every dollar saved into your Whai Rawa account, Te Rūnanga o Ngāi Tahu will match it up the maximum value.
Member Accounts – This is your Whai Rawa account and is divided into 5 sub-accounts, including your Savings Sub-Account, Matched Savings Sub-Account, Distribution Sub-Account, Third Party Sub-Account and a Transfer Sub-Account (or Corporate Account) if applicable.
Prospectus – The Prospectus contains a summary of the Trust Deed and financial statements for Whai Rawa, as well as other information.
Retirement Withdrawal – This is the withdrawal you can make once you're aged 55 years or over.
Return – With Whai Rawa returns are defined as the amount available for you to withdraw from your Whai Rawa account.
Special Circumstances Withdrawal – This is a discretionary withdrawal you can request when you're experiencing certain difficulties.
Third Party – This is anyone other than you or Ngāi Tahu who makes a contribution to your account. They don't need to be a member of Ngāi Tahu or hold a personal Whai Rawa account to make a contribution.
Trust Deed – The document setting up Whai Rawa containing the terms and conditions under which the Trust was established.
Trustee – The Trustee looks after your interests in Whai Rawa.
Trust Fund – All investments, cash, property and other assets, liabilities and obligations of Whai Rawa held by the Trustees.
Whai Rawa – A medium to long term savings scheme for Ngāi Tahu Whānui to build independent wealth.
Withdrawal on Death – Whai Rawa savings will be paid to your estate when you pass on.
What would happen if Whai Rawa was to be wound up?
In the unlikely event of the insolvency of Whai Rawa or if Whai Rawa is wound up, your liability to pay money to any other person as a result would be limited to the money you were required to pay to Whai Rawa up to that date and cannot extend beyond the amounts in your Member Accounts.
In the event of Whai Rawa being wound up or put into liquidation the following claims will rank ahead of claims by you:
- any payment preferred at law, (for example, payments to secured creditors);
- taxation;
- any unpaid liabilities of Whai Rawa.
Following payment of the above claims and the deduction of the charges associated with winding up Whai Rawa, the remaining funds would be paid to Members in proportion to the value of their Member Accounts in Whai Rawa.
There are risks involved in any investment. The Manager of Whai Rawa intends to invest conservatively. The aim is to try to ensure Whai Rawa earns a reasonably consistent level of income and doesn't experience the big gains and losses that higher risk investments are exposed to. All steps have been taken to achieve positive returns on your Whai Rawa investment, however there are no guarantees. Any loss over the medium term (i.e. 1-2 years) is highly unlikely.
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