WhaiRawa

Whai Rawa Benefits

Outline of Whai Rawa

Whai Rawa is designed to provide a base level of savings for all registered Ngāi Tahu; to support a culture of saving and asset building; and to encourage and assist Ngāi Tahu Whānui to improve their financial situation and knowledge.

Member's funds that are accumulated can be withdrawn for the following purposes:

  • Tertiary Education
  • First Home Purchase
  • Retirement

Newborn Distribution

A new initiative by Whai Rawa for 2011 is the Newborn Distribution implemented to encourage all whānau to enrol tamariki with Ngāi Tahu as soon as they are born. To receive the $60 contribution (inclusive of RSCT), members must normally be enrolled with Whai Rawa in the 2011 calendar year and before they turn 1 year of age. Because of the effects of the earthquake an extension has been provided to allow all those who would have been eligible for the newborn incentive in 2011 but who have already turned 1 year of age, until 30 August 2011 to register with Whai Rawa.

Payment will be made as part of the March 2012 distribution round along with other payments relating to the 2011 calendar year. Contact us now to ensure your pēpi is on the right path.

Matched Savings for 2011

Matched savings for savings made in 2011 are unchanged from the 2009 and 2010 provisions.

Adult Members (aged 16-64)

All adult members, except Elective Members, are eligible to receive Matched Savings at a ratio of 1 to 1 up to a maximum of $200 (including RSCT) for any savings made during 2011 into their Whai Rawa account. Elective members (those aged 65 and older) receive Kaumātua Grants rather than Whai Rawa matched savings and distributions.

Child Members (aged under 16)

All child members are eligible to receive Matched Savings at a ratio of 4 to 1 up to a maximum of $200 for any savings made during 2011 into their Whai Rawa account.

Payment of fees and administration costs

Since the start of Whai Rawa all fees and administration costs that would otherwise be met by members have been paid by Te Rūnanga o Ngāi Tahu. Te Rūnanga have agreed to continue meeting all these costs at least until June 2012. Payment of these costs and fees make a big difference to the rate at which your funds can grow.

Annual Distribution

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 the distribution is added to each member’s account it then begins to build interest which accumulates for the member’s benefit.

March 2010 Distribution

All adult members of Whai Rawa aged 16 and over (except Elective Members), as at 31 December 2009, have received a distribution of $20 (including RSCT) into their Whai Rawa accounts in March 2010.

All child members of Whai Rawa aged 15 and under, as at 31 December 2009, received a distribution of $25 (including RSCT) into their Whai Rawa accounts in March 2010.