Post by Kiwi Frontline on Jul 25, 2016 17:33:08 GMT 12
IWI-RUN SAVINGS SCHEME PAYS OFF
New Zealand's only iwi-run savings scheme has ticked over $50 million and has signed on more than 20,000 members to save for their education, a home or retirement.
Ngai Tahu's Whai Rawa savings scheme was launched in 2006 as a way to help give the money from the iwi's business investments back to its people.
Last year it paid out a distribution of $3.5m to savers in Whai Rawa as well as matching the savings of child members at a rate of four to one and adult savers at a rate of one to one up to $200 a year.
Over the 10 years the scheme has paid out more than $5m to help savers pay towards a tertiary education, house or retirement.
Those who want to take their money out for retirement can do so from 55, unlike KiwiSaver where savers must wait until the age of entitlement for New Zealand Superannuation, currently set at 65.
Tikao said many of the Whai Rawa members were also in KiwiSaver which meant they could also benefit from the Government's annual contribution of 50c for every member dollar saved up to $1042.
The scheme is only open to registered Ngai Tahu iwi members.......
www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11680586&ref=rss
New Zealand's only iwi-run savings scheme has ticked over $50 million and has signed on more than 20,000 members to save for their education, a home or retirement.
Ngai Tahu's Whai Rawa savings scheme was launched in 2006 as a way to help give the money from the iwi's business investments back to its people.
Last year it paid out a distribution of $3.5m to savers in Whai Rawa as well as matching the savings of child members at a rate of four to one and adult savers at a rate of one to one up to $200 a year.
Over the 10 years the scheme has paid out more than $5m to help savers pay towards a tertiary education, house or retirement.
Those who want to take their money out for retirement can do so from 55, unlike KiwiSaver where savers must wait until the age of entitlement for New Zealand Superannuation, currently set at 65.
Tikao said many of the Whai Rawa members were also in KiwiSaver which meant they could also benefit from the Government's annual contribution of 50c for every member dollar saved up to $1042.
The scheme is only open to registered Ngai Tahu iwi members.......
www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11680586&ref=rss