August 17, 2016
Whai Rawa funds used to educate whanau
Education is emerging as an important driver of Ngai Tahu’s Whai Rawa savings scheme.
The fund now has 22,000 members and $53 million under management.
Programme leader David Tikao says because of the value of education for the long term financial position of whanau, the scheme allows withdrawals for tertiary study.
That’s where it differs for Kiwisaver, which only allows withdrawals for first home buys or retirement.
Over the past decade nearly $500,000 has been withdrawn by members for that purpose.
Whai Rawa has helped over 300 whanau into their first homes, assisted more than 250 whanau with access to tertiary education and helped around 1,400 whanau towards a more comfortable retirement.
Te Runanga o Ngai Tahu matches Whai Rawa savings by up to $200 a year per member on top of other annual distributions.
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