September 14, 2016
Whai Rawa success for all
Ngai Tahu is celebrating the success of its Whai Rawa programme, which helps members save for first home deposits, tertiary education or a more comfortable retirement.
Programme leader David Tikao says it now manages $53 million in funds for 22,000 members, and is bringing on 2000 new accounts a year.
Savings are matched by payments from the tribe of up to $200 a year.
There is additional growth through using a unit trust model.
He says it’s become an important way for Ngai Tahu to get the benefits of its settlement to individual members, without it being a straight hand-out.
"Ultimately it’s down to the members being able to contribute and having their iwi contribute as well, having that vehicle somewhere locked away where they don't have access to it and they've got those primary goals set aside and look to utilise it,' he says.
David Tikao says Whai Rawa is now making the transition to come under the new Financial Markets Conduct Act.
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