Entrust beneficiaries asked to check details

Entrust beneficiaries asked to check details

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Auckland, July 7, 2020

Entrust Chairman William Cairns (Website Picture)

Auckland-based Entrust has appealed to all Aucklanders eligible for dividend pay-out to check their details and advice the Trust, so as to receive their dividend in September 2020.

Please visit the Entrust website.

Entrust (formerly Auckland Energy Consumer Trust) owns 75.1% of shares in lines company, Vector. The shares are held in trust for more than 338,000 energy consumer beneficiaries in Auckland, Manukau, northern parts of Papakura and Eastern Franklin who are paid a cash dividend each year.

Entrust Chairman William Cairns said that in a year when struggling households and businesses will be looking for savings and additional cash, this year’s dividend payment will be an important injection into Auckland’s economy. 

 

Large dividend pay-out

“The annual Entrust dividend is one of the largest dividend pay-outs in New Zealand, which last year delivered over $120 million to our beneficiaries and into the Auckland economy. With many household budgets under increased pressure because of Covid-19’s financial impacts, it’s never come at a more critical time,” he said.

The dividend is paid to all customers who are connected to the Vector electricity network and located in the Entrust district at the roll date each year.

From this week, payment preference forms will be sent to all households and businesses who meet these criteria.  

“If that is you, we want to make the payment process as simple as possible, but we need you to make sure we have your correct information and preferred method of payment. This will ensure that you receive the payment with no delays in September,” Mr Cairns said. 

Bank account details needed

“If you have previously received your dividend via cheque, we encourage you to re-assess your preferred method. Kiwibank is the first major bank to no longer accept cheques, and BNZ, ANZ, ASB and Westpac have announced their intention to do the same. This includes your Entrust Dividend cheque. The easiest way to get the payment in cash is to provide us with your bank account details,” he added.

What beneficiaries should do

To make sure that the payment is received, Entrust beneficiaries must please do the following (a) Check that the name on the Entrust form is exactly the same as the bank account that the cheque or direct credit will be paid into. If it’s not, ask your electricity retailer to update your power account name to match (b) If you wish to change your payment method, please update the Entrust form and return it by Monday, August 3, 2020.

“We know this payment makes a difference to many families every year, but with our economy in recovery mode and many families struggling, we want to ensure that everyone who meets the criteria for the Entrust dividend receives it and in the way that suits their financial situation,” Mr Cairns said.  

He said that Entrust would also be talking to budget advice and support services to help ensure that anyone who should get the dividend payment knows that now is the time to check their details and payment options.

“It can be paid via direct credit, credit on to electricity accounts or via cheque (if your bank still accepts them), to the named person or people on the power bill. But we need people to check their letterbox and carefully read the letter we’re sending that gives them those options and to make sure we have the correct details to pay them,” Mr Cairns said.

In late September, Entrust will be making dividend payments to around 338,000 households and businesses within the Entrust area.

About Entrust

Entrust was established in 1993, to ensure that power lines remained in the control of electricity consumers and was established under a trust deed for 80 years on behalf of electricity consumers in the area that used to be served by the Auckland Electric Power Board. 

Entrust has been paying a dividend to its beneficiaries since 1994. 

Entrust beneficiaries are customers on the Vector electricity network and located in the Entrust district as at the roll date each year. 

The Entrust district is Auckland, Manukau, northern parts of Papakura and eastern Franklin. 

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