For enquiries phone 0508 ENTRUST (0508 368 7878)
Post:
Entrust
Freepost 3539
Private Bag 92119
Victoria Street West
Auckland 1142
Read stories from other beneficiaries here
Want to know if you’re eligible for the dividend? Click Here
Entrust (previously the Auckland Energy Consumer Trust or AECT) is a private trust that owns the majority shareholding in Vector. Every year, we send out a dividend to energy consumers who are connected to the Vector electricity network in our district. We will be getting ready for the dividend soon, but first we are getting in touch with everyone who is currently on the dividend roll to see how you want to receive your dividend when it is paid later in the year.
The Entrust dividend is paid to all customers on the Vector electricity network in the Entrust district as at the roll date each year.
Just stay up to date with your electricity retailer. Your electricity retailer sends us the names of all the electricity customers on the Vector network inside the Entrust district on the roll date when we are getting ready to pay the dividend.
They are included in your power bill. Generally this includes all properties in the Entrust district but there are some exceptions:
See the Qs below for more about these exceptions.
Yes, as long as you’re still in the Entrust District on the roll date and the power account is in your name and includes Vector electricity line charges.
If you move out of the Entrust District, you won’t be eligible for the dividend.
You must be a Vector electricity customer in the Entrust District on the roll date to receive the dividend.
If you leave the Entrust District before the roll date, you won’t receive any dividend payment. Under the Trust Deed, there is no provision for part or pro rata payments.
Please don’t, as we can’t do anything. We get the names of all the people on the roll from the electricity retailers. So make sure you keep them informed.
These details came from your electricity retailer. They should be the same as what’s on your power bill. If they’re not right, you need to ask your electricity retailer to fix them.
TOP TIP: Check your name is spelled exactly right on your power bill
so you can easily bank the Entrust dividend.
Yes so long as you’re still the customer in the Entrust district when the dividend roll is struck. Your electricity retailer will send us all the customer names on the roll later in the year. The update forms just tell us how you want to receive the dividend.
You will, provided you are still an eligible beneficiary when the actual dividend roll is struck later in the year. If you move out of the Entrust district or are no longer paying the power bill at that time, you will no longer be eligible. (See Qs below)
A couple of things to consider:
Places that are not connected to the Vector electricity network include:
No, the dividend is paid to the person/s named on the power bill. If your power charges are included in your rent and paid by your landlord or body corporate, they receive the dividend.
This includes agencies such as:
IMPRESSION REAL ESTATE
CITY POWER
AUCKLAND CITY LIVING MANAGEMENT
MC RENTALS
DC ARDERN COLLECTIVE
ELECTRICITY DIRECT (SMART POWER)
This may include apartments in buildings such as:
ZEST APARTMENTS
VOLT APARTMENTS
ECLIPSE APARTMENTS
THE FEDERAL CITY APARTMENTS
HARVARD ON HOBSON APARTMENTS
C-VU APARTMENTS
HARBOUR GREEN APARTMENTS
ST PAUL APARTMENTS
32 EDEN CRESCENT
ALTITUDE APARTMENTS
SCOTIA TOWER
508 QUEEN ST
22 BERESFORD SQUARE
CONNAUGHT
AVOKA BUILDING
METRO CITY
ARGENT HALL
WERI APARTMENTS
COUNTRY CLUB APARTMENTS LTD / QUEST ON MOUNT
ELLIOTT STREET APARTMENTS
HARBOUR CITY APARTMENTS
Please note that the dividend IS paid to customers in these buildings who do have power bills in their own name from electricity retailers such as BOSCO, Contact, Energy Online, Genesis, Mercury, Meridian, Powershop, Pulse or TrustPower.
But if your electricity is included in your rent or management costs you may not be eligible and the person or organisation who pays the power bill for you may receive the dividend.
Check with the person or organisation that pays the power bill for you.
The amount of the 2017 Entrust dividend has not been set yet. It will depend on how many people are eligible to receive the dividend and how much profit is made by Vector, which is 75.4% owned by Entrust. Last year’s payment was $345.
The dividend is usually paid in late September or October each year. For security reasons, the exact date is not disclosed before the payment is made but we expect it will be around the usual time this year.
It is close to the dividend payment date. For security reasons the roll date and the payment date are not disclosed in advance.
For security reasons, the exact date and amount is not announced before the dividend is sent out.
Yes. Just call us on 0508 ENTRUST (0508 368 7878). But be quick, your form needs to be sent back to us by Monday 7 August 2017.
Yes. But here’s a tip. If you’re currently getting the dividend paid direct to your bank account, make sure you keep ALL your customer details exactly the same when you switch. That way we will still be able to match up your dividend payment details with the new customer details your new electricity retailer sends us when we are preparing the dividend.
You don’t need to let us know if you move. Your electricity retailer will send us new details when the dividend roll is struck later this year.
Provided you stay inside the Entrust District and are paying Vector electricity line charges, and the power bill is in your name, you will get the dividend.
But because we will have new details for you, we won’t be able to pay the dividend to your bank or power account even if you’ve requested that previously. Instead, you’ll receive a cheque. But you’ll be able to request your preferred method of payment next time.
Yes, don’t worry. You’ll still receive your dividend if you’re an eligible beneficiary when the dividend roll is struck later this year. Please note:
If your name is incorrect on the form:
The customer details shown on this form were provided by your electricity retailer. They are the same as on your power bill. If those details are not correct, you will need to update them with your retailer. Entrust cannot alter or update details on your power bill. Only your electricity retailer can do that.
Our records will be updated when your retailer sends us the roll for the dividend later this year. The dividend will be paid to the person/s named on the power bill at that time.
If your address is incorrect on this form:
If you have recently moved and your mail has been forwarded to you, this form will no longer apply to you. You do not need to do anything with this form.
If you have moved to an address in the Entrust District and the power account at your new address is in your name and you are still paying Vector electricity line charges, you will continue to receive the dividend. You don’t need to let us know if you’ve moved. Our records will be updated when your electricity retailer sends us the roll for the dividend later this year. You will receive the dividend at your new address. But because we will have new details for you, we won’t be able to pay the dividend to your bank or power account even if you’ve requested that previously. Instead, you’ll receive a cheque this time. But you’ll be able to request your preferred method of payment next time.
If you have moved out of the Trust District you will no longer be eligible to receive the dividend.
Just fill out the form that came with the recent newsletter and send it back. You need to fill out the form because your signature is needed.
If we don’t receive your updated details and can’t direct credit your dividend, you will be sent a cheque when the dividend is paid later in the year.
Just fill out the form that came with the recent newsletter and send it back. You need to fill out the form because your signature is needed. If we don’t receive your updated details and can’t direct credit your dividend you will be sent a cheque instead of a direct credit when the dividend is paid later in the year.
No, just keep it for your records. We only need your form back if you are changing your payment details. So, if it’s all good, help us keep costs down – don’t send the form back if nothing needs to be changed.
A request for a direct credit cannot be processed if:
To arrange payment by direct credit or cheque this year, just fill out and return the form.
If your request cannot be completed, you will receive the dividend as a cheque or credit to your power account, provided you are still eligible on the roll date.
If the name on your bank account is similar to the name on your power bill, we may be able to make the payment to your bank account. For instance, we accept requests like these:
|
|
DIRECT CREDIT IS OK FOR THESE |
EXAMPLE |
|
1 |
Payment by Direct Credit to a joint account where the named beneficiary is just one of the people in the joint account (provided the named beneficiary signs the form) |
Name on power bill: A Smith Name on bank account: A& B Smith. OK if named person signs the form |
|
2 |
Payment by Direct Credit to a single-name bank account for beneficiaries with joint names on the power bill, provided all parties have signed the form |
Name on power bill: A&B Smith. Name on bank account: A Smith. OK if both sign the form |
|
3 |
Payment to similar named account |
Abby Smith vs AA Smith. |
If the differences between the name on your power bill and on your bank account are more than those examples, you may be able to update your details with your electricity retailer. In that case, our records will then be updated when your retailer sends us the roll for the dividend later this year. The dividend will then be paid as a cheque to the person/s named on the power bill at that time. For future dividends, you will be able to request a direct credit if you prefer.
The details we currently have on file for you were provided by your retailer before you updated your details with them.
When the roll for the dividend is struck later in the year, the electricity retailers send us the roll with the latest records of all the eligible beneficiaries. This will include any details you have updated with your retailer.
We match the roll provided by the retailers with the details we have on file. For everyone’s security, we must make sure all details are exactly matched for a direct credit. That ensures we don’t make a payment to someone who may have moved out since the last roll.
Because your details will have changed since our last records were complied, they won’t be an exact match to the records we have on file. In that case, the dividend will automatically revert to being paid by a cheque, made out to the name/s on the power bill.
Yes, everyone named on your power account has to sign the form to have your dividend direct credited to your bank account. This prevents one person receiving the dividend when it belongs to a number of people. If you don’t have a bank account in the same name, you can arrange to have the dividend credited to your power account. Just tick the box and sign the form that came with the recent newsletter and send it back.
No, just one person needs to sign for the dividend to be paid as a credit on the power account, as everyone in the property will automatically benefit from this, by having the power bill reduced or paid by the Entrust dividend.
If your bank account details are included on the form, and are correct, you don’t need to do anything. Your dividend will be paid into the bank account showing on the form, provided you are still an Entrust beneficiary at that address when the dividend roll is compiled later in the year.
If your bank account details were not included on the form that came with the recent newsletter, you will need to fill out the direct credit form again and send it back.
There are several reasons why your direct credit details may not be showing:
Just tick the box called CREDIT YOUR POWER ACCOUNT and sign the form that came with the recent newsletter and send it back.
Yes, if you are still an eligible Entrust beneficiary when the dividend roll is struck. Or you can have it paid by direct credit to your bank account. Just complete the form that came with the recent newsletter. Please note, the direct credit or dividend cheque will be made out to the person/s named on the power bill sent by your electricity retailer. If you don’t have a bank account in that name the direct credit may be declined or you may not be able to bank the cheque. In that case it will be better to continue with the current arrangement and have your dividend paid as a credit on your power account.
You need to make sure your electricity retailer (GLOBUG or Wise Pre-Pay) has your correct name on their customer list. That’s the same as having your name on a power bill.
For your security, GLOBUG and Wise Pre-Pay customers receive the dividend by cheque. This ensures that payment goes to the right person. It prevents a direct credit being paid into the bank account of a customer who may have moved out but not notified GLOBUG or Wise Pre-Pay.
No. Your actual signature is required on the original form in order for your payment request to be accepted. So you need to send back the original form with your signature/s by mail.
The dividend goes to all Entrust beneficiaries at the same time. It cannot be paid to individuals at a different or earlier time.
If you need assistance paying your power bill we suggest you call your retailer and discuss payment options or assistance from support agencies to help with your power account.
Provided you give us all the correct details it is very unlikely that your dividend would go to another account. However, in the unlikely situation this does occur, the usual banking procedures for solving a problem like this will apply so that the right person receives the dividend.
No. The dividend is paid to the person/s named on the power bill. It cannot be transferred to someone else or paid to an account in someone else’s name.
No. The Entrust dividend is paid to the person/s named on the power bill. That information is provided by your electricity retailer. We do not have access to the records held by the electricity retailers so we cannot change that name. If the details on your power bill are not correct, please contact your electricity retailer.
The electricity retailers provide us with the information we need to pay the dividend. We do not have any access their records so we cannot make those changes for you. You need to contact your retailer directly to update your information.
Entrust can only use your bank account number to pay your dividend directly to your bank account. We have no authority to do anything else, and we have no passwords or numbers other than the number of the account where you want your money paid. Under the Privacy Act the details you provide are kept confidential and used only for the purpose of paying your dividend by direct credit.
You may know us as the AECT, or simply the organisation which sends you a dividend every year. You may have thought we were part of the council or government. The fact is we are a private trust that owns the majority of Vector on behalf of our 320,000 beneficiaries. So to help clarify who we are and what we do, we changed our name. It’s not a major change, just a simple combination of energy and trust. Entrust.
RWT means Resident Withholding Tax. When the Entrust dividend is paid, we are required to pay withholding tax on each dividend. Some people and organisations such as charities or not-for-profit organisations have a certificate from the IRD that means withholding tax does not have to be taken out of their dividend. If you have an IRD certificate of exemption from RWT, you can send a copy of that certificate back with your update form and your dividend will be paid without withholding tax being deducted.
More information about RWT and certificates of exemption is available from the IRD at www.ird.govt.nz.
We are required to confirm that the certificate is still valid. Some RWT-exempt certificates have an expiry date, and sometimes a certificate of exemption can be cancelled by the IRD. We also need to match the certificate of exemption with the correct ICPs (Installation Control Point number, which you can find on your power account), especially for those organisations that have more than one ICP. We need to do this accurately, so need your help to identify all the ICPs that belong to your organisation.
Yes, if you want the withholding tax to be exempted on every ICP. We are required to be accurate about this, so we need to be sure about which ICPs your certificate covers. You can bundle up all the update forms and send them back together with one copy of your certificate of exemption, just so long as we can readily identify which ICPs are covered by the exemption certificate.
If your organisation is exempt from having RWT (Resident Withholding Tax) deducted from your Entrust dividend you must send us a copy of your exemption certificate with the update forms for all the ICPs that are eligible.
To ensure this also applies to your local branches, please send them a copy of your certificate, if applicable, and remind them to attach it to their update form when they send it back to us.
Not really. You’ll still receive the annual dividend from us. And we’ll continue to be the majority shareholder of Vector with 74.5% of their shares. The main thing you will see is our new name on our letters and cheques. And we do have a new phone number to match our new name: 0508 ENTRUST (0508 368 7878). And this new website address: www.entrustnz.co.nz.
Entrust is a private trust that was formed out of the old Auckland Electric Power Board (AEPB) in the electricity reforms of the 1990s. Other Aucklanders are in areas that were served by other power boards (see below). Each power board had the choice of what to do with the shares in their company.
On the North Shore and West Auckland for example, people were given shares in the company. People could keep or sell those shares.
In the old AEPB district, people were not given shares. Instead, a private trust, now known as Entrust, was set up to hold the shares on behalf of the customers so they could get a dividend every year.
Other old power board districts were:
The advertising is necessary to alert people that Entrust information is in their letterbox
The information, especially the update forms, are important and valuable, so it is important that people know to look out for them.
It is also a practical time to build awareness about Entrust. Before advertising started a few years ago, fewer than 4% of beneficiaries knew about us and that we pay them a dividend. We now have more than 60% awareness.
The advertising is done to a strict budget, to reach as many beneficiaries as possible at the lowest possible cost. The design of the ads is intended to generate as much attention as possible. They are researched every year to ensure they are being effective.
Call us on 0508 ENTRUST (0508 368 7878).
Or email [email protected]
The payment is $345.
The Entrust dividend has always been paid in late September, once Vector has paid its final dividend for the year to shareholders which include, of course, Entrust. Once Entrust has received this money from Vector, the Entrust dividend can then be distributed to Entrust income beneficiaries.
This year the Entrust dividend was distributed on Wednesday 21 September 2016. All beneficiaries were sent a letter on that day with either a cheque or notification that their payment was by direct credit to their bank account or a credit to their power account.
Entrust, which is a private trust that holds the majority shareholding in Vector. Entrust was previously known as the Auckland Energy Consumer Trust (AECT).
The Entrust dividend is paid to all customers on the Vector electricity network in the Entrust district as at the roll date each year.
o Customers are the person/s named on the power bill.
o The Entrust district is Auckland, Manukau, eastern Franklin and northern Papakura.
o The Vector electricity network is where Vector owns the power lines.
o The roll date is the date, at midnight, where we start preparing the roll of people who will receive this year’s Entrust dividend. You have to have your name on the roll to get the Entrust dividend.
Just stay up to date with your electricity retailer. Your electricity retailer sends us the names of all the electricity customers on the Vector network inside the Entrust district on the roll date.
It was 3 August 2016.
Everyone who was an Entrust income beneficiary on 3 August 2016 is eligible for this year's payment. You are an Entrust income beneficiary if you pay Vector Electricity lines charges (these are included in your power bill) in the Entrust District of Auckland, Manukau, and the northern parts of Papakura and eastern Franklin. The dividend is paid to Entrust income beneficiaries regardless of who their electricity retailer is. The beneficiary is the person whose name is on the power bill sent by your electricity retailer. In the case of rental properties, this is usually the tenant rather than the owner of the building.
This year the dividend is $345. It is the same as last year, even though population growth in the Entrust District means there are more people receiving it this year.
All beneficiaries receive $345 for each installation control point (ICP) on their power account/s. Most beneficiaries have one ICP and receive one payment. But some beneficiaries, such as businesses with branch offices or more than one ICP (who pay more than one power bill) receive more than one payment.
Actually, you may be entitled to a refund on the tax paid on this dividend.
As required by the IRD, Entrust pays tax at the rate of 33% on this dividend. If you are on a lower tax rate you may be entitled to a refund of tax paid on this distribution.
Entrust pays $25.16 withholding tax on every dividend paid.
That adds up to more than $8 million paid in taxes on your behalf. As noted above, Entrust tax rate is 33%.
We believe many Entrust income beneficiaries are on a lower tax rate than this so you could be entitled to a tax refund on this payment if you file a tax return.
The amount is calculated by Entrust from the dividend it receives as majority shareholder of Vector Ltd. A dividend from Vector's profits is paid to Entrust by Vector and most of this is passed on by Entrust to our income beneficiaries. Also, as the population increases in the Trust District, the number of people receiving Entrust dividend also increases and this has to be included in the calculations each year.
We need to make a list of everyone who is eligible for the payout, and it is done on one day to ensure the list is fairly and fully compiled.
It may take a few days for the mail delivery to be completed, but if you haven’t received your cheque by Monday 3 October please call 0508 ENTRUST (0508 368 7878).
Call 0508 ENTRUST (0508 368 7878) and we can arrange to reissue your dividend payment. Please note, the original cheque will have to be stopped and the bank charges a fee to do this. This fee may be passed on to you, so please have a good look for the cheque first, and ask anyone else in your household if they have banked it for you.
Call 0508 ENTRUST (0508 368 7878) for assistance.
No, you bank it at it your own bank.
If you do not have a bank account, or if you are part of a group such as flatmates who do not have a bank account in the group’s names, you can return your cheque and have the amount credited to your power account. Just use the form that came with your cheque or you can call 0508 Entrust (0508 368 7878). If you have lost the reuseable envelope that came with your cheque, you can post the form and the cheque to: Freepost 3539, Entrust, Private Bag 92119, Auckland 1142.
Entrust is required to pay the dividend to the person/s named on the power account. The cheque has therefore been made out to that name and we cannot issue a new cheque in another name.
We will action your request as quickly as possible but depending on your electricity retailer’s billing cycle, it may take up to six weeks for the credit to appear on your power account. For instance, if you return your cheque a day or so after the latest billing cycle closes, the credit won’t appear until the next billing cycle. Please note, the credit cannot be transferred or refunded by the electricity retailer.
You receive a cheque. Because you pre-pay your power and don’t have a power account, we can’t pay the dividend as a credit to a power account. And, for your security, the dividend is not paid by direct credit to a bank account. This is because some pre-pay customers move without notifying their retailer. In that case, payment by direct credit could go to a previous occupier. To ensure the rightful beneficiary receives the dividend, it is paid by cheque to pre-pay customers.
It may be because you have moved or changed electricity retailers since the last dividend. The dividend is paid to the person at the address at the time the dividend roll is struck. We are unable to track customer movements if there has been a change of occupier at the address or a change of retailer between one dividend payment and the next as we receive information from retailers only at the dividend roll date.
Please note that there are careful processes in place to ensure that the rightful beneficiary receives the dividend each year. In the case of payment by direct credit, all the details provided by the retailer must perfectly match the direct credit details held on file. If there are any changes to any of those details, the direct credit may be declined and payment issued by cheque to ensure it goes to the rightful beneficiary.
So, if you have received a cheque instead of a direct credit, this will be for everyone’s security and we apologise for the inconvenience. If you want to have a direct credit next year, you will be sent a new form shortly before next year's dividend.
And if you switch electricity retailers before next year’s dividend make sure you keep all your customer details the same.
A request for a direct credit could not be processed if:
- the name on the bank account was not the same as the name on the power account
- the request was received too late (after Monday 8 August 2016)
- incomplete information was received
- not all people on the power account signed.
- you have moved since providing direct credit details
- you have changed electricity retailers and the customer details were altered and did not exactly match what we had on record.
We apologise for any inconvenience. A request form for direct credit will be sent in time for next year’s dividend.
Yes. But here’s a tip. If you’re currently getting the dividend paid direct to your bank account, make sure you keep ALL your customer details exactly the same when you switch. That way we will still be able to match up your dividend payment details with the new customer details your new electricity retailer sends us when we are preparing the dividend.
If you moved within the Trust district, and are still an eligible beneficiary you will have received the dividend as a cheque, instead of as a direct credit. We couldn’t do it as a direct credit because the dividend is paid to the person at the address at the time the dividend roll is struck. We are unable to track customer movements as we receive information from retailers only for that date. We apologise for the inconvenience. If you want to have a direct credit next year, you will be sent a new form shortly before next year's dividend.
If you moved out of the Trust district before the roll date (3 August 2016), you are no longer a Trust beneficiary and therefore are not eligible for the dividend. The form you signed requesting a DC was only applicable if you were still an eligible beneficiary when the dividend roll was struck.
If you didn’t request it to be paid by direct credit in time for this year’s dividend, you will have to wait until next year. All beneficiaries will be sent a form to do this before next year’s payment.
Yes, you can use the money for any purpose you wish. If you want to use it to pay your power bill just return the cheque with the form that came with your cheque or you can call 0508 ENTRUST (0508 368 7878). If you have lost the reuseable envelope that came with your cheque, you can post the form and the cheque to: Freepost 3539, Entrust, Private Bag 92119, Auckland 1142.
You can read how some people have used their payment here
The Entrust beneficiary is the person or persons named on the power bill. The cheque is therefore made out to the name or names that appear on the power account. If you are unable to bank the cheque, you can return it for a credit on your power account. Just use the form that came with the cheque.
No, unless the cheque is made out to the wrong person altogether – see below.
If the name on the cheque is yours but it’s not exactly correct, you will need to update those details with your electricity retailer for future dividends. For this time, you can send the cheque back and have it credited to your power account. See the details on the back of your letter.
If the name on the cheque belongs to someone else, we may be able to reissue the dividend to you if you were the customer on 3 August 2016 but it does take time and you will need to have a copy of the power bill for that date. Call us on 0508 Entrust (0508 368 7878). If you weren’t the customer on that date, please forward the cheque to the previous occupier or write ‘Gone No Address” on the envelope and post it back to us.
We have to pay the dividend to the person/s named on the power bill on the roll date. That information is provided by the electricity retailer when they send us the roll.
The electricity retailers will send us a new roll of customer details next time we do the dividend. The information on that roll is what we will use to pay the next dividend. So you have to get your name right with your electricity retailer first. Then it will be right with us too.
If the cheque belongs to the previous occupiers, please forward it to them if you know their new address. If you don’t know their address, please return it to Freepost 3539 Entrust Private Bag 92119 Auckland 1142.
Or if the person whose name is on the cheque has moved out and you were paying the power bill on 3 August 2016 you can sign the form and return the cheque to have it credited to the power account, provided the power account is still in the same name. Please note, we will need to make some additional checks before authorising the credit to your power account, and this may take longer than the usual process for crediting a dividend to the power account.
If the power account for the person named on the cheque is still being used by the person’s family, the cheque can be returned for a credit to the power account. Just use the form that came with the cheque. Or call 0508 ENTRUST (0508 368 7878) for further assistance. The dividend may be reissued to the estate of the deceased person, however copies of relevant documents will be required.
If the power account is still in your old name, you can return the cheque for a credit to the power account. Just use the form that came with the cheque. Or call 0508 ENTRUST (0508 368 7878) for further assistance. The dividend may be reissued to your correct name, however copies of relevant documents will be required.
It will be because your dividend was paid as credit on your power account last year, most probably because you weren’t able to bank the cheque. The letter that was sent confirming your credit had been actioned also explained that your dividend would continue to be paid this way unless you let us know.
A form confirming this was sent in June.
If we didn’t receive any reply to those notices, the dividend will have stayed as credit on your power account.
It is too late to change the way your dividend is paid this year. But you will be sent a form before next year’s payment which gives you the choice about how to have your next dividend paid.
The dividend belongs to the person who was the Vector electricity customer at the property at midnight on Wednesday 3 August. If that was not you, please return the dividend in the reusable envelope supplied, and mark it ‘Gone No Address”. If you don’t have the envelope, post it to Freepost 3539 Entrust Private Bag 92119 Auckland 1142.
If you were the customer on Wednesday 3 August, please call us on 0508 ENTRUST (0508 368 7878).
Please don’t, as we can’t do anything. We get the names of all the people on the roll from the electricity retailers when we strike the roll each year. So make sure you keep them informed.
If you were a customer on the Vector electricity network in the Entrust district on 3 August you are entitled to receive the dividend. If your mail has not been re-directed to you, please contact the current occupiers to see if they are holding it for you. If you don’t receive it at all, call 0508 ENTRUST (0508 368 7878).
The dividend payment is made only to people who were an Entrust income beneficiary on 3 August 2016. You are an Entrust income beneficiary if you were paying Vector electricity lines charges (included in your power bill) for a property in the Entrust district on that date. If you moved out any time before 3 August 2016, you are no longer eligible to receive the dividend. The dividend payment will have gone to the new person paying the account on 3 August 2016.
Under the Trust Deed that governs the way the Entrust dividend is paid, there is no provision for part-payment of the dividend. To receive the dividend you must be an eligible beneficiary on the roll date. Under the Trust Deed that is the only time you are an eligible beneficiary. This year, the roll date was 3 August.
You can see a copy of the Trust Deed here
It is possible that you didn’t receive a dividend payment because:
See Who Qualifies for more details.
If you are an Entrust beneficiary and the situations above do not apply to you, please check your bank statements to confirm the payment has not already been deposited. If you have not received your cheque by 6 October, please call 0508 ENTRUST (0508 368 7878). or send an email to [email protected] with your name, address, phone number and ICP number. The ICP number can be found on your power account.
If your address is part of an embedded network it means you are not connected to Vector's electricity network and do not pay any lines charges to Vector. You pay lines charges to the network owner, which in this case is not Vector.
As you are not part of the Vector electricity network, you are therefore not eligible for the Entrust dividend.
The decision about whether to use the Vector network or an embedded network is made by the developer, not by Vector or an electricity retailer. The network has been installed as an entirely separate network to Vector, and it would be up to the developer, property manager or network owner to decide if it can be changed.
This is something to watch out for in apartment living. The reason you haven't received a dividend is because you are not directly connected to the Vector network, with your own ICP (installation connection point). The number of ICPs in apartment buildings is determined by the developer.
Some developers set up an ICP for every apartment and leave the occupier to arrange electricity supply (and to pay the lines charges) with their preferred retailer. In this case each is individually connected to the Vector network, and the occupant qualifies as an Entrust income beneficiary.
Other developers set up one ICP at the entry to the entire site. The electricity network beyond the ICP is then managed by the developer, owner or property manager who negotiates with electricity retailers for the bulk supply of electricity to the development. The retailer will bill one party for this bulk supply, including Vector's line charges. This means that occupiers are not individual customers of an electricity retailer. Instead, these customers pay the developer or the property manager for the electricity and lines charges. The developer (or property manager) is the only customer with an ICP and a connection to the Vector network. Their name appears on the roll and therefore they receive the dividend.
This arrangement is usually done to give apartment occupiers access to bulk electricity rates, but it is at the expense of forgoing entitlement to the Entrust dividend by each apartment owner or tenant.
No. The dividend is paid to the person or organisation named on the power bill.
No. The dividend is paid to the customer who is liable for the Vector lines charges. In this case, that is the organisation that you pay, not you. This includes rental agencies such as:
IMPRESSION REAL ESTATE
AUCKLAND CITY LIVING MANAGEMENT
MC RENTALS
DC ARDERN COLLECTIVE
ELECTRICITY DIRECT (SMART POWER)
CITY POWER
This may include apartments in buildings such as:
ZEST APARTMENTS
VOLT APARTMENTS
ECLIPSE APARTMENTS
THE FEDERAL CITY APARTMENTS
HARVARD ON HOBSON APARTMENTS
C-VU APARTMENTS
HARBOUR GREEN APARTMENTS
ST PAUL APARTMENTS
32 EDEN CRESCENT
ALTITUDE APARTMENTS
SCOTIA TOWER
508 QUEEN ST
22 BERESFORD SQUARE
CONNAUGHT
AVOKA BUILDING
METRO CITY
ARGENT HALL
WERI APARTMENTS
COUNTRY CLUB APARTMENTS LTD / QUEST ON MOUNT
ELLIOTT STREET APARTMENTS
HARBOUR CITY APARTMENTS
Please note that the dividend IS paid to customers in these buildings who do have power bills in their own name from electricity retailers listed below. But if your power bill is from an agency or property manager and/or your electricity is included in your rent or management costs, you may not be eligible and the person or organisation who pays the power bill for you may receive the dividend. Check with the person or organisation that pays the power bill for you.
Electricity retailers operating on the Vector lines network are:
Body Corporate Power
Bosco
Contact
Ecotricity
Electric Kiwi
emhTrade
Flick Electric
Genesis Energy
Genesis Energy
Energy Online
megaENERGY
KCE
Mercury
GLOBUG
Meridian Energy
Nova Energy
Opunake Hydro
Powershop
Prime Energy
Property Power
Pulse Energy
Simply Energy
Simply Energy
Trustpower
Energy Direct
Wise Pre-pay
Vector
Electrica
Other organisations charging you for your electricity are not electricity retailers. They are most likely third party agents who may have a bulk buying arrangement with one of the retailers listed above. The actual power bill will be in the agent’s name, not the occupier. If this applies to you, ask your agent about passing the dividend on to you.
Yes, if the branches are in the Entrust District.
The payout goes to Entrust beneficiaries, and they are customers on the Vector electricity network residing in Auckland, Manukau, northern Papakura and eastern Franklin. The customer is the person whose name is on the power bill. For rental properties, this is usually the tenant rather than the owner.
Your dividend payment is ‘live’ for two years from the day of distribution. For this year the distribution was on 21 September 2016, so it expires on 20 September 2018. After that date, any dividends that have not been banked or claimed are forfeited and credited to the income of the Trust, as covered by the Trust Deed.
Also be aware that if you bank a cheque that is more than six months old, your bank may consider it as ‘stale’ and they may not accept it. If that happens, please contact us for a replacement cheque. Call 0508 Entrust (0508 368 7878).
The tax certificate for each $345 payment of the 2016 dividend is as follows:
|
ENTRUST |
||
|
Distribution Statement and Tax Deduction |
||
| September 2016 Distribution | ||
| Non Taxable Distribution | ||
| Tax Paid Trustee Income | $8.00 | |
| Taxable Distribution 2015-2016 Taxable Distribution |
||
| Gross Taxable Dividend | $270.44 | |
| Less Imputation Credits | $75.72 | |
| Less Resident Withholding Tax | $13.53 | |
| $181.19 | ||
| 2016-2017 Taxable Distribution | ||
| Gross Taxable Dividend | $232.55 | |
| Less Imputation Credits | $65.11 | |
| Less Resident Withholding Tax | $11.63 | |
| $155.81 | ||
| Total Net Taxable Distribution | $337.00 | |
| Total Net Distribution | $345.00 | |
For a copy of the standard tax certificate click here
For a copy of the tax certificate for those with an RWT-exempt certificate, click here
Please note, prior to 2016 Entrust was known as the Auckland Energy Consumer Trust (AECT). Dividends prior to 2016 will still have the Auckland Energy Consumer Trust (AECT) name.
Because everyone has different tax rates we are not able to provide calculations for the tax on a share of the dividend. You will need to ask your tax advisor or Inland Revenue. Visit www.ird.govt.nz. or call Inland Revenue on 0800 227 774.
Yes, provided you are also an Entrust beneficiary. And as a Vector shareholder you will also receive a dividend from Vector each year.
No. Entrust is private trust and is not affected by the establishment of the Auckland ‘supercity’. The annual Entrust dividend will continue to be paid to Entrust income beneficiaries only. Entrust income beneficiaries are customers on the Vector electricity network in the Entrust District only, which is the area that used to be the Auckland Electric Power Board (AEPB) which covered the old Auckland city, Manukau, northern Papakura and eastern Franklin.
Entrust was set up to take care of the assets in the old Auckland Electric Power Board area when the electricity industry was reformed in 1993. At that time, consumers in other areas, such as the North Shore and Waitakere, received shares individually for their power boards so they are not entitled to any further payments.
Consumers in the old AEPB area did not receive shares. Instead, ownership of their asset was held by a consumers trust, Entrust, and consumers in the Entrust area continue to receive a dividend every year from Entrust.
In other power board districts here’s what happened:
Vector is required to run as a commercial company and make returns to its shareholders, including Entrust, by means of a dividend. The dividend comes from profits earned by all Vector’s businesses, not just the electricity lines in the Entrust district. For more information about all Vector’s businesses see www.vector.co.nz
Also, please note that Vector charges are only a part of the total power costs. Along with the electricity retailer’s own charges, and Vector lines charges, the power bill also includes transmission charges from Transpower, rates from Council, and regulatory levies from the Commerce Commission and Electricity Authority.
The dividend payout is paid by Entrust to our beneficiaries. The money originally comes from dividends paid by Vector to its shareholders. Entrust is the majority shareholder of Vector.
The advertising is necessary to alert people that the Entrust dividend information in their letterbox The dividend is valuable, so it is important that people know to look out for it.
The advertising also ensures that everyone who is eligible knows the dividend has been paid, especially those people who may not have received the mail because they have moved or switched electricity retailers lately.
It is also a practical time to build awareness about Entrust. Before advertising started a few years ago, fewer than 4% of beneficiaries knew about Entrust and that it pays them a dividend. Now more than 60% of people in the Entrust District know that Entrust pays a dividend to electricity consumers in Auckland.
The advertising is done to a strict budget, to reach as many beneficiaries as possible at the lowest possible cost. The design of the ads is intended to generate as much attention as possible. They are researched every year to ensure they are being effective.
It is a free card that gives discounts at well known local outlets:
Armstrong Locksmiths
Auto Super Shoppes
Beaurepaires
Carters
Dulux Trade Stores
Hertz
Mo Money
Millennium & Copthorne Hotels
Office Max
Placemakers
Reduced to Clear Shops
Repco
Thrifty Car Rentals
Register right here
The card will be sent to you by email.
Registering also means you’ll receive the Entrust e-newsletter from time to time along with updates, insights and the occasional prize draw from Entrust and occasionally from Vector.
The card is designed for sending to email addresses. You can use the email address of someone else in your family or a friend if you don’t have your own email address.
Until June 2016 you may have known us as the AECT, or simply the organisation which sends you a dividend every year. You may have thought we were part of the council or government. The fact is we are a private trust that owns the majority of Vector on behalf of our 320,000 beneficiaries. So to help clarify who we are and what we do, we changed our name. It’s not a major change, just a simple combination of energy and trust. Entrust.
Not really. You’ll still receive the annual dividend from us. And we’ll continue to be the majority shareholder of Vector with 74.5% of their shares. The main thing you will see is our new name on our letters and cheques. And we do have a new phone number to match our new name: 0508 ENTRUST (0508 368 7878). And this new website address: www.entrustnz.co.nz.
To send your comment or question right now, you can send an email here to [email protected]
Or you can call 0508 ENTRUST (0508 368 7878).
Or you can write to Entrust, PO Box 109626, Auckland 1149.
Beneficiaries are also welcome to attend the annual meeting of beneficiaries, at 7.00pm, Thursday 27 October 2016, at the Auckland Racing Club and Ellerslie Event Centre, 80-100 Ascot Avenue, Greenlane.
Need help with your dividend? Email us the details and we will be back in touch as soon as we can.
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