New Zealand’s biggest dividend distribution, the Auckland Energy Consumer Trust dividend, hits Aucklanders’ pockets today.

The Auckland Energy Consumer Trust (AECT) is distributing its annual dividend today to a record number of recipients, with over 319,000 people receiving $345 each, contributing more than $110 million to the local economy.

Recipients are drawn from the Trust district which encompasses Auckland, Manukau and northern parts of Papakura.

The dividend distribution, which is New Zealand’s largest, comes from the AECT’s majority (75.4%) shareholding in Vector, and has contributed more than $1.2 billion to Auckland since AECT was formed in 1993.

AECT Chairman William Cairns says the dividend continues to make a difference to the Auckland community with a significant portion of the money being spent with local businesses across the city.

“We know those receiving the dividend appreciate it, and there is strong support across all of Auckland for the AECT. The Trust receives an overwhelming amount of thanks for the dividend each year, so we know it makes a meaningful difference to people’s lives. That’s why it will continue to be important to beneficiaries for the lifetime of the Trust.

“As Vector has diversified and grown this allows the AECT to continue to pay out a healthy dividend to Trust beneficiaries,” he said.

Forty nine percent of beneficiaries received their dividend by direct credit this year following the mid-year communications by the Trust which gives all beneficiaries the option to select their preferred method of payment.

Mr Cairns says if people have any queries about their dividend they should call the Trust’s call centre on 0508 AECTINFO (0508 232846) or refer to the AECT website.