While traditionally the TECT rebate is paid out annually in November, TECT has announced that from 2020, the rebate will be paid out in two instalments; 50 per cent in July and 50 per cent in November.
With two rebate payments in 2020, there will in turn be two eligibility periods.
For the July 2020 rebate, the eligibility period will be 1 October 2019 – 31 March 2020.
For the November 2020 rebate, the eligibility period will be 1 April 2020 – 30 September 2020.
The change is being implemented thanks to the new rebate payment approach which gives TECT beneficiaries the option to receive their rebate direct into their bank account.
Given the success and positive feedback from this change, TECT has decided to implement the approach permanently.
With the ability to pay direct into bank accounts, this provides TECT with the opportunity to make two payments per year.
TECT General Manager Wayne Werder says the change to two rebates per year offers a number of advantages for beneficiaries.
“Starting from next year, eligible beneficiaries will receive 50 per cent of their annual rebate earlier – in July.
“Feedback after the special rebate this year also showed many beneficiaries appreciated having a rebate in the middle of the year to help with winter power bills. We have listened to that feedback and hope beneficiaries find the early payment useful.”
To be eligible for the rebates, beneficiaries must be a Trustpower power customer with an active power account in the same name, basically in the Tauranga City or Western Bay of Plenty region, during the eligibility periods.
Beneficiaries are advised to view the eligibility criteria online at www.tect.org.nz
TECT is a local trust in the Tauranga/Western Bay of Plenty region.
About 40 per cent of its assets are held in a diversified portfolio, the remainder is made up of a shareholding in Trustpower.
The returns from these investments are distributed direct to the trust's beneficiaries as well as used to make transformational grants towards worthy community groups and initiatives.