Are you ready to receive your dividend?

Are you ready to receive your dividend?

Auckland Energy Consumer Trust prepares to deliver dividends to a record number of beneficiaries in 2015

Is your paperwork up to date? That’s the question asked by the Auckland Energy Consumer Trust (AECT) as it prepares for New Zealand’s biggest dividend payment in late September this year.

More than 318,000 Auckland electricity customers will receive a dividend from the AECT in late September.

AECT Trustee Michael Buczkowski says this year the AECT is expecting a record number of beneficiaries, and he is urging everyone to ensure they are in line to receive their dividend efficiently, which last year was $335.

“We pay the dividend to the name on the power bill so it’s important to check that the details on your bill are correct. You also need to make sure you have a bank account in that same name. If you don’t, get onto your electricity retailer to update your details. If you’re already registered for direct credit but have switched retailer, make sure your new retailer keeps your account name details exactly the same.

“Direct credit is a much simpler option for AECT beneficiaries – they’ll get their payment instantly without having to wait for funds to clear, instead of receiving a cheque and having to go to the bank. It’s also a more secure form of payment and once it’s set up you only need to change it if you change one of the dividend variables – retailer, address or bank account. However if your power account details don’t match your bank account, you will get a cheque instead.

“Last year we saw almost half of our payments being paid through direct credit, with the rest being through cheque or credit to power account. We hope to increase the number of those opting for direct credit this year,” he says.

With 63% of Aucklanders in the AECT area stating their family needs their AECT dividend to meet the rising living costs of the City of Sails, checking your information is correct is not a difficult ask.

Earlier this month the AECT set up information booths at local markets in Mangere and Otara to step up its outreach into the community, making sure people are aware of the dividend process.

Every year in spring, the AECT pays out a dividend to customers in Auckland, Manukau and parts of Papakura. These areas were historically the customers of the old Auckland Electric Power Board, which formed the Trust in 1993.

The AECT is the majority shareholder in Vector (75.4%), and it is this ownership that supplies the dividends to every household and business in the AECT district.

Mr Buczkowski reminds recipients to keep an eye out for paperwork in the mail which allows them to sign up to receive their dividend by direct credit. Even if AECT beneficiaries have previously received their dividend this way, they need to check their information and ensure their details are correct, in preparation for the payment in late September.

More information about who qualifies is available on the AECT website.

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