Early movers risk missing out on $320 dividend

Photo / APN

Recent arrivals in Auckland are entitled to an annual dividend while those who have recently moved get nothing.

The Auckland Energy Consumer Trust, majority shareholder in electricity lines company Vector, is handing out the $320 payment to 308,000 people in Auckland, Manukau and northern Papakura.

Trust chief Ian Ward said that someone who had moved out of the area the day before the dividend was due would miss out.

While he understood some people might be upset to miss out, he said the line had to be drawn somewhere.

"Those who are in residence at that time, who are on the roll as at that time, paying the power account, get the dividend. If someone has unfortunately moved out the day before, they miss out."

Otherwise the trust could be susceptible to attempts to "game" the distribution process, he said.

"People could go out and sign up leases and properties and commit to being with a power company and then move on just so they get the dividend."

Mr Ward said the payment date changed each year and was never publicised in advance to prevent efforts to cheat the system.

"We think it is the most fair way ... we can't really be expected to run around and make public statements for when the roll date is going to be.

"Everything's done as fairly as possible, and we are required to act the way we do by the trust deed, which is approved by the court."

Sarah White moved to Mt Albert five months ago from Waitakere, and got her full-year payment.

"Suddenly we had a cheque in the mail for $320. It was so exciting," Mrs White said.

"It does seem incredibly unfair though the way they do it, that it doesn't matter how long you've been there. They should work it out on an annual per-week basis."

To find out if you are eligible for the payment, visit: www.aect.co.nz or call 0508 232 846.

WHAT TO DO?

* Use it to pay off high interest debt, such as credit cards.
* Invest an additional $320 into your KiwiSaver fund.
* ... or spend it on a day out or a weekend away.