About the TECT Rebate
The below information relates to the May, July and early December 2020 rebates.
Traditionally the rebate has been paid annually. However, based on feedback and with the ability to pay directly into bank accounts, trustees decided to pay the rebate out in two instalments from 2020; 50% in July and 50% in early December. In light of the COVID-19 lockdown, trustees further decided to pay out half of the July rebate early in mid-May. The May rebate was paid via beneficiaries selected payment preference as at mid-April. If no payment preference was selected, the default payment method was a credit to the power account.
The cut-off to select your rebate payment preference was 27 October 2020, in time for the December rebate. The portal to select your rebate payment option will reopen after the December rebate has been paid. Learn how to change your rebate payment option here. You can select your rebate payment option by logging into your MyAccount at www.trustpower.co.nz/tect.
TECT Trustees send out an Annual Distribution Plan for consultation at the beginning of each year. This determines the level of the rebates and the eligibility criteria for that year. View the Draft Annual Distribution Plan.
How much are the rebates?
The Annual Distribution Plan for 2020 confirmed that eligible beneficiaries will receive:
- $220 fixed (minimum) amount in July, plus a variable amount based on their total spend over the qualifying period. In light of the COVID-19 lockdown, trustees further decided to pay out half of this ($110) early in mid-May.
- $220 fixed (minimum) amount in early December, plus a variable amount based on their total spend over the qualifying period.
When are rebates made?
The distributions will be made in mid-May, July and early December.