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.
If you had not already selected your rebate payment option, the cut-off to select your preference was 17 June, in time for the July rebate. The portal to select your payment option for future rebates is now open. Learn how to change your preference for future rebates here.
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.