Read stories from other beneficiaries here

> Who is eleigible to receive The Buzz and the dividend update forms?
> I live in the Trust District and my name is on the power bill but I didn’t receive The Buzz newsletter and the form for the dividend. Am I eligible?
> If someone else pays my power bill am I still eligible?
> How much will the next AECT dividend be?
> When is the next AECT dividend going to be paid?
> When is the dividend roll struck?
> When will you know the exact date and amount?
> I have lost my form. Can I get another one?
> Am I still eligible if I move?
> Can I still get part of the dividend if I move out of the Trust District before the roll date?
> Do I need to let you know if I am moving?
> You’ve got the details on my form wrong. Will I still get the dividend?
> The bank account details you have for me are wrong. How do I fix them?
> I have changed banks. How do I change the details with you?
> I’ve previously asked for the dividend to be paid as a direct credit to my bank account but it hasn’t happened. Why is that?
> I want a cheque or direct credit but I don’t have a bank account in the same name as my/our power account. What do I do?
> There are several names on our power account. To get our dividend direct credited, does everyone have to sign?
> There are three names on my power account. To get our dividend paid as a credit on our power account, does everyone have to sign?
> I sent you my bank account details last year. Do I have to fill out the direct credit form again?
> I want to have this year’s dividend paid into my power account. How do I do this?
> My dividend was paid as a credit on my power account last year. Can I have a cheque this year?
> I am a GLO-BUG customer and don’t get a power bill. How do I get the dividend?
> I am a GLO-BUG customer. Can I have the dividend paid to my power bill or as a direct credit to my bank account?
> I need the dividend now - can I have mine early?
> What happens if a mistake gets made with my bank account details and my dividend gets paid into someone else’s bank account?
> Can I have the dividend credited to some else’s account?
> If I give you my bank account number how can I be sure you won’t use it for something else?
> I want a cheque but can you change the name to a different name to the one on my power account?
> I have tried to get the name on my account changed and my retailer never does it. Can you change it so I can have the cheque/use a bank account in the right name?
> If I update (or have updated) my details with my electricity retailer, why can’t I get the next dividend paid as a direct credit to my bank account?
> What show can I attend if I win the prize draw?
> Do I have to fill out the update form in order to enter the prize draw?
> When will the prize be drawn?
> We have several people in our flat. If we win, who gets the prize?

Who is eleigible to receive The Buzz and the dividend update forms?

Everyone who was an AECT income beneficiary when the roll was struck for the newsletter on Sunday 18 April 2010. You are an AECT income beneficiary if you are a Vector electricity customer in the Trust District which is Auckland City, Manukau City and northern Papakura.

The beneficiary is the person or persons named on the power bill, regardless of who your electricity retailer is.

I live in the Trust District and my name is on the power bill but I didn’t receive The Buzz newsletter and the form for the dividend. Am I eligible?

To be an AECT beneficiary you must be a paying line charges to Vector electricity. You don’t pay those charges if your property is connected to an ‘embedded network’ which is not owned by Vector. This means your lines charges are paid to the owner of the ‘embedded network’ and you are not a Vector customer and therefore not an AECT beneficiary. Embedded networks in the AECT area include:

• Auckland International Airport
• Princes Wharf Apartments
• Metropolis Building, Kitchener Street
• Westfield Shopping Malls at St Lukes; Customs St West (Downtown), Broadway, Pakuranga, Manukau City.
• AMP NZ Property Retail Ltd: Botany Downs shopping centre MacQuarrie Goodman Property Group: Penrose business park, Great South Road
• WEL networks in the AECT area (e.g. Wattle Farm - Manurewa; Pigeon Mountain - parts of Flat Bush).

Click here to see more details about who is eligible

If someone else pays my power bill am I still eligible?

No, the eligible beneficiary is the person/s named on the power bill. If your power charges are included in your rent and paid by your landlord or body corporate, they receive the dividend. This includes rental agencies such as :
IMPRESSION REAL ESTATE LTD
WERI APARTMENTS
COUNTRY CLUB APARTMENTS LTD
QUEST ON MOUNT
ELLIOTT STREET APARTMENTS

How much will the next AECT dividend be?

The amount of the 2010 AECT dividend has not been set yet. It will depend on how much profit is made by Vector, which is 75.1% owned by the AECT. Last year’s payment was $320.

When is the next AECT dividend going to be paid?

The exact date for this year’s dividend has not been confirmed yet. It is usually paid in September or October each year. For security reasons, the exact date is not disclosed before the payment is made.

When is the dividend roll struck?

It is close to the dividend payment date. For security reasons the roll date and the payment date are not disclosed in advance.

When will you know the exact date and amount?

For security reasons, the exact date and amount is not announced before the dividend is sent out.

I have lost my form. Can I get another one?

Yes. Just call 0508 AECT INFO (0508 232 846) or email us here

Am I still eligible if I move?

Yes, as long as you’re still in the Trust District on the roll date and the power account is in your name.
If you move out of the Trust District, you won’t be eligible for the dividend.

Can I still get part of the dividend if I move out of the Trust District before the roll date?

You must be a Vector electricity customer on the roll date to receive the dividend.
If you leave the Trust District before the roll date, you won’t receive any dividend payment. Under the Trust Deed, there is no provision for part or pro rata payments.

Do I need to let you know if I am moving?

You don’t need to let us know if you move. Your electricity retailer will send us new details when the dividend roll is struck later this year.
But because we will have new details for you, we won’t be able to pay the dividend to your bank or power account even if you’ve requested that previously. Instead, you’ll receive a cheque this time. But you’ll be able to request your preferred method of payment next time.

You’ve got the details on my form wrong. Will I still get the dividend?

Yes, don’t worry. You’ll still receive your dividend if you’re an eligible beneficiary when the dividend roll is struck later this year. Please note:

If your name is incorrect on the form:
The customer details shown on this form were provided by your electricity retailer. If those details are not correct, you will need to update them with your retailer. The AECT cannot alter or update details on your power bill. Only your electricity retailer can do that. Our records will be updated when your retailer sends us the roll for the dividend later this year and the dividend will be paid to the person/s named on the power bill at that time.
If you do update your details with your electricity retailer, your dividend may have to be paid as a cheque this year even if you have previously requested a direct credit to your bank account or power bill. We apologise for any inconvenience but you will have the opportunity to request your preferred method of payment for future dividends.

If your address is incorrect on this form:
If you have recently moved and your mail has been forwarded to you, this form will no longer apply to you. You do not need to do anything with this form.
If you have moved to an address in the Trust District and the power account at your new address is in your name, you will continue to receive the dividend. You don’t need to let us know if you’ve moved. Our records will be updated when your retailer sends us the roll for the dividend later this year and you will receive the dividend at your new address. But because we will have new details for you, we won’t be able to pay the dividend to your bank or power account even if you’ve requested that previously. Instead, you’ll receive a cheque this time. But you’ll be able to request your preferred method of payment next time.
If you have moved out of the Trust District you will no longer be eligible to receive the dividend.

The bank account details you have for me are wrong. How do I fix them?

Just fill out the form that came with the recent newsletter and send it back. You need to fill out the form because your signature is needed.
If we don’t receive your updated details and can’t direct credit your dividend, you will be sent a cheque instead of a direct credit when the dividend is paid later in the year.

I have changed banks. How do I change the details with you?

Just fill out the form that came with the recent newsletter and send it back. You need to fill out the form because your signature is needed. If we don’t receive your updated details and can’t direct credit your dividend you will be sent a cheque instead of a direct credit when the dividend is paid later in the year.

I’ve previously asked for the dividend to be paid as a direct credit to my bank account but it hasn’t happened. Why is that?

A request for a direct credit cannot be processed if:
• the name on the bank account is not the same as the name on the power account
• the request is received too late (Note: this year’s requests must be returned by 30 July 2010)
• incomplete information was received
• not all people named on the power account sign the request
• you changed address after returning the form
• last year’s form was returned to us marked “Gone No Address”. In this case payment was made as a credit to power account, to avoid further problems with delivering the dividend as a cheque or direct credit.
To arrange payment by direct credit or cheque this year, just fill out and return the form.
If your request cannot be completed, you will receive the dividend as a cheque or credit to your power account, provided you are still eligible on the roll date.

I want a cheque or direct credit but I don’t have a bank account in the same name as my/our power account. What do I do?

You may be able to update your details with your electricity retailer. In that case, our records will then be updated when your retailer sends us the roll for the dividend later this year. The dividend will then be paid as a cheque to the person/s named on the power bill at that time. For future dividends, you will be able to request a direct credit if you prefer.

There are several names on our power account. To get our dividend direct credited, does everyone have to sign?

Yes, everyone named on your power account has to sign the form to have your dividend direct credited to your bank account. And the name on the bank account has to be the same as the names on the power account. This prevents one person receiving the dividend when it belongs to a number of people. If you don’t have a bank account in the same name, you can arrange to have the dividend credited to your power account. Just tick the box and sign the form that came with the recent newsletter and send it back.

There are three names on my power account. To get our dividend paid as a credit on our power account, does everyone have to sign?

No, just one person needs to sign for the dividend to be paid as a credit on the power account.

I sent you my bank account details last year. Do I have to fill out the direct credit form again?

If your bank account details are included on the form, and are correct, you don’t need to do anything. Your dividend will be paid into the bank account showing on the form, provided you are still an AECT beneficiary at that address when the dividend roll is compiled later in the year.
If your bank account details were not included on the form that came with the recent newsletter, you will need to fill out the direct credit form again and send it back.
There are several reasons why your direct credit details may not be showing:
• If you have moved since the last dividend payment
• If you have changed electricity retailer since the last dividend payment and changed your name or address details
• If the name on the bank account does not match the name on your power bill
• If we received your details too late last year
• If an error was made when your details were entered previously

I want to have this year’s dividend paid into my power account. How do I do this?

Just tick the box called HAVE YOUR DIVIDEND CREDITED TO YOUR POWER ACCOUNT and sign the form that came with the recent newsletter and send it back. You need to send the form back so we have it as a record.
Please note, if you want this option DO NOT fill in the section regarding bank account details on the form.

My dividend was paid as a credit on my power account last year. Can I have a cheque this year?

Yes, if you are still an eligible AECT beneficiary when the dividend roll is struck. Or you can have it paid by direct credit to your bank account. Just complete the form that came with the recent newsletter. Please note, the direct credit or dividend cheque will be made out to the person/s named on the power bill sent by your electricity retailer. If you don’t have a bank account in that name the direct credit may be declined or you may not be able to bank the cheque. In that case it will be better to continue with the current arrangement and have your dividend paid as a credit on your power account.

I am a GLO-BUG customer and don’t get a power bill. How do I get the dividend?

You need to make sure your electricity retailer (GLO-BUG) has your correct name on their records. That’s the same as having your name on a power bill.

I am a GLO-BUG customer. Can I have the dividend paid to my power bill or as a direct credit to my bank account?

For your security, GLO-BUG customers receive the dividend by cheque. This ensures that payment goes to the rightful beneficiary. It prevents a direct credit being paid to a customer who may have moved out but not notified GLO-BUG.

I need the dividend now - can I have mine early?

The dividend goes to all beneficiaries at the same time. It cannot be paid to individuals at a different or earlier time.
If you need assistance paying your power bill we suggest you call your retailer and discuss payment options or assistance from government agencies to help with your power account.

What happens if a mistake gets made with my bank account details and my dividend gets paid into someone else’s bank account?

Provided you give us all the correct details it is very unlikely that your dividend would go to another account. However, in the unlikely situation this does occur, the usual banking procedures for solving a problem like this will apply so that the rightful beneficiary receives the dividend.

Can I have the dividend credited to some else’s account?

No. The dividend is paid to all AECT beneficiaries. AECT beneficiaries are Vector Electricity customers residing in Auckland City, Manukau City and parts of Papakura District when the dividend roll is struck. The customer is the person whose name is on the power bill sent by the electricity retailer. In the case of rental properties, this is usually the tenant rather than the owner of the building.
Whether the dividend is paid as a cheque, a direct credit to a bank account or a credit to a power account, it must be paid to the customer; that is the person/s named on the power bill. It cannot be transferred to someone else or paid to an account in someone else’s name.

If I give you my bank account number how can I be sure you won’t use it for something else?

The AECT will only use your bank account number to pay your dividend directly to your bank account. We have no authority to do anything else, no passwords or numbers other than the number of the account where you want your money paid. Under the Privacy Act the details you provide are kept confidential and used only for the purpose of paying your dividend by direct credit.

I want a cheque but can you change the name to a different name to the one on my power account?

No. The AECT dividend is paid to the person/s named on the power bill sent by your electricity retailer. We do not have access to the records held by the electricity retailers so we cannot change that name. If the details on your power bill are not correct, please contact your electricity retailer.
Or you can send in the form asking us to credit the dividend to your power account. Just tick the box called HAVE YOUR DIVIDEND CREDITED TO YOUR POWER ACCOUNT and sign the form that came with the recent newsletter and send it back. You need to send the form back so we have it as a record

I have tried to get the name on my account changed and my retailer never does it. Can you change it so I can have the cheque/use a bank account in the right name?

The electricity retailers provide us with the information we need to pay the dividend. We do not have any access their records so we cannot make those changes for you. You need to contact your retailer directly to update your information.

If I update (or have updated) my details with my electricity retailer, why can’t I get the next dividend paid as a direct credit to my bank account?

The details we currently have on file for you were provided by your retailer before you updated your details with them.
When the roll for the dividend is struck later in the year, the electricity retailers send us the roll with the latest records of all the eligible beneficiaries. This will include any details you have updated with your retailer.
We match the roll provided by the retailers with the details we have on file. For everyone’s security, we must make sure all details are exactly matched for a direct credit.
Because your details will have changed, they won’t be an exact match to the records we have on file. In that case, the dividend will automatically revert to being paid by a cheque, made out to the name/s on the power bill.

What show can I attend if I win the prize draw?

The prize is 4 tickets to a show at Vector Arena in the next 12 months, subject to availability. The prize is provided by Vector Arena. The winner will be offered a selection of shows and events they can choose from. We expect tickets to be available for most shows currently scheduled at Vector Arena for the next 12 months, but if a show sells out before prize tickets are available, the winner will be offered another choice of show.

Do I have to fill out the update form in order to enter the prize draw?

No, if your update form is already correct, you don’t need to change anything. Just fill out the entry on the back of the update form, and send the whole form back.

When will the prize be drawn?

The prize draw will take place on Monday 2 August. Entries close on Friday 30 July.

We have several people in our flat. If we win, who gets the prize?

The prize will go to the person/s named on the power bill. It will be up to the winner to decide who gets to use the tickets.

For dividend enquiries phone 0508 AECTINFO (0508 232 846)

Email us here

Post:
AECT
Freepost 3539
Private Bag 92119
Victoria Street West
Auckland 1142

Read stories from other beneficiaries here

Are you in line for a dividend? Find out here.

> How much is the 2009 dividend?
> When is the dividend paid?
> Who receives the dividend?
> How does the amount compare with last time?
> Does everyone get the same amount?
> How is the amount calculated?
> Why is the eligibility date for the dividend set as 9 August 2009?
> Can I use my payment to pay off my power bill?
> What do I do if I haven't received my dividend cheque?
> What do I do if I have lost my dividend cheque?
> My dividend was supposed to be direct credited to a bank account but the money isn't there yet.
> Do I have to bank my cheque at a National bank?
> I can't bank my cheque because I don't have a bank account or an account in the same name as the cheque. What do I do?
> I do not want to send my cheque back for a credit on my power account. I want a new cheque.
> When I return the cheque and request a credit, how long will it take to appear on my power bill?
> What if I am a Glo-bug customer?
> I received my dividend by direct credit last year but this year it came as a cheque. Why?
> I signed up to have my dividend direct credited, but I received a cheque instead. Why is that?
> I signed up to have my dividend direct credited but moved house since then, and I didn't get the direct credit. Why not?
> Can I get my dividend direct credited to my bank account?
> Why is the cheque made out to all the names of the people who live here?
> Can I just get the cheque transferred to my name?
> What do I do with the cheque if it is in the name of someone who used to live here?
> What do I do if the cheque is made out to someone who is deceased?
> What do I do if the name on my cheque is wrong because I have changed my name since being married / divorced?
> My dividend was paid as a credit on my power account, but I never requested that. How did that happen?
> I don't want my dividend paid as a credit on my power account. What do I do now?
> I have received the dividend but it is made out to the previous tenants/occupiers. What do I do with it, and am I entitled to the dividend?
> I moved out of a property in the Trust district on/after 9 August. How do I get the dividend?
> I moved out of a property in the Trust district before 9 August. Do I get the dividend?
> I moved out just before 9 August, but I was paying the power right up until then. I must be entitled to at least some of the dividend?
> My name was on the power bill at 9 August but I didn't receive the dividend.
> I pay the power bill as part of my rent/phone bill/body corporate fee; or through a letting agent/real estate agent. Do I get the dividend?
mp;gt; Someone else pays the power bill but I am the one who uses the power. Do I get the dividend?
> What if a business has several branches, will they each get a payout?
> Why does the payment go to tenants, not the property owner?
> How long have I go to bank my dividend cheque?
> What is the tax situation, do I have to pay tax on this money?
> I've lost the tax certificate.
> What about people who are in a group and have to split up tax?
> I am a Vector shareholder. Am I still entitled to receive the AECT dividend?
> Why don't we just pay lower charges instead of having a payout?
> Who does the dividend payout come from, Vector or the Trust?
> Do we get a smaller dividend payout because of the under grounding programme?
> Why is it only Vector electricity customers in the Trust district who receive the dividend payments?
> I want to talk to someone.

How much is the 2009 dividend?

The payment is $320.00

When is the dividend paid?

Payment was made on 18 September 2009. All beneficiaries were sent a letter on that day with either a cheque or notification that, if they requested it, their payment was by direct credit to their bank account or a credit to their power account.

Who receives the dividend?

Everyone who was an AECT income beneficiary on 9 August 2009 is eligible for the payment. You are an AECT income beneficiary if you pay Vector Electricity lines charges (these are included in your power bill) residing in Auckland City, Manukau City and the northern parts of Papakura ot;text/javascript" src="http://aect.co.nz/plugins/editors/jce/tiny_mce/themes/advanced/langs/en.js?version=154">ascript" src="http://aect.co.nz/plugins/editors/jce/tiny_mce/themes/advanced/langs/en.js?version=154">District.t;/p>

The dividend is paid to AECT beneficiaries regardless of who their electricity retailer is. The customer is the person whose name is on the power bill sent by your electricity retailer. In the case of rental properties, this is usually the tenant rather than the owner of the building.

How does the amount compare with last time?

It's the same as last year: $320.00

Does everyone get the same amount?

All beneficiaries receive $320 for each installation control point (ICP) on their power account/s. Most beneficiaries have one ICP and receive one payment. But some beneficiaries, such as businesses with branch offices or more than one ICP (who pay more than one power bill) receive more than one payment.

How is the amount calculated?

The amount is calculated by the Auckland Energy Consumer Trust (AECT) from the dividend it receives as majority shareholder of Vector Ltd. A dividend from Vector's profits is paid to the AECT by Vector and most of this is passed on by the AECT to its income beneficiaries.

Why is the eligibility date for the dividend set as 9 August 2009?

We need to make a list of everyone who is eligible for the payout, and it is done on one day to ensure the list is fairly and fully compiled.

Can I use my payment to pay off my power bill?

Yes, you can use the money for any purpose you wish. If you want to use it to pay your power bill just return the cheque with the form that came with your cheque or you can call 0508 AECT INFO (0508 232 846).

If you have lost the reuseable envelope that came with your cheque, you can post the form and the cheque to: Freepost 3539, AECT, Private Bag 92119, Auckland 1142.

You can read how some people have used their payment here.

What do I do if I haven't received my dividend cheque?

It may take a few days for the mail delivery to be completed, but if you haven't received your cheque by Monday 28 September please call 0508 AECT INFO (0508 232 846).

What do I do if I have lost my dividend cheque?

Call 0508 AECT INFO (0508 232 846) and we can arrange to reissue your dividend payment. Please note, the original cheque will have to be stopped and the bank charges a fee to do this. This fee may be passed on to you, so please have a good look for the cheque first, and ask anyone else in your household if they have banked it for you.

My dividend was supposed to be direct credited to a bank account but the money isn't there yet.

Call 0508 AECT INFO (0508 232 846) for assistance.

Do I have to bank my cheque at a National bank?

No, you bank at it your own bank.

I can't bank my cheque because I don't have a bank account or an account in the same name as the cheque. What do I do?

If you do not have a bank account, or if you are part of a group such as flatmates who do not have a bank account in the group's names, you can return your cheque and have the amount credited to your power account. Just use the form that came with your cheque or you can call 0508 AECT INFO (0508 232 846).

If you have lost the reuseable envelope that came with your cheque, you can post the form and the cheque to: Freepost 3539, AECT, Private Bag 92119, Auckland 1142.

I do not want to send my cheque back for a credit on my power account. I want a new cheque.

The AECT is required to pay the dividend to the person/s named on the power account. The cheque has therefore been made out to that name and we cannot issue a new cheque in another name.

When I return the cheque and request a credit, how long will it take to appear on my power bill?

We will action your request as quickly as possible but depending on your electricity retailer's billing cycle, it may take up to six weeks for the credit to appear on your power account. For instance, if you return your cheque a day or so after the latest billing cycle closes, the credit won't appear until the next billing cycle. Please note, the credit cannot be transferred or refunded by the electricity retailer.

What if I am a Glo-bug customer?

You receive a cheque. Because you don't have a power account you can't have your dividend credited to your power bill. And, for your security, the dividend is not paid by direct credit to a bank account. This is because some pre-pay (Glo-Bug) customers move without notifying their retailer. In that case, payment by direct credit could go to a previous occupier. To ensure the rightful beneficiary receives the dividend, it is paid by cheque to Glo-Bug or pre-pay customers.

I received my dividend by direct credit last year but this year it came as a cheque. Why?

It may be because you have moved or changed electricity retailers since the last dividend. The dividend is paid to the person at the address at the time the dividend roll is struck. We are unable to track customer movements if there has been a change of occupier at the address or a change of retailer between one dividend payment and the next as we receive information from retailers only at the dividend roll date.

Please note that there are careful processes in place to ensure that the rightful beneficiary receives the dividend each year. In the case of payment by direct credit, all the details provided by the retailer must perfectly match the direct credit details held on file. If there are any changes to any of those details, the direct credit may be declined and payment issued by cheque to ensure it goes to the rightful beneficiary.

So, if you have received a cheque instead of a direct credit, this will be for everyone's security and we apologise for the inconvenience. If you want to have a direct credit next year, you will be sent a new form shortly before next year's dividend.

I signed up to have my dividend direct credited, but I received a cheque instead. Why is that?

A request for a direct credit could not be processed if:

• the name on the bank account was not the same as the name on the power account
• the request was received too late (after 31 July 2009)
• incomplete information was received
• not all people on the power account signed
• the person has moved since providing direct credit details
• the person changed electricity retailers and the customer details were altered

We apologise for any inconvenience. A request form for direct credit will be sent in time for next year's dividend.

I signed up to have my dividend direct credited but moved house since then, and I didn't get the direct credit. Why not?

If you moved within the Trust district, you are still an eligible beneficiary and will have received the dividend as a cheque, but not as a direct credit. The dividend is paid to the person at the address at the time the dividend roll is struck and we are unable to track customer movements as we receive information from retailers only for that date. We apologise for the inconvenience. If you want to have a direct credit next year, you will be sent a new form shortly before next year's dividend.

If you moved out of the Trust district before the roll date (9 August), you are no longer a Trust beneficiary and therefore are not eligible for the dividend. The form you signed requesting a DC was only applicable if you were still an eligible beneficiary when the dividend roll was struck.

Can I get my dividend direct credited to my bank account?

If you didn't request it to be paid by direct credit in time for this year's dividend, you will have to wait until next year. All beneficiaries will be sent a form to do this before next year's payment.

Why is the cheque made out to all the names of the people who live here?

The AECT beneficiary is the person or persons named on the power bill. The cheque is therefore made out to the name or names that appear on the power account. If you are unable to bank the cheque, you can return it for a credit on your power account. Just use the form that came with the cheque.

Can I just get the cheque transferred to my name?

For the security of beneficiaries, the cheque has been stamped Not Transferable. This means it must be deposited in a bank account of the same name/s shown on the cheque. It cannot be transferred to another person or exchanged for cash. This means that if a cheque is lost or stolen it cannot be banked or used by someone else. Because the AECT is required to pay the dividend to the person/s named on the power account, we cannot issue a new cheque to any other name.

What do I do with the cheque if it is in the name of someone who used to live here?

If the cheque belongs to the previous occupiers, please forward it to them if you know their new address. If you don't know their address, please return it to Freepost 3539 Auckland Energy Consumer Trust Private Bag 92119 Auckland 1142.

Or if the person whose name is on the cheque has moved out and you were paying the power bill on 9 August 2009 you can sign the form and return the cheque to have it credited to the power account, provided the power account is still in the same name. Please note, we will need to make some additional checks before authorising the credit to your power account, and this may take longer than the usual process for crediting a dividend to the power account.

What do I do if the cheque is made out to someone who is deceased?

If the power account for the person named on the cheque is still being used by the person's family, the cheque can be returned for a credit to the power account. Just use the form that came with the cheque. Or call 0508 AECT INFO (0508 232 846) for further assistance. The dividend may be reissued to the estate of the deceased person, however copies of relevant documents will be required.

What do I do if the name on my cheque is wrong because I have changed my name since being married / divorced?

If the power account is still in your old name, you can return the cheque for a credit to the power account. Just use the form that came with the cheque. Or call 0508 AECT INFO (0508 232 846) for further assistance. The dividend may be reissued to your correct name, however copies of relevant documents will be required.

My dividend was paid as a credit on my power account, but I never requested that. How did that happen?

It will be because your dividend was paid as credit on your power account last year, most probably because you weren't able to bank the cheque. The letter that was sent confirming your credit had been actioned also explained that your dividend would continue to be paid this way unless you let us know.

A form confirming this was sent in July.

If we didn't receive any reply to those notices, the dividend will have stayed as credit on your power account.

I don't want my dividend paid as a credit on my power account. What do I do now?

It is too late to change the way your dividend is paid this year. But you will be sent a form before next year's payment which gives you the choice about to have your next dividend paid.

I have received the dividend but it is made out to the previous tenants/occupiers. What do I do with it, and am I entitled to the dividend?

The dividend belongs to the person who was the Vector electricity customer at the property at midnight on Sunday 9 August. If that was not you, please return the dividend in the reusable envelope supplied, and mark it 'Gone No Address”. If you don't have the envelope, post it to Freepost 3539 Auckland Energy Consumer Trust Private Bag 92119 Auckland 1142

I moved out of a property in the Trust district on/after 9 August. How do I get the dividend?

If you were a Vector electricity customer in the Trust district on 9 August you are entitled to receive the dividend. If your mail has not been re-directed to you, please contact the current tenants to see if they are holding it for you. If you don't receive it at all, call 0508 AECT INFO (0508 232 846).

I moved out of a property in the Trust district before 9 August. Do I get the dividend?

The dividend payment is made only to people who were an AECT income beneficiary on 9 August 2009. You are an AECT income beneficiary if you pay Vector electricity lines charges (included in your power bill) and were residing in the Trust district on that date. If you moved out any time before 9 August 2009, you are no longer eligible to receive the dividend. The dividend payment will have gone to the new person paying the account on 9 August 2009.

I moved out just before 9 August, but I was paying the power right up until then. I must be entitled to at least some of the dividend?

Under the Trust Deed that governs the way the AECT dividend is paid, there is no provision for part-payment of the dividend. To receive the dividend you must be an eligible beneficiary on the roll date. Under the Trust Deed that is the only time you are an eligible beneficiary. This year, the roll date was 9 August.

You can see a copy of the Trust Deed here

My name was on the power bill at 9 August but I didn't receive the dividend.

It is possible that you didn't receive a dividend payment because:

• You were not an AECT income beneficiary on 9 August. You are an AECT income beneficiary if you are a Vector electricity customer residing in Auckland City, Manukau City and the northern parts of Papakura District.
• Your property is connected to an 'embedded network' which is not owned by Vector. This means you are not a Vector customer and therefore not an AECT beneficiary. Embedded networks in the AECT area include:
  
  • Auckland International Airport
  • Metropolis Building, Kitchener Street
  • Princes Wharf Apartments
  • Westfield Shopping Malls at St Lukes; Customs St West (Downtown), Broadway, Pakuranga, Manukau City.
  • AMP NZ Property Retail Ltd: Botany Downs shopping centre
  • MacQuarrie Goodman Property Group: Penrose business park, Great South Road
  • WEL networks in the AECT area: Wattle Farm - Manurewa; Pigeon Mountain; parts of Flat Bush.
  • The Vector charges on your power account are paid by a third party such as your body corporate or your landlord. Therefore the third party is the AECT beneficiary and will have received the dividend payment.
  • Your power charges are included in your rent (see next question)

See the eligibility wizard for more details

If you are an AECT beneficiary and the situations above do not apply to you, please check your bank statements to confirm the payment has not already been deposited, and if you have not received your cheque by 28 September, please call 0508 AECTINFO (0508 232 846) or send an email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it with your name, address, phone number and ICP number. The ICP number can be found on your power account.

I pay the power bill as part of my rent/phone bill/body corporate fee; or through a letting agent/real estate agent. Do I get the dividend?

No. The dividend is paid to the Vector customer. In this case, the organisation that you pay has the contract with Vector, not you. This includes rental agencies such as:

Someone else pays the power bill but I am the one who uses the power. Do I get the dividend?

No. The dividend is paid to the person or organisation named on the power bill.

What if a business has several branches, will they each get a payout?

Yes, if they are separate account holders.

Why does the payment go to tenants, not the property owner?

The payout goes to AECT beneficiaries, and they are the Vector electricity customers residing in Auckland City, Manukau City and the northern parts of Papakura District. The Vector electricity customer is the person whose name is on the power bill. For rental properties, this is usually the tenant rather than the owner.

How long have I go to bank my dividend cheque?

Your dividend payment is 'live' for two years from the day of distribution. For this year the distribution was on 19 September 2009, so it expires on 18 September 2011. After that date, any dividends that have not been banked or claimed are forfeited and credited to the income of the Trust, as covered by clause 3.1(k) of the Trust Deed.

What is the tax situation, do I have to pay tax on this money?

For most customers, the dividend payout has already been taxed at an appropriate level of 33%. If you are on a different tax rate there may be some adjustment to the amount of the tax payable on this dividend if you file a return. For more information you should contact your tax advisor, visit Inland Revenue website www.ird.govt.nz. or call Inland Revenue on 0800 227 774.

I've lost the tax certificate.

The tax certificate for each $320 payment of the 2009 AECT dividend is as follows:

For a copy of the standard tax certificate click here

For a copy of the tax certificate for those with an RWT-exempt certificate, click here

What about people who are in a group and have to split up tax?

Because everyone has different tax rates we are not able to provide calculations for the tax on a share of the dividend. You will need to ask your tax advisor or Inland Revenue. Visit www.ird.govt.nz or call Inland Revenue on 0800 227 774.

I am a Vector shareholder. Am I still entitled to receive the AECT dividend?

Yes, provided you are also an AECT beneficiary. And as a Vector shareholder you will also receive an interim and annual dividend from Vector each year.

Why don't we just pay lower charges instead of having a payout?

Vector is required to run as a commercial company and make returns to its shareholders, including the AECT, by means of a dividend. The dividend comes from profits earned by all Vector's businesses, not just the electricity lines in the Trust district. For more information about all Vector's businesses see www.vector.co.nz.

Who does the dividend payout come from, Vector or the Trust?

The dividend payout is paid by the Auckland Energy Consumer Trust to its beneficiaries. The money originally comes from dividends paid by Vector to its shareholders. The AECT is the majority shareholder of Vector.

Do we get a smaller dividend payout because of the under grounding programme?

Yes, it is likely that the dividend could have been slightly higher if we had not continued with the undergrounding programme. However the AECT believes undergrounding is a benefit both to Vector's assets and to AECT beneficiaries and has an agreement with Vector that at least $11 million will be invested every year in undergrounding projects.

Why is it only Vector electricity customers in the Trust district who receive the dividend payments?

The Trust was set up to take care of the assets in the old Auckland Electric Power Board area when the electricity industry was reformed in 1993. At that time, consumers in other areas, such as the North Shore and Waitakere, received shares individually for their power boards so they are not entitled to any further payments.

Consumers in the old AEPB area did not receive shares. Instead ownership of their asset was held by the consumers trust, the AECT, and consumers in the Trust area continue to receive a dividend every year from the Trust.

I want to talk to someone.

To send your comment or question right now, you can send an This e-mail address is being protected from spambots. You need JavaScript enabled to view it to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Or you can call 0508 AECT INFO (0508 232 846).

Or you can write to the AECT, PO Box 109626, Auckland 1149.

Beneficiaries are also welcome to attend the Trust's annual meeting of beneficiaries, at 7.00pm, Thursday 29 October 2009 at the Auckland Racing Club and Ellerslie Event Centre, 80-100 Ascot Avenue, Greenlane. (Note: this is the new name for what used to be called the Ellerslie Event Centre).