Whai Rawa
15 years on
KiwiSaver launched to much fanfare in 2007 with the promise of setting New Zealanders up for retirement or helping them get on the property ladder. But before KiwiSaver there was Whai Rawa, the investment scheme launched by Te Rūnanga o Ngāi Tahu the previous year. As the iwi investment scheme celebrates its 15th birthday, we look back at the journey that has seen the scheme grow to 30,000 members, with over $112 million invested. Kaituhi JAMES HARDING reports.
PHOTOGRAPHS: SUPPLIED
the genesis of whai rawa came from then retirement Commissioner Dame Diana Crossan, who originally approached the government about a plan called ‘FUNZ’ to assist rakatahi to get through tertiary education without being saddled with crippling debt. While there was no buy-in for the initial plan, Dame Diana was eventually directed to Te Rūnanga o Ngāi Tahu CEO Tahu Pōtiki, who immediately jumped at the idea. It was quickly embraced by Te Rūnanga o Ngāi Tahu representatives and senior leaders who saw the opportunity to provide whānau with, in kaumātua Jane Davis’ words, “a hand up, not a handout.” Sadly, Tahu and Aunty Jane died in 2019, but in talking to key people within the iwi, Tahu’s name remains intrinsically linked to the kaupapa. “When I think about Whai Rawa, I think about Tahu Pōtiki. It’s one of his legacy pieces for our people,” says Te Rūnanga o Ngāi Tahu Kaiwhakahaere Lisa Tumahai. “I had a hand in bringing this idea to Tahu, but he did the hard 30 TE KARAKA MAKARIRI 2021
work on it. I give him the credit for that,” says Tā Tipene O’Regan with a slight smile. He was a key founding supporter. Current Whai Rawa Board Chair Fiona Pimm was also involved in the scheme’s establishment. “I was part of the group that had the initial discussions on the design of Whai Rawa. We knew the Government at the time was probably going to do this thing called KiwiSaver, but we didn’t know what that would look like and what the rules would be. We identified that tertiary education, owning a home, and having retirement savings from a younger age were the outcomes we wanted to achieve for our whānau.” While 30,000 members is a considerable milestone, it is worth noting that with Ngāi Tahu iwi membership ticking over the 70,000 mark in late 2020, over half of Ngāi Tahu whānau are still not Whai Rawa members. Lisa is unreservedly proud of the scheme’s success, but pragmatic about growth.
