TARANAKI MĀORI TRUST BOARD DEED OF SETTLEMENT FOR ANNUITY BUYOUT
On Wednesday 4 September 2019 the Taranaki Māori Trust Board signed a Deed of Settlement with the Crown for the Buyout of the Trust Board’s Annuity Payment, at a ceremony held at Owae Marae, Whaitara, Taranaki. The signing of this Deed of Settlement completes a lengthy journey for the Trust Board in seeking an appropriate settlement with the Crown for the CPI (Consumer Price Index) adjustment to the annuity payment.
The Taranaki Māori Claims Settlement Act 1944 first provided for an annual payment to the Trust Board of £5000 as consideration for the confiscation of Taranaki Māori lands, as recommended by the Sim Commission. When decimal currency was introduced the annuity payment was converted to $10,000. The annuity was increased to $15,000 in 1977 and has remained at that level until now.
The Deed of Settlement provides for an annuity buyout payment of $20.8m and ceases all future annuity payments to the Trust Board. Discussions will now take place as to how this putea will be applied for the benefit of the eight member iwi of the Trust Board – Ngāti Tama, Ngāti Mutunga, Ngāti Maru, Te Atiawa, Taranaki, Ngāruahine, Ngāti Ruanui and Ngā Rauru.
On Wednesday 4 September 2019 the Taranaki Māori Trust Board signed a Deed of Settlement with the Crown for the Buyout of the Trust Board’s Annuity Payment, at a ceremony held at Owae Marae, Whaitara, Taranaki. The signing of this Deed of Settlement completes a lengthy journey for the Trust Board in seeking an appropriate settlement with the Crown for the CPI (Consumer Price Index) adjustment to the annuity payment.
The Taranaki Māori Claims Settlement Act 1944 first provided for an annual payment to the Trust Board of £5000 as consideration for the confiscation of Taranaki Māori lands, as recommended by the Sim Commission. When decimal currency was introduced the annuity payment was converted to $10,000. The annuity was increased to $15,000 in 1977 and has remained at that level until now.
The Deed of Settlement provides for an annuity buyout payment of $20.8m and ceases all future annuity payments to the Trust Board. Discussions will now take place as to how this putea will be applied for the benefit of the eight member iwi of the Trust Board – Ngāti Tama, Ngāti Mutunga, Ngāti Maru, Te Atiawa, Taranaki, Ngāruahine, Ngāti Ruanui and Ngā Rauru.