retirement.org.nz

The Retirement Commission is an autonomous crown entity under the Crown Entities Act 2004 with its role established under the New Zealand Superannuation and Retirement Income Act 2001.

The Commission is responsible for the preparation of the Statement of Intent and prospective financial statements, including the assumptions on which the financial statements are based. 

The prospective financial statements have been prepared in accordance with NZ GAAP.  However, from 1 July 2007 a new set of financial reporting standards (NZ IFRS) will be used, and the retrospective financial statements at the end of the financial years 2007/08 and 2008/09 will be prepared using NZ IFRS.  This departure from FRS-42 is necessary to allow the impacts of the transition to NZ IFRS to be identified and quantified.

The prospective financial statements have been developed for the purpose of tabling the Commission's intentions in Parliament, and should not be relied upon by any other party for any alternative purpose without the express written permission of the Commission.  Actual results are likely to be different from the prospective financial statements and the variation may be material.

We have authorised the issue of the financial statements on this day, 30 June 2006.

Diana Crossan     
Retirement Commissioner