retirement.org.nz

This, our second Statement of Intent, sets out the intended direction of the Retirement Commission over the next three years. It describes how we will work towards our goals and carry out our core business.

The first year covered by this Statement of Intent - 2007/08 - will be busy and a significant one for the Commission: we have the 2007 review of retirement income policies, the development of a national strategy for financial education, the continuation of the workplace financial education programme, plus our usual work on general financial education, our Sorted website, schools and retirement villages.

Much of this work continues and develops the activities described in our 2006/07 Statement of Intent. However, the 2007 review and the national strategy in particular have the potential to adjust our focus in the remaining two years covered by Part 1 of this document.

The 2007 review looks at trends and future developments likely to affect the provision of retirement income. It will also include an independent review of the effectiveness of financial education available to and used by New Zealanders. The national strategy will then identify what must be done to lift New Zealanders' financial literacy. As a result, there may be an impact on the focus of our future work.

The review will be completed by December 2007, allowing any recommendations that affect the work we do to flow into our Statement of Intent for 2008/09.

The Government has already given additional funding to the Retirement Commission to extend our education programme to help people faced with the 'opt in' or 'opt out' decision around KiwiSaver, when the scheme begins on 1 July 2007.

In conclusion, while there is potentially a time of change ahead for the Commission, I am confident that this document will provide a clear and valuable picture of our work and the results we seek. I look forward to communicating the outcomes of the 2007 review and the national strategy for financial education in our 2008/09 Statement of Intent.

Diana Crossan
Retirement Commissioner