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This, our third 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 2008/09 year covered by this Statement of Intent will be a busy and significant one for the Commission.

We will be implementing and monitoring the agreed recommendations of the 2007 review of retirement income policy and putting a reporting process in place, implementing the national strategy for financial literacy and continuing the workplace financial education programme. We will be commissioning our second financial knowledge survey, project managing a major teacher development programme in schools for Years 1 to 10 students with funding from New Zealand banks, plus carrying out our usual work on general financial education, our Sorted website, schools and retirement villages.

The 2007 review looks at trends and future developments likely to affect the provision of retirement income. It also includes an independent review of the effectiveness of financial education available to, and used by, New Zealanders. The National Strategy identifies 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 Government has given additional funding in the 2008 Budget to the Retirement Commission for the next four years to continue our workplace financial education programme around KiwiSaver decision-making. Funding for the 2008/2009 year is $1.9M.

In writing this statement, we have had regard to Government policy on the priority themes of economic transformation and families young and old.

I am confident that the 2008/11 Statement of Intent will provide a clear and valuable picture of our work and the results we seek.

Diana Crossan
Retirement Commissioner