retirement.org.nz

Forecast Statement of Service Performance

The outputs and performance standards for the Commission in 2009/10 are provided below. They are drawn from, and set out in more detail, the Commission’s work programme for 2009/10.

The Retirement Commission provides services under the following output areas:

• Advice to its responsible Minister
• Research and Monitoring
• Education and Information
• Retirement Villages

Outputs

5.1 Advice

Description

The advice part of the output class includes advising and reporting to the Minister for Social Development and Employment on retirement income and related issues and undertaking the periodic review of retirement income policies as required by section 84 of the New Zealand Superannuation and Retirement Income Act 2001. These activities contribute to the following outcome: government’s retirement income policies remain effective and stable.

Key Deliverables

• Advice as may be requested by the Minister, or provided to the Minister by the Commissioner.
• Periodic review of retirement income policies as required by the Act.

Measures

A letter will be sent to the Minister at the end of the financial year seeking feedback about whether the Minister was satisfied or more than satisfied with the quality and timeliness of any advice provided.

Indicators

Quality

• The Minister is satisfied or more than satisfied with the quality and timeliness of the Retirement Commissioner’s advice.
• The review of retirement income policies is carried out in accordance with the New Zealand Superannuation and Retirement Income Act 2001 – standard met.

Quantity

• All advice requested by the Minister is provided to the Minister by the Commissioner.
• The 2010 review of retirement income policies is started.
• The review of retirement income policies is carried out in accordance with the New Zealand Superannuation and Retirement Income Act 2001 – standard met.

Timeliness

• All advice to the Minister is delivered within agreed timeframes.

Note: These standards will create a benchmark for future comparisons.

5.2 Research and Monitoring

Description

The research and monitoring part of this output class includes continuing to develop the Retirement Income Research Unit, and monitoring trends in levels of awareness, knowledge, attitudes and behaviours relating to retirement planning. These activities contribute to the following outcomes: government’s retirement income policies remain effective and stable; New Zealanders have more trust in the financial services sector.

Key Deliverables

• Research and monitoring projects that meet the needs of the three-yearly reviews of retirement income policies. These projects will help inform the 2010 review.
• Operation and promotion of the Retirement Income Research Unit and its website, retirement.org.nz. The unit’s material is available for use by researchers, policy analysts and the financial services industry.
• Promotion of research and debate about ways of improving trust in, and the efficiency of, the wider financial services sector.

Measures

Independent review panels will assess each research project. Occasional online and other surveys of users of the website, retirement.org.nz, will be undertaken.

Indicators

Quality

• Each research or project evaluation obtains a 'satisfactory or better' assessment from an independent review panel.
• A benchmark will be set for the proportion of website users finding retirement.org.nz 'useful' or 'very useful' in regular online surveys.

Quantity

• Three newsletters from the Retirement Income Research Unit will be produced and distributed to stakeholders to promote the unit and website. These newsletters will also contain items concerning building trust in the financial services sector.
• Two seminars will be held with the financial services sector to discuss issues related to building New Zealanders' trust in the sector.
• The quantity of research and monitoring projects will be determined once the terms of reference for the 2010 periodic review are available.

Timeliness

All projects are delivered on time.

5.3 Education and Information

Description

The education and information part of the output class includes developing education and information programmes to improve public understanding of lifetime financial management; improve public knowledge of how to go about financial planning; encourage those who can to make voluntary savings; and encourage other organisations to have similar goals. These activities contribute to the following outcomes: New Zealanders are better educated in financial matters and can make more informed financial decisions; New Zealanders have more trust in the financial services sector.

Key Deliverables

• The Sorted website, booklets and seminars will be regularly refreshed and updated, and added to as required. This will ensure all information remains current and relevant for users.
• The Sorted website and resources will be promoted regularly to New Zealanders to ensure widespread awareness of the information available.
• The National Strategy for Financial Literacy will be promoted to key stakeholders to encourage a range of contributions to improving New Zealanders’ financial literacy.
• The workplace financial education programme will continue to be delivered to help New Zealanders make more informed decisions about KiwiSaver and other workplace savings options.

Measures

Satisfaction levels of users of Sorted resources will be measured annually (such measures will include usefulness). The number of employees who report that they had enough information to make a decision about workplace savings will be measured. Reviews will be carried out, at least once a quarter, to ensure sorted.org.nz contains up-to-date information with functioning links.

Indicators

Quality

• Reviews to ensure that sorted.org.nz contains up-to-date information with functioning links will be carried out at least quarterly.
• The proportion of people rating the Sorted website as useful or very useful increases from 62% to 65%.
• At least 50% of New Zealanders who have used Sorted resources report that they have enough information to make an informed decision about KiwiSaver.

Quantity

• Reviews to ensure that sorted.org.nz contains up-to-date information with functioning links will be carried out at least quarterly.
• Sorted booklets are reviewed and updated, if necessary, at least once a year.
• Sorted seminars are reviewed and updated, if necessary, at least once a year.
• The National Strategy for Financial Literacy is promoted through a national summit at least once every two years, starting in June 2009.

Timeliness

All updates to the Sorted website and resources are made on time to coincide with changes taking effect, e.g. changes to NZ Super rates.

5.4 Retirement Villages

Description

The Retirement Commissioner has advisory, monitoring, education, and appointment of disputes panel functions under the Retirement Villages Act 2003. The education and general information esponsibility is delegated to the Department of Building and Housing. The advice responsibility is also delegated to the department apart from specific advice to our monitoring and Code of Practice functions. These activities contribute to the following outcome: all retirement villages move to meet societal expectations and current quality standards.

Key Deliverables

• Recommendations to the Minister for Building and Construction on any draft codes of practice.
• A monitoring and research programme on the effects of the Act, regulations and the Code of Practice when in force.
• Advice to the Minister when requested or required by the Act relating to monitoring and Code of Practice functions.
• Approving suitable people for appointment by operators to disputes panels.

Measures

• Peer review of the work carried out under the monitoring and research programme.
• A letter will be sent to the Minister at the end of the financial year seeking feedback on the quality and timeliness of any recommendations provided on any draft codes of practice. The Minister will be asked to assess the completeness and clarity of the recommendations.

Indicators

Quality

• Work done under the monitoring and research programme is judged to be satisfactory or better by the peer review process.
• The Minister is satisfied or better with the completeness and clarity of any recommendations provided on any draft codes of practice.

Quantity

• One monitoring report is carried out each year on a group or area within the retirement villages sector.
• Recommendations are provided on any draft code of practice as required.
• Approving appointments to disputes panels as vacancies arise.

Timeliness

Key dates as specified in the project plans are met and reflect agreed priorities.

Cost

The above output will cost $5,682,000 (excl GST) in 2009/10.