Forecast statement of service

Forecast Statement of Service Performance

The outputs and performance standards for the Commission in 2010/11 are provided below.
They are drawn from, and set out in more detail, in the Commission's work programme for 2010/11.

The Retirement Commission provides services under the following output areas:

Advice
Research and Monitoring
Education and Information
Retirement Villages

OUTPUT – ADVICE

The Retirement Commission's advice activities contribute to the following outcome:
the Government's retirement income policies remain effective and stable.

Advice 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. It also includes advice to other Ministers.

The extent to which the Retirement Commissioner's advice to the Government and its agencies is acted on will be a measure of our impact on retirement policies and agencies' practices.

Key deliverables	Quantity	Quality	Timeliness
Periodic review of retirement income policies as required by the Act.	Report to the Minister for Social Development and Employment on the review of retirement income policies as required by the New Zealand Superannuation and Retirement Income Act 2001.	The report on the review of retirement income policies meets the terms of reference set by the Government.	By 31 December 2010.
Advice as may be requested by the Minister, or other Ministers, or provided to the Minister, or other Ministers, by the Commissioner.	All advice requested by the Minister or other Ministers is provided.	In the annual feedback surveys the Minister, or other Ministers, are satisfied¹⁰ or more than satisfied with the quality and timeliness of the Retirement Commissioner's advice.	All advice to the Minister, or other Ministers, is delivered within agreed timeframes.

OUTPUT – RESEARCH AND MONITORING

The Retirement Commission's research and monitoring activities contribute to the following outcomes:
the Government's retirement income policies remain effective and stable; New Zealanders have more trust in the financial services sector.

Research and monitoring includes continuing to develop the Retirement Income Research Unit and monitoring trends in levels of awareness, knowledge, attitudes and behaviours relating to retirement planning.

Key deliverables	Quantity	Quality	Timeliness
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 and future reviews. Promotion of research and debate about ways of improving trust in, and the efficiency of, the wider financial services sector.	Four research projects will be undertaken in2010/11 relating to retirement income policy, financial literacy and a rustworthy financial services sector. Two seminars will be held in 2010/11 relating to retirement income policy and/or financial literacy. Key stakeholder/peak body annual survey about the Commissioner's work in contributing to its three goals.	Each research or project evaluation obtains a satisfactory¹¹ or better assessment from an external, independent review panel. 70% or more of survey respondents assess the quality of the Commission's work towards each of its three strategic goals as good¹² or better.	All projects and the annual survey are delivered on time.
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.	At least three newsletters in the 2010/11 year will be produced by the Retirement Income Research Unit and distributed to stakeholders to promote the unit and website.	70% or more of website users find retirement.org.nz useful¹³ or better in annual survey (benchmark survey – April 2010).	All newsletters and the annual website survey are delivered on time.

Key deliverables

Quantity

Quality

Timeliness

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 and future reviews.

Promotion of research and debate about ways of improving trust in, and the efficiency of, the wider financial services sector.

Four research projects will be undertaken in2010/11 relating to retirement income policy, financial literacy and a rustworthy financial services sector.

Two seminars will be held in 2010/11 relating to retirement income policy and/or financial literacy.

Key stakeholder/peak body annual survey about the Commissioner's work in contributing to its three goals.

Each research or project evaluation obtains a satisfactory¹¹ or better assessment from an external, independent review panel.

70% or more of survey respondents assess the quality of the Commission's work towards each of its three strategic goals as good¹² or better.

All projects and the annual survey are delivered on time.

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.

At least three newsletters in the 2010/11 year will be produced by the Retirement Income Research Unit and distributed to stakeholders to promote the unit and website.

70% or more of website users find retirement.org.nz useful¹³ or better in annual survey (benchmark survey – April 2010).

All newsletters and the annual website survey are delivered on time.

OUTPUT – EDUCATION AND INFORMATION

The Retirement Commission's education and information 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 and the Government's retirement and income policies remain effective and stable.

Education and information 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.

The Commission's Sorted programme with its website, printed booklets and seminar modules are key resources. The Sorted website's practical content and calculators give users the opportunity to develop their financial plans and see the implications of various courses of action. (The Retirement Commission expects an average of 130,000 to 150,000 visitors to the sorted.org.nz and m.sorted.org.nz websites each month and an average of 25,000 to 30,000 booklets to be distributed each month).

Key deliverables	Quantity	Quality	Timeliness
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 workplace financial education programme will continue to be delivered to help New Zealanders make more informed decisions about KiwiSaver and other workplace savings options.	Quarterly reviews to ensure that sorted.org.nz contains up-to-date information with functioning links. Sorted booklets and seminars are reviewed and updated annually.	Increase the percentage of New Zealanders who use Sorted resources from 19% to 30%¹⁴ by December 2010. Increase the proportion of users of Sorted resources that rate them as useful or better¹⁵ (65%, 2010). Maintain the percentage of New Zealanders who have used Sorted resources and have found that they have enough information to make an informed decision about KiwiSaver.¹⁶ (28% of 18-65 year olds)	All updates to the Sorted websites and resources are made on time to coincide with changes taking effect, e.g. changes to NZ Super rates. All surveys are carried out on time.
The National Strategy for Financial Literacy will be revised with a five-year action plan.	A least three newsletters will be produced in 2010/11 by the Retirement Commission and distributed to stakeholders to promote the National Strategy for Financial Literacy and financialliteracy.org.nz website. The strategy is promoted through a national summit at least once every two years.	ANZ-Retirement Commission Financial Knowledge Survey – national measure as a result of collective work from organisations across the public, private and voluntary sectors – reduce the size of the lowest knowledge group from 33%¹⁷ to 25% by 2012. 70% or more of website users find financialliteracy.org.nz useful¹⁸ or better in an annual survey. benchmark survey – June 2010).	The revised strategy and five-year action plan will be launched in 2010/11. All newsletters and surveys are produced on time. The next national summit will be held in June 2011.

Key deliverables

Quantity

Quality

Timeliness

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 workplace financial education programme will continue to be delivered to help New Zealanders make more informed decisions about KiwiSaver and other workplace savings options.

Quarterly reviews to ensure that sorted.org.nz contains up-to-date information with functioning links.

Sorted booklets and seminars are reviewed and updated annually.

Increase the percentage of New Zealanders who use Sorted resources from 19% to 30%¹⁴ by December 2010.

Increase the proportion of users of Sorted resources that rate them as useful or better¹⁵ (65%, 2010).

Maintain the percentage of New Zealanders who have used Sorted resources and have found that they have enough information to make an informed decision about KiwiSaver.¹⁶ (28% of 18-65 year olds)

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

All surveys are carried out on time.

The National Strategy for Financial Literacy will be revised with a five-year action plan.

A least three newsletters will be produced in 2010/11 by the Retirement Commission and distributed to stakeholders to promote the National Strategy for Financial Literacy and financialliteracy.org.nz website.

The strategy is promoted through a national summit at least once every two years.

ANZ-Retirement Commission Financial Knowledge Survey – national measure as a result of collective work from organisations across the public, private and voluntary sectors – reduce the size of the lowest knowledge group from 33%¹⁷ to 25% by 2012.

70% or more of website users find financialliteracy.org.nz useful¹⁸ or better in an annual survey. benchmark survey – June 2010).

The revised strategy and five-year action plan will be launched in 2010/11.

All newsletters and surveys are produced on time.

The next national summit will be held in June 2011.

OUTPUT – RETIREMENT VILLAGES

These activities contribute to the following outcome: all retirement villages move to meet societal expectations and current quality standards.

The Retirement Commissioner has advisory, monitoring, education, and appointment of disputes panel functions under the Retirement Villages Act 2003. The education and general information responsibility 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.

Key deliverables	Quantity	Quality	Timeliness
A monitoring and research programme on the effects of the Act, regulations and the Code of Practice.	Annual monitoring report carried out on a group or area within the retirement villages sector.	Work done under the monitoring and research programme is judged to be satisfactory or better by the peer review process.	Key dates as specified in the project plans are met and reflect agreed priorities.
Advice to the Minister when requested or required by the Act relating to monitoring and Code of Practice functions.	Recommendations are provided on any draft code of practice as required.	The Minister is satisfied or better with the completeness and clarity of any recommendations provided on any draft codes of practice.
Approving suitable people for appointment by operators to disputes panels.		Approving appointments to disputes panels as vacancies arise.

¹⁰ Scale – 'not at all satisfied' to 'very satisfied'

¹¹ Scale – 'very unsatisfactory' to 'very satisfactory'

¹² Scale – 'very poor' to 'very good'

¹³ Scale – 'not at all useful' to 'very useful'

¹⁴ Sorted Brand Awareness Survey 2009, Nielsen

¹⁵ Sorted User Survey 2009, Nielsen (62%)

¹⁶ KiwiSaver Campaign evaluation – Colmar Brunton, 2008

¹⁷ 2009 ANZ-Retirement Commission Financial Knowledge Survey

¹⁸ Scale – 'not at all useful' to 'very useful'8

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