Every three years, under the New Zealand Superannuation and Retirement Income Act 2001 the Commission for Financial Literacy and Retirement Income is required to conduct a review of retirement incomes, to be submitted to the government. This article presents a summary and discussion of their 2013 report, entitled Focusing on the Future.
The commission is funded by the government, but operates and comments as an independent organisation. However, the terms for the triennial review are determined by agreement between the government of the day and the commission. Between reviews the commission’s work focuses on improving New Zealanders’ financial literacy, ensuring that there is free and independent financial information available, and monitoring retirement villages legislation, with the overall objective of improving the financial well-being of New Zealanders throughout their lifetimes.
Robert Stephens is a Senior Associate of the Institute for Governance and Policy Studies. He was formerly Associate Professor in Public Policy at Victoria University. His research has been largely in the areas of social and public policy and tax reform.