The Retirement Commissioner's role was established under the New Zealand Superannuation and Retirement Income Act 2001. The Retirement Commissioner is appointed by the Minister of Commerce and Consumer Affairs.

Under legal mandate, the Retirement Commissioner is required to fulfil the relevant functions and requirements of the New Zealand Superannuation and Retirement Income Act 2001 and certain functions under the Retirement Villages Act 2003:

• Leading and coordinating of the National Strategy for Financial Capability to improve the financial capability of New Zealanders of all ages.
• Reviewing and reporting to the Minister of Commerce every three years on the retirement income policies implemented by government.
• Monitoring the effects of retirement villages legislation, administering the retirement village disputes process and appointing members to disputes panels as vacancies arise.