Improving financial futures for a better retirement for all
Nā te Mana Ahungarua From the Retirement Commissioner
It’s been another year of challenging economic conditions, with inflation, high interest rates and the rising cost of living dominating conversations and news reports. In this environment, it can be hard to stay positive, yet we know that confronting problems and planning your way out provides an excellent boost to your future self.
I’m proud to present my fourth annual report as Retirement Commissioner, which details the extraordinary efforts of my small team, and the powerful partnerships we embrace to collectively help New Zealanders. That’s why Te Ara Ahunga Ora Retirement Commission (the Commission) exists – to keep sight of the bigger picture and to promote long-term thinking among both policymakers and New Zealanders. We can also undertake cross-sector work, including with government partners – work that breaks down barriers and encourages new ideas to deliver more for New Zealand.
This year, we’ve completed some significant projects and are close to the finish line for a few more. In the policy and advocacy space, we published two significant studies on KiwiSaver reform and NZ Superannuation options. In an environment in which opinion is sometimes more prevalent than fact, both papers provide evidence-led pathways for legislators to consider.
I’m particularly grateful to those who attended our focused NZ Super Summit to test ideas for change against the status quo. I’m on record as saying the status quo for NZ Super is sustainable. New Zealand currently has the Nā te Mana Ahungarua From the Retirement Commissioner eighth lowest pension cost of the OECD group of 38 countries, so we’re in the lowest quartile for expenditure. If change is ever contemplated, options must be developed that consider where the harm would lie and the remediations needed.
Thanks too to the Financial Services Council and the Retirement Income Interest Group, among others, with whom we tested several KiwiSaver ideas to see if there was general agreement with our proposals from a provider and an actuarial perspective. And there was!
The ball is now in the Government’s court.
I’m also looking forward to the result of the review of the Retirement Villages Act, being undertaken by the Ministry for Housing and Development (MHUD) following the Retirement Commission’s two earlier studies. More than 11,000 people submitted to MHUD’s consultation paper. I’m hoping that Cabinet will greenlight the drafting of new, improved legislation and Code. This legislation is two decades old, and longstanding tensions in the sector need to be addressed and decisions made.
I’ve been delighted with the progress made with the three-year National Strategy for Financial Capability. The strategy is a powerful tool for cross-sector collaboration, and some dot-joining, in a complicated operating environment. This was the final year of the current National Strategy, and a fresh one is currently being developed, again with significant sector consultation. A highlight this year was being able to develop a simple measurement tool for financial capability programmes – like all good things it looks simple but was hard to make. The opportunity now is for the tool to be used by multiple partners and funders, so that better data can be secured on what works and what needs more development.
Our powerhouse website Sorted is holding its own in a fragmenting online environment. People love Sorted’s content – the challenge is finding and holding users, and our marketing budget is of course stretched. Working with New Zealand’s biggest podcast, The Morning Shift, allowed us to attract a younger audience, and we continue to seek initiatives that will maintain Sorted’s presence as New Zealand’s authoritative, unbiased and appealing source of quality financial information to help people navigate their economic lives.
I’ve spent some time thinking about financial education in schools, which is also fragmented and has opportunities for better collaboration to increase reach. It’s another complex, crosssector area, but I’ve found there’s goodwill in abundance to seek change.
So that’s our year – please read on. In November 2023, we welcomed the new Minister of Commerce and Consumer Affairs, Hon Andrew Bayly, whose ongoing support for our efforts is greatly appreciated. This year also marked the beginning of our Statement of Intent 2023- 2026, the strategic plan guiding us for the next three financial years.
Thank you to all who have helped and guided us, and to my small, but perfectly formed, team, who do great work every day.
He iti te matakahi, pakaru rikiriki te tōtara.
A wedge may be small but it can fragment the tōtara. A small effort properly applied can achieve success.
Jane Wrightson
Mana Ahungarua / Retirement Commissioner
Image caption
A better retirement
-
7+ pieces of research published on retirement matters, including retirement villages
-
74% of our stakeholders agree we’re an independent and principled voice on retirement issues
-
90+ people attended the NZ Super Summit
Improving financial futures
-
356 households completed the Pacific Peoples Pathways to Homeownership programme
-
980+ mentions in media about our work
-
89.6% of secondary schools and kura used Sorted in Schools resources
Working together
-
270 partners attended the National Strategy Conference
-
10 financial wellbeing outcomes measures developed
-
#1 public sector document at the Plain Language Awards
Getting New Zealanders Sorted
-
2.1m+ uses of Sorted’s financial tools, guides and blogs
-
17,000 new users of Sorted, thanks to Money Month activity
-
87% find the Sorted website content valuable
Moniwhiwhi Ahungarua Retirement Income
One of our key roles is providing research and thorough analysis of retirement policy settings to inform different stakeholders. We provide robust evidence to the Government and the public to advocate for a system that serves all New Zealanders. We promote informed debate about policies that affect retirees and what it takes to get New Zealanders financially ready for retirement.
This year, we delved into NZ Super, KiwiSaver and the experiences of older New Zealanders, to highlight the key challenges people are facing in retirement.
Retirement Income progress summary
SOI strategic objective: Retirement income policies are stress-tested to examine if they meet the needs of a diverse population, advocating for a fair and stable system.
Annual objective | 2023/24 |
Identify areas of policy requiring further research and analysis |
Achieved Published three studies, including:
|
Establish a Māori advisory rōpū to develop policy options that would better support Māori retirement |
Not achieved We decided not to establish a Māori advisory rōpū because we needed first to conduct additional research to better understand Māori needs in retirement. This was considered as part of the NZ Super Issues and Options paper and KiwiSaver Opportunities paper |
Use research and analysis to explain key challenges facing people in retirement |
Achieved Includes 5+ mentions in key media (such as 1News, Newshub, Breakfast, NZ Herald, Stuff, The Post, Waikato Times, The Press, Sunday Star Times, Radio NZ, Newstalk ZB, Newsroom) on: MJW research on KiwiSaver gender savings gap The impact of separation on over 50s |
Achieved Published three studies, including:
|
|
Be recognised subject matter experts on retirement issues |
Achieved 74% of respondents familiar with our work agreed Te Ara Ahunga Ora provides an independent and principled voice |
Achieved Initiated five pieces of media commentary on key retirement issues, including:
|
Spotlight: Super Summit
Following the release of the NZ Super Issues and Options paper, we hosted a Super Summit in Wellington in March. We called on a range of expert panellists and moderators for the day, who provided a thoughtful and respectful contest of ideas around NZ Super.
The summit attracted around 90 attendees, including academics, officials, media and community representatives. We were delighted Hon Louise Upston was able to address the summit.
A summary of proceedings was also published, identifying the key themes and highlights. A range of media stories ran in various outlets in the lead-up to and after the summit.

Papakāinga Ahungarua Retirement Villages
We play an independent role in overseeing the retirement system for New Zealand. We support residents living in retirement villages with regular analysis of complaints data, and advocate for changes to the regulatory system when issues are identified.
This year, we’ve continued to report on the complaints raised in retirement villages and provide informal advice to residents on options for dispute resolution and information on retirement village living. We also published an annual research paper investigating operating models used by retirement villages internationally.
Retirement Villages progress summary
SOI strategic objective: Retirement village residents and the industry operate within a competent and independent regulatory system.
Annual objective | 2023/24 |
Monitor complaints made to retirement villages and report on trends and formal complaints raised |
Achieved Published two six-monthly reports of complaints raised |
Conduct an annual investigation relating to retirement village living |
Achieved Published ‘Retirement Villages: international scan of operating models |
Provide residents and their families with informal advice on options for disputes resolution and information on retirement village living |
Achieved Provided informal advice on options for dispute resolution via phone, email or our website Published Disputes Panel decisions Made independent information on retirement village living available on Sorted |
Spotlight: New videos on retirement village living
We began work on three new videos to provide an overview of how retirement villages work, the costs of living in them and how to future-proof retirement village choices. These videos will be used on sorted.org.nz alongside the existing tools and guides we already have available to help people make retirement living choices, as well as for speaking engagements. The videos will be available to view in 2024.

Oranga Ahumoni Financial Wellbeing
We lead the National Strategy for Financial Capability and encourage a joined-up approach between sector partners working together on financial wellbeing initiatives. We provide financial information and education through Sorted’s website and programmes in schools, workplaces and communities.
This year, we continued to support and provide a range of opportunities for National Strategy partners to collaborate on and concluded the three-year action plan. The action plan was conceived after much consultation and challenge from the sector, and we’re delighted with the results.
We delivered new initiatives for our priority audiences on Sorted, including brand refreshes, campaigns, and tools and resources, and explored new channels such as partnering with one of the country’s top podcasts.
Financial Wellbeing progress summary
SOI long-term strategic objective: Financial wellbeing is improved by a successful National Strategy for Financial Capability and engaged and diverse audiences using Sorted.
Annual objective | 2023/24 |
Provide National Strategy Partners with a range of opportunities to engage and collaborate |
Achieved 85% of partners agree the strategy offers good cross-sector collaboration opportunities Exceeded target of three and offered four initiatives for partners to take part in: Money Month, National Strategy Conference, Shared Resource Hub and Shared Impact Measures |
Share financial wellbeing insights from our research with National Strategy partners |
Achieved Hosted three webinars sharing research and insights |
Grow Sorted brand awareness to 55% |
Not achieved 48% selected Sorted.org.nz when asked “Which, if any, of the following websites/organisation’s websites about money and managing your finances are you aware of?” |
Execute initiatives for Sorted’s priority audiences, including Māori |
Achieved Partnered with one New Zealand’s biggest podcast, The Morning Shift, to run three dedicated Sorted episodes Developed new tax resources for ‘Te whai hua – kia ora’ for students at kura (secondary) |
85% of Sorted users continue to find the content valuable |
Partially achieved 87% of Sorted website users agree content is valuable 98% find Sorted Kainga Ora content valuable 82.2% value Sorted in Schools as a financial capability programme |
Grow percentage of secondary schools using Sorted in Schools |
Achieved 89.6% used the programme (up 16.7% on previous year) |
Spotlight: Award-winning plain language financial glossary
We were thrilled to win the Best Public Sector Document at the Plain Language Awards for De-jargoning Money, the financial terms glossary we developed in 2023. This success highlights the strength of partner collaboration, with more than 48 partners involved in developing the glossary to help demystify jargon in the finance and insurance sector.

Te hauora me ngā āheinga o te whakahaere Organisational health and capability
We are a small, values-based and inclusive organisation with operational practices that enable our people to enjoy a collaborative, energetic and principled culture. We take pride in providing effective systems and practices that free up our people to focus on what’s important and empower them to take action.
This year, we’re pleased with the progress we made on our organisational health and capability measures, which form the core of good employer practice. A standout for this year was our staff engagement rate, which we achieved an Employee Net Promoter Score (eNPS) of 59 against the national benchmark of 10 – derived from asking whether people would recommend the Commission as a great place to work.
SOI long-term strategic objective: Te Ara Ahunga Ora is a great place to work, with an inclusive and values-based culture that has the training, systems and processes in place to enable people to grow.
Annual objective | 2023/24 target | 2023/24 actual |
Our people are committed, motivated and proud to work for Te Ara Ahunga Ora | Our Engagement Index is at least 68% |
Achieved 79% based on five engagement-related questions and measures of how positive people feel about their work |
Foster a collaborative and inclusive culture where everyone’s contribution is valued | Our Engagement Index is at least 68% |
Achieved 81% of employees agree they feel valued for the contribution they make |
Maintain 90% agree |
Achieved 97% of employees agree Te Ara Ahunga Ora values diversity |
|
Workplace incidents are reported and addressed | Achieve |
Achieved Three incidents were reported and addressed |
Cultural competency training improves employees’ understanding and responsibilities to te ao Māori | Maintain 100% agree |
Achieved 100% of employees agree their understanding of their responsibilities to te ao Māori has improved |
Provide technology that supports our team to do their job well and maintain a high level of security | Maintain 75% agree |
Achieved 86% of employees agree they have the tools, technology and equipment to perform their job well |
Achieve zero critical level security findings |
Achieved Report provided by Aura Information Security |
|
Implement a Rautaki Māori Strategy and Action Plan | Achieve |
Achieved Monthly updates provided to show progress against |