Annual Report 2025

• From the Retirement Commissioner
• Our 2024/25 highlights
• Retirement Income
• Retirement Villages
• Financial Wellbeing
• Organisational health and capability

I am very pleased to report on the momentum we’ve built this year. Some significant activity and achievements have brought us closer to our vision of a better retirement for all New Zealanders. 

It is my privilege to present my fifth annual report as Retirement Commissioner. It outlines the initiatives undertaken by my dedicated team and highlights the power a wide range of sector partnerships has to collectively support New Zealanders. 

As an organisation focused on financial futures, a key challenge we face every day in our work is both getting people to think long-term, and also to ensure decision-making and opinion is informed and data-led. When thoughtfully designed, policy can be a very useful tool to nudge people toward behaviours that may not feel urgent today but are vital for their future wellbeing. 

This is why I was so pleased to see the Government adopt some of our policy recommendations this year, increasing employer and employee default KiwiSaver contributions from 3% to 4% and extending employer and government contributions to 16- and 17-year-olds. Our analysis found New Zealanders’ KiwiSaver funds could last 30% longer under these new settings, a transformational sum for many future retirees. 

We were asked by the Government to update the Sorted KiwiSaver calculator in preparation for Budget 2025, so people could see how these changes would affect them. We were able to develop the complex modelling quickly and accurately, so that personalised information was available on Budget Day. In the two days following the announcement, there was a 2,500% increase in active users of the calculator, underscoring the public appetite for trusted sources like Sorted – to demystify financial information and provide clarity and confidence in times of change. 

It was a successful year for Sorted overall, with the proportion of users enjoying the website at the highest levels we’ve recorded. Another significant innovation was the launch of a brand-new Retirement Navigator tool to help those in or nearing retirement figure out how to turn their savings into a steady income. Our research has routinely shown that supporting people in later life to shift from a saving mindset to a ‘decumulation’ or spending mindset takes confidence and support. My personal thanks to the Retirement Income Interest Group of the New Zealand Society of Actuaries for partnering with us to turn this complex modelling into something simple for people to use.  

We know that Sorted has impact, but this year we focused on getting better at measuring it. Our new research found that Sorted has demonstrable and measurable impact on users’ financial resilience and comfort, with more than half of users reporting improved financial positions, especially frequent users and Māori and Pacific people.  

We launched a new National Strategy for Financial Capability in November and have made good progress since. The Strategy’s collective impact is growing, with more than 1,000 partners now working together to help New Zealanders grow their money and build resilience. 

We released a number of important research papers this year, several of which will feed into the upcoming 2025 Review of Retirement Income Policies. Our report Older People’s Voices offered some confronting real-life insights into the lives of over 65s in New Zealand. I hope this research is used to identify practical policies and interventions that could lead to better retirement outcomes for New Zealanders in the future. 

We continued supporting the Ministry of Housing and Urban Development on the review of the Retirement Villages Act, which is progressing well, with plans for legislative change to be introduced in mid-2026. This will be the culmination of work undertaken by this office since 2020 and is a welcome step. 

It has also been a big year for financial education, with the Government’s decision to embed it in the Year 1–10 curriculum. This is a change we and many others have been advocating for over many years. The absence of a clear mandate has generally resulted in a haphazard approach across schools, imperfect alignment with the curriculum, and unclear impact of current activity. This announcement provided the focused direction we were seeking. Alongside the Ministry of Education, we are leading the development of financial education implementation guides for both schools and industry providers. This will help coordinate the financial education ecosystem and ensure the right things are taught at the right time.  

This work is rooted in our deep research knowledge and expertise in wider financial learning. Teaching children to build positive habits and relationships with money when they are young can lead them to make much better adult decisions as the stakes get higher.  

This year’s gains reflect the kind of steady, thoughtful change we need to ensure every New Zealander can look forward to a retirement with dignity and security. 

We have achieved a lot this year and have no plans to slow down. This year marks the second year of our strategic Statement of Intent 2023–2026. We will develop a new SOI next year for the next four years, outlining a new set of strategic goals and intentions. 

This is my last annual report as my second and final term concludes in 2026. It’s been an enormous privilege to lead the Commission and to shepherd through and execute a substantial amount of meaningful work. I am grateful to my small but capable team, who produce an impressive volume and quality of work. I would also like to thank our stakeholders and National Strategy partners for their ongoing collaboration and enthusiasm, and our new Minister of Commerce and Consumer Affairs, Hon Scott Simpson, who we welcomed in March and who has been a great supporter of our work.  

Jane Wrightson

Mana Ahungarua / Retirement Commissioner

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A better retirement 

• 1450+ New Zealanders aged over 65 surveyed on what retirement is really like 
• 84% of our stakeholders agree we’re an independent and principled voice on retirement issues 
• 7 research papers improved understanding of key issues 

Improving financial futures 

• 1 MoU signed with the Ministry of Education to coordinate the approach to financial education in schools 
• 1000+ media mentions on focused issues to improve public knowledge 
• 1 shared measurement tool developed for impact measurement 

Working together 

• 90+ attended the launch of the new National Strategy for Financial Capability 
• 260 registered for two National Strategy Connection Series events 

Getting New Zealanders sorted 

• 2.2m+ uses of Sorted’s financial tools, guides and blogs 
• 89% find the Sorted website content valuable 
• 1 new Sorted tool created to help New Zealanders navigate their retirement 
• 430 people signed up to Sorted at our first Te Matatini stall 

From advocacy to action 

• 100% of Kiwi kids to be taught financial education as part of the curriculum from 2028 
• 16- and 17-year-olds eligible for KiwiSaver government contribution and employer matching 
• 80% of contributing KiwiSaver members better off, with default contributions lifted from 3% to 4% 

Our independent research and thorough analysis of retirement policy settings plays a key role in informing both public discussion and Government decision-making. We promote informed debate about policies that affect current and future retirees and what it takes to get New Zealanders financially ready for retirement.  

This year, we wanted our research to focus on building a clearer picture of what life looks like for older New Zealanders, bringing the diverse experiences of over-65s to the surface to help individuals, organisations and the Government make informed decisions about retirement. These insights and evidence will feed into the 2025 RRIP, which will include data and recommendations around KiwiSaver and other savings, trends analysis with a 25-year horizon, the experiences of women and the self-employed in retirement and what this may mean for policy settings, spending down retirement savings, and how New Zealand’s retirement policies compare globally. 

Retirement Income progress summary

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. 

We play an independent role in overseeing the retirement village system in New Zealand. We support residents living in retirement villages with independent information, undertake 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. Our annual investigation paper developed a framework for an improved Complaints and Disputes Resolution Scheme. 

Retirement Villages progress summary

Strategic objective: Retirement village residents and the industry operate within a competent and independent regulatory system.

We lead the National Strategy for Financial Capability to promote 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. We are also working with the Ministry of Education on the introduction of financial education as a core element of the school curriculum. 

In November, we launched the National Strategy 2025-2027, and kicked off its three-year action plan with a series of collaborative events and initiatives. The financial sector has shown strong engagement with the new strategy and we are already making headway with some impactful cross-sector projects. 

We delivered new initiatives for our priority audiences on Sorted, including a brand new tool, resources and campaigns. Sorted reached New Zealanders in moments that matter, with our tools and resources playing an important role in helping people to understand the impact of policy changes on their financial future. 

Financial Wellbeing progress summary

Strategic Objective: Financial wellbeing is improved by a successful National Strategy for Financial Capability and engaged and diverse audiences using Sorted.   

We are a small, values-based organisation, with operational practices that enable our people to enjoy a collaborative, energetic, 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. 

We are pleased with the progress we have made this year on our organisational health and capability measures, which form the core of good employer practice. Our employees’ average length of service has increased consistently in recent years, it's now at 3.5 years, compared to 1.2 years six years ago. Our Employee Net Promoter Score this year was 44, well above the 2025 national benchmark of 9.  

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.