Retirement Commissioner (M13)
Scope of Appropriation
This appropriation is limited to services from the Retirement Commissioner to develop and promote methods of improving the effectiveness of retirement income policies, through the publishing of information and the delivery of a comprehensive public financial education programme.
Expenses
| 2011/12 | 2012/13 | ||
|---|---|---|---|
| Budgeted $000 | Estimated Actual $000 | Budget $000 | |
| Total Appropriation | 5,782 | 5,782 | 5,782 |
Reasons for Change in Appropriation
No change in this appropriation.
Output Performance Measures and Standards
| 2011/12 | 2012/13 | ||
|---|---|---|---|
| Performance Measures | Budgeted Standard | Estimated Actual Standard | Budget Standard |
| Improving Financial Literacy | |||
| Promotion to encourage New Zealanders to get their money matters sorted; and the development and maintenance of Sorted resources including sorted.org.nz, booklets and seminars | New Measure | New Measure | Marketing monitor results for 2012/13 show an improvement from 2011/12 results |
| ANZ-Commission for Financial Literacy and retirement Income Financial Knowledge Survey | New Measure | New Measure | Completed by 30 June 2013 |
| NZ Financial Behaviour Index | New Measure | New Measure | Index is updated November 2012 and May 2013 |
| Impact of National Strategy of New Zealanders' financial knowledge and literacy | New Measure | New Measure | Action plan measures developed by 30 June 2013 |
| Developing a sustainable and coordinated financial education strategy to reach older Kiwis | New Measure | New Measure | Strategy measures developed by 30 June 2013 |
| Retirement Income | |||
| 2013 review of retirement income policy | New Measure | New Measure | Completed by 31 December 2013 |
| Retirement Villages | |||
| Annual monitoring report is produced covering a group or area within the retirement villages sector | The report adds value to the Commission's monitoring programme | The 2012 monitoring project has been delayed by the consultation process on proposed variations to the Retirement Villages Code of Practice 2008 following the Christchurch earthquake | Monitoring report that adds value is completed by 30 June 2013 |
Conditions on Use of Appropriation
| Reference | Conditions |
|---|---|
| New Zealand Superannuation and Retirement Income Act 2001 | Part 4 of the New Zealand Superannuation and Retirement Income Act 2001 provides for the constitution, appointment, functions, powers, and duties of the Commissioner. |
| Retirement Villages Act 2003 | Part 3 provides for the monitoring and other functions of the Retirement Commissioner. Part 4 provides for the Commissioner to approve members eligible for appointment to a disputes panel. Part 5 provides for the Commissioner to make recommendations to the Minister on any draft Code of Practice or variation, and to publish information and receive submissions on any Codes of Practice or variation. |
| Crown Entities Act 2004 | The Crown Entities Act 2004:
|
| Output Agreement | Outlines the commitments and standards required. |
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact | 2011/12 Budgeted $000 | 2012/13 Budget $000 | 2013/14 Estimated $000 | 2014/15 Estimated $000 | 2015/16 Estimated $000 |
|---|---|---|---|---|---|---|
Current Government | ||||||
| Transfer of Responsibility for Retirement Commissioner | 2011/12 | 5,782 | 5,782 | 5,782 | 5,782 | 5,872 |
