6 October 2011

Name change recognises work of Retirement Commission

The Retirement Commission’s name change this week to the Commission for Financial Literacy and Retirement Income formally recognises the importance of financial literacy in preparation for retirement and the Commission’s work in helping Kiwis manage their money.

The name change follows the transfer of responsibility for the Commission from the Minister of Social Development on 1 July 2011 to the Minister of Commerce.

Retirement Commissioner Diana Crossan says the new name better reflects the Commission’s twin goals of providing impartial advice on retirement income policy and improving the financial wellbeing of all New Zealanders throughout life and in retirement.

“While the issues of retirement income policy make up a large part of what we do, our goal is to empower Kiwis to make better decisions about their money, throughout their lives. That way when they reach retirement they are in the best possible financial position.

“The Commission for Financial Literacy and Retirement Income more accurately describes our organisation’s vision which is “Financially sorted Kiwis”. The free, independent money guide sorted.org.nz and accompanying resources – now used by 34% of New Zealanders – will continue to be a priority for our organisation,” she says.

Ms Crossan says the Commission’s milestone achievements in recent years include the launch of the National Strategy for Financial Literacy and five-year action plan, which is supported by an ever increasing number of organisations.

“Our name may be different, but our work will continue in helping Kiwis make better decisions about their money for both the immediate future, and in retirement.”

Ms Crossan’s title remains Retirement Commissioner.

ENDS

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