David Boyle dreams of setting up his own local music radio station when he retires. For now, though, the new Retirement Commissioner – appointed in May –  is focused on a much bigger challenge: helping steer New Zealand through what he describes as a once-in-a-generation crossroads in retirement policy. 

Can you share some background on yourself and how you came to the Retirement Commissioner role?

I started my career at the Post Office Savings Bank in Ashburton in 1982. Even back then as a 17-year-old I had a fascination with helping New Zealanders understand how they could manage their money better. This was based on the principles my parents taught me: save a little, spend a little, and give a little when you can. Have a rainy-day fund, save long term, don't put all your eggs in one basket, and understand the value of that eighth wonder of the world called compound interest. 

My career led me to be involved in the set-up of KiwiSaver back in 2006 while working with leading fund managers and KiwiSaver providers over that time, as well as the Retirement Commission. All the roles I’ve had in my career have led me to being the Retirement Commissioner which if I’m being honest, is my dream job.

How long have you worked in the retirement sector, and what changes have you seen in attitudes towards retirement over that time?

Probably all my working life. What I have seen during my career is the development of KiwiSaver as a second pillar for New Zealand’s retirement savings, the first being NZ Superannuation. The choice of investment options and providers has increased significantly, which is great, but it can also be confusing. 

The advice profession has changed a lot too. In part it's driven by our longevity and the need for advice is growing. The challenge is not just understanding how to accumulate wealth, but how to spend your retirement nest egg once you are retired.

What are the most significant issues currently facing New Zealanders, and how can the Retirement Commission make a real difference?

Since I have been in office, there are several priorities that I want to focus on, notwithstanding meeting our legislative requirements. These include:

We are in, I believe, a once-in-a-generation moment to make change in the retirement income space, and to create trust and certainty for all New Zealanders to help them plan with confidence for their retirement years.

KiwiSaver continues to be a big part of our retirement savings, but any changes/reviews need to be considered as part of the wider retirement income policy discussion. So, a deep dive to see how any KiwiSaver changes will help with the overall retirement income outcomes of New Zealanders is essential.

Having an emergency or buffer account is an important part of financial wellbeing. Our topic for Money Month in August is to promote buffer accounts and their benefits to build financial resilience against life's unexpected emergencies. We are launching the Buffer builder app, which is free for New Zealanders and will help them build savings for those unexpected emergencies.

Demystifying decumulation (the process of turning retirement savings into an income stream) is so important before you get to your retirement years. We need better support services to help current and future retirees make the most of their investments.

Sorted is our jewel in the crown for the Retirement Commission and it's been helping New Zealanders get access to quality information, and tools for nearly 25 years.  I believe that with the introduction of AI and open banking, we have an opportunity to make Sorted even better.

I also want to contribute to, and support, work that improves the retirement income gap between men and women.