Interviewer: Philip Macalister | Interviewee: David Boyle

GRTV: Welcome to Good Returns TV. I'm Philip Macalister. Joining me in the studio is an old friend in a new role, David Boyle, Retirement Commissioner. Sounds good. How are you?

David: Philip, great to be here, and super excited to be in the role. Crikey, all the years that I've been in this industry, I couldn't think of a better job for me anyway.

GRTV: I was going to ask you about that because we first met way back in the early 1990s.

David: Please don't say that out loud.

GRTV: We've got the grey hair to prove it. You were a BDM at UDC, and you've come all this way. It's a pretty amazing journey to be, I think, the fifth Retirement Commissioner. What got you so passionate about retirement issues?

David: It's a really good question. I was thinking about that when I took the role on. Like you said, I'm the fifth Retirement Commissioner, so I'm standing on other people's shoulders to this point, which is great. I guess the passion started when I was at Tallaght and then Post Office Savings Bank, and seeing how money can actually help improve New Zealanders' financial wellbeing. Particularly in my old days, I used to go to people's houses at night, working through their mortgages, as a couple in a lot of cases, so they could see the benefits of paying a bit more and not paying as much back to the bank. So really bringing all those elements, and even the way I was brought up by my parents to save a little, spend a little, and we could give a little, are the cornerstones to where I've got this passion. I've been lucky enough to do that through most of the roles in my career.

GRTV: Your appointment's also interesting because your CV has a lot of adviser-facing roles, which is different to most of the previous commissioners. What do you think that brings to this role that is something different?

David: I think what I bring is a connectivity between public and private because I've been in the Commission before. I've worked with a number of fund managers and in the financial advice profession - because it's not an industry anymore, it is a profession. I've worked a lot in that space. I guess I bring a lot of different perspectives, but everything I look at is: what can we do to improve the individual's, the consumer's, financial wellbeing?

GRTV: One of the big things in the last couple of months has been access to advice and how we get more access. You were at the FANZ summit the other day. What do you think the role of the Commissioner is in helping with that access to advice?

David: I think what Nick and the team at FANZ are doing is really positive. It's proactive on the basis that there's more work to be done to give more New Zealanders access to advice. We have an MOU with FANZ, where we're looking to see what we can do to be a hub of not just quality information and support around financial topics, but also, when people want to make a decision, they can connect to an adviser or someone who will hopefully be able to help relative to their personal circumstances. That's key because I think we need to find better ways to provide access to advice, and we need to grow the profession.

GRTV: Looking back at the past Retirement Commissioners is interesting because they all had their own idiosyncrasies. Diane Maxwell was very focused on Maori and Pacifica. Your predecessor, Jane, came in with no real experience in this sector, but became quite data-driven. What is your approach going to be, and what are you going to be remembered for?

David: It's a really good question. I was asked by a very good friend and colleague of mine what kind of Retirement Commissioner I want to be. I treated the question a little flippantly and said, 'I want to be a really good one.' They said, 'No, you will be, but are you going to be a research nerd, or a policy-focused person, or digital, or services, or consumer - what is it going to be?' Where we are currently with retirement income policy, KiwiSaver, and the cost of delivering that first pillar, New Zealand Super, it feels like we're coming to a once-in-a-generation time where there is going to be change. I want the Retirement Commissioner to be a place of trust, with factually based information that will help provide information to support the next government and its policies through that process.

GRTV: Which is a wonderful segue into my next question. Your appointment comes at an interesting time. We're three months out from a general election. It's an election which is going to be very much focused on retirement income issues. While you've got to be apolitical in your role, what do you see as your role in ensuring voters are getting honest, truthful and factual information in this campaign?

David: With the campaign, as you'll be aware, I can't talk about future policy. I guess what we want to be seen as is a trusted place for research and information, and support around the conversation about how we build retirement confidence - not just for the tail end of the boomers and the Gen Xers, which I just qualified for by six days, but also my children and their children. It's so important. I think we're getting to this point where we can genuinely create a new foundation that will provide some trust and certainty for the future.

GRTV: In terms of providing that trust, if politicians on the election campaign trail are saying things which are factually incorrect, do you see yourself as having a role in saying so? That's a tough question, I know.

David: It is. It's not something that we would normally call out. I would say that if perhaps something was not quite correct, then we'd look to go through the proper channels to update awareness of that particular point. Coming back to the priorities I'm looking at for the next three years, it's looking at retirement income policy and KiwiSaver collectively, in the sense of this full retirement policy discussion. I think it's a little neglectful if we don't look at both going forward because they will drive a platform for the future. The other areas I'd love to continue working on are decumulation and we've just launched an app called Buffer Builder, which is to help those who want to start an emergency savings account.

GRTV: So sidecar savings.

David: Yes, sidecar savings. I've always been chomping at the bit to get that cracking, and this is a step in the right direction. It's also an indication of what we want to look at investing in more around Sorted. It's going nearly 25 years in September. Part of the other focus I want to look at is how we bring it up and make sure it's future-proof for the next generation's use. I think open banking and AI are a really good opportunity for us to bring it to life rather than just being a place where we might have calculators and information available.

GRTV: Coming back to something you just said: I wrote a piece on the site recently arguing that the government needs to consolidate its thinking and leadership around retirement income issues. I know Kirk Hope in the FSC manifesto the other day was arguing the same thing. Is that something you would support as well, and do you think it needs to happen?

David: Yes, 100%. I was really wrapped with what Kirk and the FSC came out with. There are a number of elements that we talked about within the retirement income policy review as well. I think there is a great opportunity - let's just say a once-in-a-generation chance - to really make a difference that then gives confidence for New Zealanders' future planning for their retirement needs, just as we've had as we've been growing up and building our careers as well.

GRTV: Lastly, the Retirement Commission is mandated to do a review of retirement income policy every three years. I don't think the current government has responded to the one which was done last year, and I think the previous government didn't respond to the previous one. Do you think you'll get a response before the election?

David: I would say it would be unlikely to get a response now, which in itself is always a little challenging. But part of what we're thinking about is that piece of work we can take into the future of our planning. In fact, as I touched on, if we get alignment around some of these core objectives, we will look to probably bring that forward in a way that will become meaningful and contribute to a really great outcome.

GRTV: Sounds great. Look forward to it. Thanks for coming in, and congratulations on your appointment. You must be so pleased.

David: Dream job. Very happy, and thanks for letting me come on today.

GRTV: Awesome. Thanks, David.

David: Thanks very much. Cheers.