On his visit to Durham Green Retirement Village in Menangle NSW on 9 July 2019, The Hon. Kevin Anderson MP, Minister for Better Regulations and Innovation, presented the discussion paper on reforms to address exit entitlements and recurrent charges in retirement villages.
The discussion paper seeks to progress action on two types of financial costs that have caused significant concern for residents – exit entitlements and recurrent charges.
These issues were discussed extensively in the review conducted by Ms Kathryn Greiner AO and highlighted as areas where structural changes were necessary. In response to the review, on 14 February 2019 the NSW Government made election commitments to require operators to pay exit entitlements within 6 months for retirement village in metropolitan areas and 12 months in regional NSW and to place a 42 day cap on the recurrent charges for general services.
Through the discussion paper the Minister has invited operators, residents and the wider community to provide feedback on how the Government should implement these reforms.
The discussion paper can be found HERE.
Read the discussion paper and have your say by 5pm Friday 16 August 2019.
This is a very significant reform. It has the potential to have a major impact on residents in retirement villages.
The RVRA encourages its members, their families and the wider community to take the time to read the discussion paper and to take part in the consultation process.
It would greatly assist the RVRA with its advocacy role, if you would also consider sending a copy of your submission to the RVRA. Any information you provide will be treated in the strictest confidence. Information gained will only be used in aggregated form. Individual information will never be disclosed.
Copies of submissions may be sent to: email@example.com