RETIREMENT VILLAGE REFORMS TO PROTECT LOCAL RESIDENTS

Wednesday, 9 August 2017

MEMBER for Northern Tablelands Adam Marshall has today announced that local retirement village residents will benefit from a new package of reforms recently announced by the NSW Government.

Mr Marshall said the package included a four-point plan that will put consumers first and protect residents from potentially dodgy practices.

“Retirees have worked hard their whole life so the NSW Government will be coming down on any operators who have not complied with the law,” Mr Marshall said.

“This plan will put consumers first by making contracts more transparent, giving residents the tools to compare costs and cracking down on providers through a compliance blitz.”

Mr Marshall said the plan also included an inquiry that would make sure residents had the protections they deserved, while ensuring retirement village operators were complying with the law.

“Retirees have made so many valuable contributions to our community and they deserve to live fulfilling, independent lives in the village of their choosing,” he said.

“These measures will work to bolster transparency and give current and future retirement village residents the details they need to make the most informed choice.”

Kathryn Greiner AO will head the inquiry, which will examine all registered retirement villages across NSW and their compliance with the Retirement Villages Act 1999.

The package also includes:

• An overhaul of the Retirement Villages Regulation 2009, which NSW Fair Trading recently sought feedback on, that included proposed changes requiring greater transparency around fees and charges in contracts;
• Introducing an online calculator that will help prospective residents, and their families, better understand the estimated costs of living in a retirement village; and
• NSW Fair Trading launching a compliance blitz targeting NSW retirement villages.

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