Retirement Village Reforms To Protect Local Residents

Retirement Village Reforms To Protect Local Residents

Local retirement village residents will benefit from a new package of reforms recently announced by the state government.

Minister for Better Regulation, Matt Kean said the package includes a four-point plan that will put consumers first and protect residents from potentially dodgy practices.

“Retirees have worked hard their whole life so I’ll be coming down on any operators who have not complied with the law,” he 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.”

Member for Port Macquarie, Leslie Williams said the plan also includes an inquiry that will make sure residents have the protections they deserve, while ensuring retirement village operators are complying with the law.

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.

“This inquiry will safeguard the rights of residents in retirement villages and will be tough on those who take advantage of our seniors,” Mrs Williams said.

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.

“Our retirees have made so many valuable contributions to our community. They deserve to live fulfilling, independent lives in the village of their choosing.

“And 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,” Mrs Williams said.

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