Benchmark Retirement Village Legislation

Benchmark Retirement Village Legislation - The Hon Michael McCormack MP the federal minister responsible for Consumer Affairs sites has proposed South Australian retirement village laws as  the new benchmark  for other states to consider.

http://www.adelaidenow.com.au/lifestyle/federal-government-tells-states-to-create-uniform-retirement-village-laws-to-protect-seniors/news-story/43a69d3620f342eb215da484d0e54b32

An initial examination however on just one point shows that outgoing residents will have to wait 18 months to get their money back after leaving the village.  Even when a new village resident has paid their in-going amount a village operator has no obligation to repay the outgoing amount until the expiration of the 18 month period.

This does not seem much of a benchmark for other states to follow. This area of retirement village life has long been a source of angst for outgoing residents as they try to move on with their life.

Is this new emphasis on fresh retirement village laws and protections for consumers truly the object of the exercise or is it just a process to ensure operators can generate the profits that they (the operators ) demand.




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