Retirement Village Reforms A Step Closer

Member for Baulkham Hills David Elliott today welcomed public consultation on proposed reforms to retirement village regulations, which aim to make the move into a village easier and less stressful for retirees and their families.

 “These reforms will help seniors looking at moving into a retirement village in Baulkham Hills by clearly outlining their rights and responsibilities before they sign a contract,” Mr Elliott said.

 Mr Elliott said the draft regulation includes a standard contract to be used by retirement villages, a general enquiry document that explains the services and facilities available in the village and a disclosure statement to be given to potential residents before they sign a contract.

 “The NSW Government is committed to building a stronger retirement village sector for the benefit of residents and operators,” Mr Elliott said.

 “As part of this commitment, we have been developing a standard retirement village contract and related disclosure documents.

 “We want prospective residents to be able to compare costs and conditions between villages before they sign on the dotted line.”

 Mr Elliott said prospective residents and their families will be able to examine the contractual terms and conditions for Aminya Village, Castle Pines, Constitution Hill, The Willows and Woodberry Village, which are all in Baulkham Hills, so they can determine the best option.

 Mr Elliott said the documents were developed by an expert committee made up of village residents, operators and legal professionals.

 The documents also take into account submissions received during earlier consultation on a draft of the standard contract.

 “Moving into a retirement village is a major life decision and prospective residents need to clearly understand their rights and obligations,” Mr Elliott said.

 “The standard contract and disclosure documents will help to reduce the confusion and complexity that currently exists for prospective residents.”

“Depending on the outcome of this consultation, it is my expectation that all retirement villages will be using the standard contract by September 2013,” Mr Elliott said.

The Chief Executive Officer of Aged and Community Services Association NSW & ACT, Illana Halliday, welcomed the step towards standard contracts.

“This is a good move for consumers, providing them with certainty,” she said.

“It is a document that retirement village operators have worked on and it is a clear communication tool for the industry and the residents.”

 The draft Retirement Villages Amendment (Standard Contract) Regulation 2013 is available from www.fairtrading.nsw.gov.au or by calling 13 32 20.

Submissions can be lodged with Fair Trading until 25 January 2013.