Photo: RNZ / REECE BAKER
The biggest overhaul of retirement village laws in two decades was announced yesterday - promising clearer rules, stronger protections for residents and a 12 month deadline for operators to repay residents or their families, once they have left the village. Also promised - Interest will accrue after six months, weekly fees will stop immediately, and residents will be able to seek early access to funds in cases of hardship.
An independent complaints resolution scheme will also be introduced. However critics say the 12 month time frame for repayment is still too long, existing residents aren't covered and the legislation won't be introduced until mid next year - and therefore is still too far away. Meanwhile some operators say the changes will have a chilling effect on new developments. The Retirement Commission and Consumer NZ, alongside residents groups - have been leading the calls for change. Retirement Commissioner Jane Wrightson and Consumer NZ CEO Jon Duffy join Susie.
