Sunday, 25 March 2018

Retirement Village Deferred Management Fee Model Fails Retirees

As the cost to simply lease a unit in a Retirement Village moves ever closer to the purchase cost of a commensurate unit within the general community, the greater the Deferred Management Fee model used by the industry fails retirees.

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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.

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