The Transfer of Intergenerational Wealth

"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals.

Shame about elderly people not having enough money for aged care."

Tom Gait, Retirement Village Residents Association.

Wednesday, 4 April 2018

Advocate Launches Retirement Village Reform Petition

Advocate Launches Retirement Village Reform Petition - The Weekly Source reports.

"The new wave of Consumer Advocacy: 
Victoria-based retirement village advocate Les Scobie is asking all State Governments for a range of reforms including:
  • Greater fairness in ‘financial outcomes’ for village residents;
  • Total revision of all retirement villages legislation;
  • The appointment of an industry Ombudsman;
  • An amendment to the legislated definition of a retirement village to allow for Residential Tenancies Agreements; and
  • Banning the Deferred Management Fee (DMF) model where the in-going fee does not reflect a “relevant discount” to the asking price of a similar property in the community. "
Read the full story here - The new wave of Consumer Advocacy

Advocate Launches Retirement Village Reform Petition - https://www.communityrun.org/petitions/retirement-village-reforms

Advocate Launches Retirement Village Reform Petition

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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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