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.

Thursday, 16 August 2018

Kellock Lodge Aged Care Agreement Reached

The residents of Alexandra in Victoria have reached an agreement with Bishop John Parkes to purchase the aged care bed licences and take full control of the local aged care facility from the Anglican Diocese of Wangaratta.

Bishop Parkes was working toward an amalgamation with the Anglican aged care facility in Wangaratta. See previous story - Community Backlash For Actions Of Anglican Bishop

Alexandra businessman Larry Fallon brokered the deal with Bishop Parkes after the initial actions of Bishop Parkes divided the community. The deal sees Kellock Lodged paying $3.5m dollars for 50 aged care bed licences with the building and land being transferred into a new entity to be formed locally in Alexandra.


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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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