The Sydney Morning Herald reports -
" Last week, Aveo announced it would be following its competitors to provide payment options to its retirement village residents. Aveo’s three contract options include the current contract, known as “Aveo Way”, and two alternatives, called “Certainty” and “Essentials”.
The move to offer choice follows similar moves by first Lendlease, then Stockland. "
The full story can be read here:- https://www.smh.com.au/money/super-and-retirement/aveo-offers-two-alternatives-to-its-aveo-way-aged-care-contract-20180913-p503hl.html
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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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