Retirement Villages transfer retiree capital wealth to operators, not for property ownership but simply occupancy, and then sends retirees back to the taxpayer for Aged Care funding. @acccgovau #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris #agedcarerc @abc730 @terpsmlc @sdanck pic.twitter.com/Kw9nUmdQvd
— Les Scobie (@retvilldotnet) March 25, 2019
Tuesday, 26 March 2019
Increased Aged Care Taxpayer Burden from Retirement Villages
Excessive Drain of Capital Away from Retirement Village Residents
Aged Care RC must look into cost to the Australian taxpayer of excessive reduction in the capital base of retirement village residents during their occupancy and their subsequent need for greater aged care funding when the time comes. #agedcarerc @acccgovau #auspol @KenWyattMP pic.twitter.com/TQ7Dr19exP
— Les Scobie (@retvilldotnet) March 24, 2019
Sunday, 24 March 2019
Retirement Villages In Words and Pictures
A summary of the Retirement Village industry in words and pictures. @acccgovau #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris @billshortenmp @abc730 @TaniaMaxwell14 @TerpsMLC pic.twitter.com/iuUf1wozsp
— Les Scobie (@retvilldotnet) March 23, 2019
Minister Kairouz Fails to Understand Retirement Village Financial Dangers for Retirees
Interesting to see @MarleneKairouz can identify the financial danger/risk to the renter/buyer here and yet completely fails to understand the retirement village financial danger/risk to the 'renter' but never to buy older Victorians. Financial outcomes can be just as devastating. https://t.co/safSvZQfPk
— Les Scobie (@retvilldotnet) March 20, 2019
State Laws Enable Devastating Financial Outcome For Australian Retirees
State laws enable, encourage this devastating financial outcome for Australian retirees after entering a Retirement Village. The retiree is short of capital to fund aged care so must go back to taxpayer. #vicpol @TerpsMLC @KenWyattMP @ScottMorrisonMP @Bowenchris @billshortenmp pic.twitter.com/CfNOBKqCz8
— Les Scobie (@retvilldotnet) March 20, 2019
Wednesday, 20 March 2019
Commonwealth Taxpayers Fund Profits of Retirement Village Operators
Commonwealth taxpayers fund profits of retirement village operators via excessive drain of retiree capital. Residential accommodation approved and encouraged by State Governments. @adele_ferguson @MichaelWestBiz @amy_bainbridge @albericie @MichaelPascoe01 @AlanKohler #agedcarerc pic.twitter.com/MxU2a5cvFt
— Les Scobie (@retvilldotnet) March 19, 2019
Transfer of Retiree Capital Wealth to Multinationals
Sums up NSW #retirementvillage industry beautifully "Transfer of intergenerational wealth not to families, but to large multinationals" Tom Gait President RVRA. Only Labor is offering an industry Ombudsman @GladysB @smh #nswpol @michaeldaleyMP #nswvotes2019 #nswelection #nswvotes pic.twitter.com/rxhvqdsO3w
— Les Scobie (@retvilldotnet) March 19, 2019
Retirement Village Ombudsman Issue In NSW Election
Voting in NSW State election? - Does your candidate favor protecting retirees with a retirement village Ombudsman. @GladysB says NO - @michaeldaleyMP says YES. https://t.co/gvDqTfYqac @GladysB @smh #nswpol @michaeldaleyMP @Matt_KeanMP #nswvotes2019 #nswvotes #nswelection pic.twitter.com/A1T00hKztP
— Les Scobie (@retvilldotnet) March 18, 2019
Tuesday, 19 March 2019
Government By The People But Not For The People
Retirees leaving retirement villages have to wait 6 months to get back the money they loaned to the operator on entry, where do they live whilst waiting. Government by the people for the people, I think not @GladysB @smh @michaeldaleyMP @Matt_KeanMP #nswvotes2019 #nswelection pic.twitter.com/a22xA6UU8b
— Les Scobie (@retvilldotnet) March 18, 2019
Retirement Village Residents Put Out On Street by State Laws
State government laws put retirees out on the street, homeless. If leaving a retirement village they can by law be required to wait up to 6 months to get their own money back. @GladysB @smh #nswpol @michaeldaleyMP #nswvotes2019 #nswelection @DanielAndrewsMP @MarleneKairouz pic.twitter.com/Ps6ldnyV4o
— Les Scobie (@retvilldotnet) March 18, 2019
Aged Care Funding Negatively Impacted by Retirement Villages
#agedcarerc should examine the negative financial impact retirement villages have on the capacity of older Australians to fund / help fund their own aged care costs. At what cost to taxpayer? @ScottMorrisonMP @Bowenchris @billshortenmp @CatherineKingMP @JulieCollinsMP @KenWyattMP pic.twitter.com/VAHn9tl9jV
— Les Scobie (@retvilldotnet) March 18, 2019
Monday, 18 March 2019
Professor Fels Calls For Urgent Action On Retirement Villages
RETIREMENT VILLAGES - The Greatest Untouched Consumer Issue - Professor Fels calls for urgent enforcement action from governments and regulators. For an industry Ombudsman @GladysB says NO - @michaeldaleyMP says YES @Matt_KeanMP @smh #nswpol #NSWVotes2019 #NSWVotes #nswelection pic.twitter.com/EMox8luH1f
— Les Scobie (@retvilldotnet) March 17, 2019
Ombudsman - NSW Retirees Have Clear Choice
NSW Retirees - you have a clear choice in the state election when it comes to a retirement village Ombudsman - @GladysB says NO - @michaeldaleyMP says YES - @Matt_KeanMP @smh #nswpol #NSWVotes2019 - Who is best going to protect you. https://t.co/gvDqTfYqac #nswvotes #nswelection pic.twitter.com/TaeruLvJyZ
— Les Scobie (@retvilldotnet) March 17, 2019
Transfer Of Inter-generational Wealth Away From Families
Sums up #retirementvillage industry beautifully "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 multinationals" Tom Gait President RVRA @GladysB @michaeldaleyMP #nswvotes2019 pic.twitter.com/QY92cT7fcZ
— Les Scobie (@retvilldotnet) March 14, 2019
Retirement Industry Code of Conduct Simply Exercise In Self Preservation
I think the Retirement Industry Code of Conduct is an exercise in self preservation. If industry has to write down to remind itself to operate lawfully, morally and ethically then that industry has already failed. @GladysB @michaeldaleyMP @Matt_KeanMP @smh #nswpol #NSWVotes2019 pic.twitter.com/Y4oNUhpvwf
— Les Scobie (@retvilldotnet) March 14, 2019
Retirement Village Deferred Management Fee Should Be Restricted
Deferred Management Fee for #retirementvillages should be restricted to not for profits + regulated entry price to property value ratio that reflects an entry price discount commensurate with the DMF percentage. @GladysB @michaeldaleyMP @Matt_KeanMP @smh #nswpol #NSWVotes2019 pic.twitter.com/dCXp8egZA2
— Les Scobie (@retvilldotnet) March 14, 2019
Thursday, 14 March 2019
Retirees Departing Retirement Villages Penniless
What the-Departing Retirement Village resident must wait 6 months before getting their loan money back on a unit they did not own. Operator has six months to find capital to repay whilst retiree on the street penniless. @GladysB @michaeldaleyMP @Matt_KeanMP #smh #nswpol #NSWVotes pic.twitter.com/RJ8ihs0SXL
— Les Scobie (@retvilldotnet) March 13, 2019
Retirement Villages Negative Impact on Aged Care Funding
Retirement Villages can have a dramatic negative impact on the capacity of retirees to fund their own Aged Care. What is the impact on the taxpayer, how many extra taxpayer dollars are required as a result? @adele_ferguson @ScottMorrisonMP @Bowenchris @billshortenmp #agedcarerc pic.twitter.com/pGzYow8vWQ
— Les Scobie (@retvilldotnet) March 12, 2019
Retirement Villages the Greatest Untouched Consumer Protection Issue
RETIREMENT VILLAGES THE GREATEST UNTOUCHED CONSUMER PROTECTION ISSUE - Professor Fels calls for urgent enforcement action from governments and regulators. When it comes to an industry Ombudsman @GladysB says NO - @michaeldaleyMP says YES - @Matt_KeanMP #smh #nswpol #NSWVotes pic.twitter.com/7Jay7593xG
— Les Scobie (@retvilldotnet) March 11, 2019
Clear Need For Retirement Village Ombudsman
Example of need for #retirementvillage Ombudsman - Sales pitch - contract includes capital gains, rates already in monthly fees, deferred management fee spent enhancing village. All found not true post purchase. @GladysB #smh #nswpol @michaeldaleyMP @DanielAndrewsMP @MatthewGuyMP pic.twitter.com/O8hT4NbXzH
— Les Scobie (@retvilldotnet) March 11, 2019
NSW Retirees Have Clear Choice
NSW retirees have a clear choice in the looming state election when it comes to a retirement village Ombudsman. Who is best going to protect you as a #retirementvillage resident. - @GladysB says NO - @michaeldaleyMP says YES - @Matt_KeanMP #smh #nswpol @NSWVotes2019 #NSWVotes pic.twitter.com/v0UqsXwaDI
— Les Scobie (@retvilldotnet) March 10, 2019
Sunday, 10 March 2019
Retirement Village Fully Explained
If you haven't read this article then you don't fully understand #retirementvillages - https://t.co/l9ksrahTZ9 Nor the obscene transfer of capital wealth from retirees to corporates. @GladysB #smh #nswpol @michaeldaleyMP @ScottMorrisonMP @Bowenchris @billshortenmp @Matt_KeanMP
— Les Scobie (@retvilldotnet) March 8, 2019
Silent Killer of Retiree Capital Wealth
Retirement Village Deferred Management Fee model is the silent killer of retiree capital. Note the disparity of two different retirees after 10 years = $625,000.00. #retirementvillage retirees will be more dependent on families or the taxpayer to fund their own aged care. #nswpol pic.twitter.com/JLgbTkO5cP
— Les Scobie (@retvilldotnet) March 8, 2019
Transfer of Inter-generational Wealth Away from Families
NSW election, Does your candidate understand this, "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 multinationals" NO! perhaps not the best candidate to represent retirees. pic.twitter.com/oJDKxGXoJ9
— Les Scobie (@retvilldotnet) March 7, 2019
Sums Up Retirement Villages Beautifully
Sums up #retirementvillage industry beautifully "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 multinationals" Tom Gait President RVRA @GladysB #smh #nswpol @michaeldaleyMP pic.twitter.com/jFE6UDN453
— Les Scobie (@retvilldotnet) March 7, 2019
Seniors Form Political Party
Seniors to contest NSW state election - Party formed four years ago by five seniors who had become frustrated over legislation on retirement villages which they believed favoured operators over residents. https://t.co/S3OxpHuKLF #nswpol @GladysB @michaeldaleyMP @Matt_KeanMP
— Les Scobie (@retvilldotnet) March 7, 2019
Sting In Tail With Falling Property Prices
Falling property prices create sting in tail for #retirementvillage residents. Contracts with capital gains also demand payment for capital losses. Even less to fund their own Aged Care needs. #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris @billshortenmp pic.twitter.com/5wMPHBUHE6
— Les Scobie (@retvilldotnet) March 7, 2019
Retirement Village Residents Stand for Parliament
Residents of retirement villages in NSW call for new rules and an ombudsman to help them. https://t.co/8YkbtMzSxD #nswpol @GladysB @michaeldaleyMP @Matt_KeanMP
— Les Scobie (@retvilldotnet) March 6, 2019
NSW Labor Promises Retirement Village Ombudsman
Labor one-ups NSW government, promising retirement village ombudsman. #nswpol @GladysB @michaeldaleyMP @Matt_KeanMP https://t.co/gvDqTfYqac
— Les Scobie (@retvilldotnet) March 6, 2019
NSW Retirement Village Ambassador
NSW government gives ambassador, not ombudsman, to scandal-ridden retirement village sector. https://t.co/aAZnEbeymw #nswpol @GladysB @michaeldaleyMP @Matt_KeanMP
— Les Scobie (@retvilldotnet) March 5, 2019
Danger for Retirement Village Residents in Falling Property Prices
Falling property prices spell danger for #retirementvillage residents. Lack of capital growth will hit retirees hard when it comes to funding their nursing home entry costs. Many will need increased taxpayer support. #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris @billshortenmp pic.twitter.com/3mZK1jsc1q
— Les Scobie (@retvilldotnet) March 5, 2019
Ageing at Home - Elderly and Vulnerable Taken Advantage Of
Is anyone really surprised, https://t.co/UWOLWIZtJH . The elderly and the vulnerable taken advantage of again. Is it any different to door to door tradies offering to fix the roof etc. #auspol @KenWyattMP
— Les Scobie (@retvilldotnet) March 5, 2019
Tuesday, 5 March 2019
Example 1 - Need for Retirement Village Ombudsman
Example of need for a #retirementvillage Ombudsman. Operator presents financial report and purports it to be audited but it is not. Complaint to @consumervic and @justice_vic, result, take it to VCAT!! @DanielAndrewsMP @MarleneKairouz @MatthewGuyMP @FionaPattenMLC @TaniaMaxwell14 pic.twitter.com/N014BA1IcH
— Les Scobie (@retvilldotnet) March 4, 2019
Retirees Spiral to Financial Doom
Retirees spiral to financial doom because Minister @Matt_KeanMP likes #retirementvillages and thinks they come at no cost to government. But wow! Look at the cost to the retiree. Is it not government for the people not the developers. #nswpol @GladysB @michaeldaleyMP pic.twitter.com/Ls8zHKUxri
— Les Scobie (@retvilldotnet) March 4, 2019
Seniors living boom in Port Stephens sparks calls for Retirement Village Ombudsman
Seniors living boom in Port Stephens sparks fresh calls for Retirement Village Ombudsman service.https://t.co/gT6nVrt0dN @GladysB @Matt_KeanMP @michaeldaleyMP #NSWpol
— Les Scobie (@retvilldotnet) March 4, 2019
Friday, 1 March 2019
Retirement Village Emergency Safety Issue
Peak fire season highlights safety issue in Vic #retirementvillages. It's not compulsory under Vic law for operator to have an emergency evacuation plan or assembly point. Will we get through without a disaster? @sdanck @DanielAndrewsMP @MarleneKairouz #vicpol @TaniaMaxwell14 pic.twitter.com/OuC1O7Y1mJ
— Les Scobie (@retvilldotnet) March 1, 2019
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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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