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.

Retirement Living Inquiry

Victorian State Government
INQUIRY INTO THE RETIREMENT HOUSING SECTOR

The Legal and Social Issues Committee to inquire into, consider and report, no later than 1 March 2017, on the operation and regulation of the retirement housing sector (including retirement villages, caravan parks, residential parks and independent living units) with the aim of identifying opportunities for improvement and reform.

The Victorian Parliament’s Legal and Social Issues Committee has held a comprehensive inquiry into the operation and regulation of the retirement housing sector. Retirement villages, caravan parks, residential parks and independent living units were all included in the scope of the inquiry.

Submissions made to the enquiry are available to read here:- http://www.parliament.vic.gov.au/lsic/article/2970

Hearings and Transcripts are available to read here:-
http://www.parliament.vic.gov.au/lsic/article/2971

The final report is available for download here:-
LSIC/Retirement_Housing/Report/LSIC_58-06_Text_WEB.pdf

The Victorian Government response to the report is available here:-
The Government response to the report tabled in Parliament on 7 September 2017

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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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