Independent review of timeframes for retirement village exit payments
The Housing Legislation (Building Better Futures) Amendment Act 2017 was passed by Parliament on 25 October 2017 and assented to on 10 November 2017. This legislation contains amendments to the Retirement Villages Act 1999.
These changes included a requirement for retirement village operators to pay residents their exit entitlement 18 months after the resident permanently leaves a village, unless doing so would cause the operator undue financial hardship.
The changes also included a requirement for a review of the operations of this maximum timeframe to start no later than 2 years after the commencement of the changes, so the review must commence by 10 November 2019.
The Health and Other Legislation Amendment Act 2019 subsequently amended the RV Act to confirm that this protection also applied to retirement village units held by former residents under freehold title.
The review has commenced with the approval of the Terms of Reference (PDF, 85 KB) and appointment of independent panel members.
The review of exit payments in Queensland retirement villages will determine the impact of the 18-month timeframe for payment of exit entitlements and purchase of unsold freehold units on scheme operators, residents, former residents and their families.
Findings and recommendations
The review panel will provide a report with findings and recommendations to the Minister by 30 November 2020.
Independent review panel members
- Chair: Associate Professor Therese Wilson, Dean of Law and Head of School, Griffith University Law School
- Professor Laurie Buys, Director Healthy Ageing Initiative, Faculty of Health and Behavioural Sciences, University of Queensland
- Dr Maree Petersen, Senior Lecturer Social Work, School of Nursing, Midwifery and Social Work, Faculty of Health and Behavioural Sciences, University of Queensland
- Ms Jacqueline Carmont, Partner, Findex (Aust) Pty Ltd
Discipline: Business and accountancy
Contact details for the review panel
- email: firstname.lastname@example.org
- telephone: (07) 3233 3520
- Last updated:
- 2 July 2020