A retirement village is any residential complex predominately occupied by residents who are aged over 55 years or who have retired from full time employment. Residents must enter into a contract with the operator of the village, either to occupy the premises and/or to receive services. There are some 600 retirement villages currently in NSW, accommodating about 36000 residents. (Copyright the NSW Office of Fair Trading Retirement Living booklet May 2010)

Live the Life - Living in a Retirement Village or Lifestyle Community in the 21st Century means access to modern facilities and a wide range of recreation and leisure activities whilst at the same time providing security and peace of mind!

A Disclosure Statement is a statement that is required to be given to all prospective residents or their nominated representative under the Retirement Villages Act 1999. It is designed to provide potential residents with a general understanding of the features and financial arrangements of a retirement village (Platinum Retirement Solutions will provide disclosure statements and other relevant sales literature obtained from suitable retirement villages preselected by us for presentation to you as part of our overall service. We do all the work for you;nothing is left to chance!)

Documents you are entitled to receive;

(1) “General Inquiry Document”.

(2) “Disclosure Statement”, more specific that the previous one &

(3) “Specified Information”, if applicable, requirement and content yet to be specified.

Office of Fair Trading.

From 1st March 2010 the main laws regulating retirement villages are:

1. The Retirement Villages Act 1999 which:

• Sets out the rights and obligations of residents and operators
• Explains what information must be given to prospective residents
• Sets out the process of entering into a village contract
• Provides for the establishment of Residents’ committees
• Explains how and when a contract can be ended.
  

2. The Retirement Villages Regulation 2009, which

• Prescribes various forms, including a disclosure statement and condition report
• Contains a set of model village rules
• Prescribes what can and cannot be included in a village contract.
  

Please Note: The Retirement Villages Amendment Act (NSW) 2008 (No.121) received Royal Assent from The New South Wales Governor on the 10th December 2008 (“the Amending Act”, or “the Act”) However, the Act is not to commence to have operation until proclaimed in the New South Wales Government Gazette. The Retirement Villages Amendment Act 2008 and the Retirement Villages Regulation 2009 commenced on the 1st March 2010.

There are numerous documents and procedures that have now been introduced in principle but the details will come through in Regulations, yet to be issued. This site will be updated on a needs basis.

The Retirement Villages Amendment Act (NSW) 2008 is designed to deliver a raft of improvements for residents and villages including:

To make further provision with respect to the rights and obligations of residents and operators of retirement villages; to establish a scheme for the enforcement of a residents rights to receive payment under a village contract; and for other purposes.

• Reducing the period that a former occupant is required to pay recurrent charges, or is fully responsible for those charges, after vacating a village
• *Introduce a 90 day settling – in period for new residents during which they may terminate a contract and only be responsible for market rent and an administration fee
• Requiring village operators to hold annual meetings with residents
• Requiring village operators to make good any budget deficit at the end of each financial year
• Establish new safety and emergency procedures within villages
• Removing some of the compliance burdens on smaller retirement village operators.

Platinum Retirement Solutions will be very happy to explain the details of The Retirement Villages Amendment Act (NSW) 2008 and how it may affect you and the Retirement Village industry as a whole upon application..

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It is advisable to consider as many retirement villages as possible before making any firm decision. You need to be able to compare the locations, various financial arrangements, lifestyle features, ongoing care, and accommodation size and options available to you, including the overall size of potential villages under consideration. (These considerations form an integral part of the thorough research and review carried out for you by Platinum Retirement Solutions).

• Lifestyle suitability and financial outcomes
• Proximity to transport
• Proximity to services
• Proximity to local shopping centres/malls etc.
• Proximity to local Hospital/Medical Centres
• Capacity for ageing in place
• Architecturally designed homes with private courtyards/balconies
• Financial security and availability of care services
• Resident Executive Committee/sub committees
• Emergency Alarm system monitored 24 hours per day, 365 days per year
• Staffing levels needed to ensure residents receive an appropriate level of service and care, security and peace of mind
• Availability of 24 hour personal care and therapy services if needed
• Housekeeping services, including meals delivered to your home if and when needed
• On – site personal carers
• Professional Nursing Sister – Village coordinator
• 24 hour on call doctors?
• Village bus and special transport arrangements. Availability for group outings to the theatre, picnics, excursions, shopping trips etc.
• Social interaction
• Landscaped grounds and gardens, village walkways, village lake/ pond, pleasant scenery, greenery and existing resident feedback
• Amenities – heated pool and spa, library, exercise equipment, community centre and barbeque area, billiards/snooker room, arts and craft room, workshop, woodworking room, croquet, lawn bowls, indoor bowls, darts, board games, pay television, internet etc.
• Are pets allowed and or encouraged
• Proximity to outdoor activities such as bowls, boating, fishing, golf, shopping centres, restaurants, coffee shops, entertainment, the theatre, local clubs etc.
• Lifestyle, freedom and security! At Platinum retirement Solutions we understand that it is vitally important to recognise a village community that enhances lifestyle opportunities as people step back from the traditional workplace.
  

• Does a prospective resident have to supply a medical certificate or report to certify his/her ability to live independently?
• Does a resident have to provide documentation of their medical condition and medications? If so who will have access to it?
• What restrictions if any are there on a resident in the use of their apartment/unit/villa and the village facilities with regard to: having someone else live with them, having visitors including overnight or short stay guests, car parking, pets or any other restrictions?
• If a resident leaves a village for any reason, for how long do any of the following charges continue to apply: occupancy charges (recurrent fees) care charges as applicable and/or other charges?
• Are any of the following charges decreased on departure or death of a spouse or co – habitant of an apartment/unit/villa, or increased by any additional occupant, occupancy charges (recurrent fees) care charges as applicable, and other charges?
• What is the initial cost to buy into a retirement village including theirs and our legal fees, stamp duty and any other miscellaneous items?
• What do I or my estate get back when I leave the village?
• What do I have to pay weekly/fortnightly/monthly as a resident of the village and what does it cover? Are these charges likely to increase overtime and if so by how much?
• How are recurrent charges determined? When do they have to be paid? Weekly/fortnightly/monthly? How do I pay them?
• What is a village budget? How is it determined and by whom?
• Can I bring my pet along with me when I move in? Can I replace my pet in the event of its death?
• Can I have my family friends come and stay with me? And if so for how long? What if any limitations are there?
• What happens to me should I require some additional care as I age?
• What type of public, private or village transport is there, and when is it available to residents?
• If an apartment/unit/villa is still under construction, does a resident have a say in the design, construction or furnishings of his/her apartment/unit/villa?
• Can a resident’s contract be terminated? If so, in what circumstances and by whom?
• Can a resident move or be moved from one part of a retirement village to another and, if so, under what cost and circumstances?
• What arrangements exist for residents to participate in Management of the village? What are the arrangements for residents to be involved in making village rules and setting relevant fees and charges?
• Have Management and residents agreed on a disputes settlement process for the village? Is there a copy available of the dispute’s committee charter available upon request?
• What protection does a resident have against a loss of rights (including accommodation rights) if the village is sold to another organisation?
• Can residents be made liable for any additional or extraordinary charges and, if so, for what purposes?
• What provisions are made for infrequent items of expenditure such as long term maintenance, major repairs to buildings and capital replacement items? What contribution is made to towards this expense by residents and by village management in relation to:

            (a) Common areas

            (b) Individual apartments/units/villas

• What trustees, if any, are appointed by the management? What if any connection do they have with the management company?
• What is the background and level of experience of the retirement village management including that of any parent company? How long have they been involved in the retirement village industry? Are their residents generally happy? Have there ever been any complaints lodged against the retirement village with the Office of Fair Trading?