The state government is seeking community feedback on the recommendations of an independent report into timeframes for exit payments in Queensland retirement villages, and the government's response.
Communities and Housing Minister Leeanne Enoch said retirement village residents, operators and stakeholders could have their say to help shape implementation of the recommendations.
Ms Enoch said an independent review was required to start two years after commencement of changes to the Retirement Villages Act 1999, to determine the impact on residents, former residents, their families, and operators.
"In 2017, we amended the Act to provide greater security and confidence to retirement village residents," she said.
"These amendments include a requirement for retirement village operators to pay exit entitlements within 18 months of a resident's departure, unless doing so would cause the operator undue hardship.
"These were important amendments to help former residents, who desperately needed to secure their exit payments, to provide for their ongoing accommodation and care as they aged."
The review found exit entitlements and buyback requirements were generally operating well.
The report includes four recommendations about the ongoing operation of exit entitlements and buybacks:
- To reduce the timeframe for payment of exit entitlements and buybacks from 18 to 12 months, with a modification of how that timeframe begins;
- To set six months as the maximum period that may be granted to an operator as an extension and to broaden the grounds on which an extension can be granted;
- To create a simple and accessible mechanism for extension applications, to be decided by the Director-General of the Department of Communities, Housing and Digital Economy; and
- To exclude resident-operated freehold retirement villages from mandatory buybacks.
Feedback will be accepted until May 20.
Click here and go to 'About Us', 'Initiatives' for more information.