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 amended the Retirement Villages Act 1999.
These changes included a requirement for retirement village operators to pay former 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 this maximum timeframe to start no later than 2 years after the commencement of the changes.
The Health and Other Legislation Amendment Act 2019 subsequently amended the RV Act to ensure that this policy also applied to retirement village units held by former residents under freehold title.
The review by the independent panel was required to 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 as per the Terms of Reference (PDF, 84.75 KB).
Findings and recommendations
The review panel provided an Interim Report to the Minister in relation to the impact of timeframes for the mandatory purchase of units in resident operated retirement villages in September 2020. The Interim Report (redacted version to preserve privacy) was released to key stakeholders, including the resident-operated villages, in February 2021.
The review panel provided its Final Report with findings and recommendations to the Minister in November 2020.
Mandatory buyback exemptions for resident-operated retirement villages
The Housing Legislation Amendment Act 2021 was passed by Parliament on 14 October 2021. This legislation included amendments to the Retirement Villages Act 1999 which implement the intent of recommendations made by the review panel’s Interim Report from the Independent Review of timeframes for exit payments in Queensland retirement villages.
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
- Last updated:
- 18 June 2021