Who is the retirement commissioner nz

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Submissions to Wrightson's office said occupation rights agreements were non-negotiable, contracts were confusing, facilities were promised but failed to materialise. Agreements should be standardised, like residential tenancy or property sale agreements. Agents selling retirement village agreements aren't forced to adhere to real estate agent standards. Who pays for repairs and maintenance and the loss of 20 to 30 per cent of the purchase price were other concerns.

Late last year, the Commission for Financial Capability released a paper raising alarm about the resale process, weekly fees charged after a resident dies or is moved, flaws in an overly complicated complaints system, confusing documentation, and the tricky interface between village and care facilities. Almost all individual submitters supported a full review of the regulatory framework, Wrightson said.

Operators via lobby group the Retirement Villages Association oppose major regulatory review, saying only some areas may need improvement and they're best to handle it, not an external state authority.

John Collyns, association chief executive, said today the call for an urgent law review was unnecessary and excessive. Wrightson should instead focus her efforts on working with the industry to implement improvements already underway. Under legal mandate, the Retirement Commissioner is required to fulfil the relevant functions and requirements of the New Zealand Superannuation and Retirement Income Act and certain functions under the Retirement Villages Act Leading and coordinating of the National Strategy for Financial Capability to improve the financial capability of New Zealanders of all ages.

Reviewing and reporting to the Minister of Commerce every three years on the retirement income policies implemented by government. Monitoring the effects of retirement villages legislation, administering the retirement village disputes process and appointing members to disputes panels as vacancies arise. Related links. Retirement Villages Act