The retirement village sector came together in Tāmaki Makaurau recently for the Retirement Villages Association Conference at the New Zealand International Convention Centre.

The conference programme tackled some of the key issues facing the sector, including the proposed changes to retirement villages legislation. Jenny Baldwin joined Nick Letham and Graham Wilkinson for a panel discussion on where those reforms are heading and what operators should be thinking about now.

Reform may have to wait

The panel’s view was that the Bill now looks unlikely to be introduced to Parliament before the election.

That doesn’t necessarily mean a change in direction. Speaking at the conference the previous day, Hon Tama Potaka indicated that National remains committed to progressing the reforms. For now, it appears to be a question of timing.

What should operators be thinking about now?

Some larger operators are already moving to a maximum 12-month repayment timeframe rather than waiting for the proposed changes to take effect.

Whether that approach makes sense will depend on the individual operator and its circumstances. More broadly, the panel saw this as a useful time for operators to review their overall offering, including the financial settings within their occupation right agreements, and consider what may need to change.

What if there’s a change of government?

The panel also considered what a Labour-led coalition could mean for reform.

Ingrid Leary MP’s private member’s Bill proposed a three-month repayment timeframe. The panel considered that unlikely to gain significant traction, given the potential economic impact on the sector and the fact that Labour has not adopted the proposal as party policy.

It is, however, another development for operators to keep an eye on as the election approaches and we will soon be publishing an article analysing this Bill.

With plenty happening beyond the conference sessions, the Anthony Harper team was also on the trade floor catching up with clients and others from across the sector. It was a good opportunity to share more about Anthony Harper’s Villageinfonet and how it’s helping villages manage their ORA settlements and resident information.

If you’d like to discuss what these developments could mean for your village, talk through any other issues facing the sector, or find out more about Villageinfonet, get in touch with our retirement villages team.