Retirement villages operate like 'quasi-Ponzi schemes'

Residents in retirement villages don't get capital gains. (Image: Deposit Photos)

Fri, 24 Sep 2021

The Retirement Village Residents Association of New Zealand told a parliamentary select committee retirement villages operate almost like "a quasi-Ponzi scheme" and asked the committee to support an urgent review of the relevant legislation.Association member Anton Coetzee said while the relevant minister has agreed to the legislation, the Retirement Villages Act 2003 needed to be reviewed. "There seems to be no urgency about this."Ayesha Verrall is seniors minister in the current government.Coetzee said a review could take...

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