Rights and obligations of retirement village operators and residents
The obligations of retirement village operators, and the rights of residents are governed by the Retirement Villages Act 2003, and associated Regulations.
Code of Practice 2008
The Retirement Villages Code of Practice 2008 sets out the minimum requirements that operators must meet, or ensure are met, to fulfil their legal obligations under the Act.
Disclosure statement
It's a requirement of the Act that all retirement village operators issue compliant disclosure statements to intending residents before those residents sign an occupation rights agreement.
Occupation Right Agreement
When a resident moves into a retirement village, they purchase a right to occupy, or an Occupation Rights Agreement.
The agreement:
- sets out the terms and conditions of the residency
- is based on a capital investment, and
- is a form of tenancy.
Companies Office — Occupation Right Agreement
Code of Residents' Rights
Read a summary of the basic rights given to retirement village residents under the Retirement Villages Act 2003.
Statutory supervisor
The Retirement Villages Act 2003 requires an operator of a retirement village to appoint a statutory supervisor, unless the Registrar of Retirement Villages grants the operator an exemption.
The statutory supervisor helps protect the interests of retirement village residents.
Companies Office — Appointing a statutory supervisor
The Retirement Commissioner
The Retirement Commissioner works for the Commission of Financial Capability (CFFC) and monitors:
- the effects of the legislation and Code of Practice, and
- the establishment and oversight of the disputes panel system.
The CFFC is also responsible for promoting education, information and publications about retirement villages
If you have questions about retirement villages, contact the CFCC.
- Phone: (09) 356 0052
- Email: office@cffc.org.nz
- Commission for Financial Capability
The Retirement Villages Act and Regulations
The Retirement Villages Act 2003 and associated Regulations set out the obligations of retirement village operators, and helps ensure residents and intending residents:
- understand their financial and residential obligations, and
- receive what they're promised or entitled to.
October 1, 2018