From NZ Herald · · 2m
Winston Peters Railing Against Retirement Village Reform
NZ First leader Winston Peters opposes coalition agreement on retirement village repayment reforms.
In brief
NZ First leader Winston Peters opposes coalition agreement on retirement village repayment reforms. NZ First leader Winston Peters rejects government's retirement village repayment reforms, proposing a bond scheme for early access to funds. Originally reported by NZ Herald.
Winston Peters Opposes Coalition Agreement
New Zealand First leader Winston Peters says he doesn't support what the coalition agreed to last month on retirement village repayment reforms.
Bond Scheme Proposal
Peters promotes a bond scheme allowing residents who left units to access funds before sale.
Uncertainty Over Reform
The reform affects key voter bases for National and NZ First after reports of residents waiting up to 15 months for repayments.
Government's Repayment Change
On September 18, the Government confirmed a maximum repayment period of nine months instead of twelve months.
Housing Minister's Announcement
Associate Housing Minister Tama Potaka announced the Retirement Villages Amendment Bill would be introduced next term.
10% Early Repayment Requirement
The bill requires retirement village operators to pay 10% of a former resident's net termination proceeds within a month.
Case of 97-Year-Old Resident
A 97-year-old resident faced borrowing money after waiting 15 months for repayment from his village.
Government Delayed Action
The Government had promised to introduce a bill in mid-2026 but this didn't eventuate.
Casey Costello's Support
Seniors Minister Casey Costello welcomed the announcement as a fulfillment of coalition agreement.
Peters' Recorded Comments
Peters claimed the person was describing National Party policy and denied it was a coalition agreement.
NZ First's Position
NZ First says the reform is a complex program with National policy not fully aligning to NZ First.
Bond Scheme Details
Peters described a bond system where residents pay a small percentage to access funds before sale.
Potaka's Position
Potaka said the reforms strengthen protections for retirement village residents while preventing extra fees.
Labour's Policy
Labour proposed a three-month maximum repayment period with 10% upfront payment capped at $50,000.
Peters' Recorded Response
Peters said, 'Do I look like the National Party? My name's not Potaka, my name is Winston Peters, the only great friend that you old people have ever had'.
“Do I look like the National Party? My name's not Potaka, my name is Winston Peters, the only great friend that you old people have ever had”
What Happens Next
NZ First will likely propose changes to the retirement village reform bill if re-elected.
What to remember
NZ First leader Winston Peters rejects government's retirement village repayment reforms, proposing a bond scheme for early access to funds.
