Draft legislation covering reforms to the retirement regulations is expected to be introduced into the NSW Parliament by Anthony Roberts [Minister for Fair Trading] early this year. Included is a standard contract for all new residents and this is expected to be operative in the field by September. NSW legislation and regulations have historically led the rest of the country so this precedent will be watched closely, along with a raft of other changes. Jan Pritchett [pictured]of the RVRA reports that about 50% of the amendments the State Residents Association argued for have been successfully incorporated.
NSW expects standard contracts be in place by September this year
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