Anna's Letter in the Post

Truly shackled

Financial PostPublished: Saturday, March 31, 2007

Re: Unlock LIRAs, Jack Mintz, March 27

Those having locked-in funds are truly shackled. At age 58, I can access merely 6% of my LIF fund. Those having RRSPs or group RRSPs can access their funds as life and need dictate. We take the risk in investing and should be able to access the proceeds, unfettered as in an RRSP.
Pension legislation, both provincially and particularly federally with regard to locked-in funds, must be radically changed. The 25% unlocking in the recent Ontario budget is totally unacceptable.

Ontarians should have their funds fully unlocked, 100%, as the MPPs in 1999 via Bill 27 generously unlocked theirs, to the exclusion of every other Ontario resident.
We are perfectly capable of managing our retirement income and don't need the nanny state to protect nor dictate to us. Pension legislation overall is outmoded, outdated and in need of a major overhaul.

Anna Pollock, Oakville, Ont.

Press Release

Hi:This is the press release that has just been sent out to papers across Ontario.. We also need Your support please sign the petition and write your MPP'S and the leaders etc. that are listed in the document below.We have to let the Government know that we wont stand for the slap in the face that the government did to every Ontario Citizen by insulting us with a 25% unlock while the Government of Saskatchewan unlocked 100% for their citizens. Thank You for any support Bill Costello

a Concerned citizen.

For Immediate Release

CARP’s 100% SOLUTION UNLOCKING LOCKED-IN FUNDS IN ONTARIO FOR THE TWENTY-FIRST CENTURY

Toronto, Ontario March 23, 2007 – Ontario’s 2007 budget opened the door to unlocking Locked-In Funds (LIFs) by giving Ontarians the right of a one-time unlocking of up to 25% of locked-in funds no earlier than age 55 – but much more can and must be done. The many hundreds of thousands of Ontario LIF holders will accept no less!

CARP proposes that 50% of the principal in a LIF should be unlockable starting at age 55. With an additional 50% unlockable at age 65 – for a total of 100% for all Ontario LIF holders. The unlocked funds would be transferred into a RRIF.

Unlocking LIFs 100% is consistent with what was done in Saskatchewan five years ago and with what has been advanced in NDP MPP Andrea Horwath’s private member’s Bill 175.

A precedent was set in Ontario in 1999 by Bill 27 which allowed 61 MPPs to unlock 100% of their LIFs. It is absolutely unjust that this select group should enjoy a privilege that is denied to the multitude of other Ontario citizens with LIFs – and will continue to be denied if the Government’s discriminatory proposal is adopted. In fact, PC MPP Bob Runciman publicly endorsed Bill 175 because, as one of the select 61, he believes that all Ontarians with LIFs should have the same rights as he has.

In a recent article in the National Post, one of Canada’s leading tax experts, University of Toronto Professor Jack Mintz, stated, "workers who change jobs [or retire] get hobbled with inflexible locked-in accounts. It’s time to end this nanny-state paternalism."

Not only is the Government’s paternalism outdated, but so is its bureaucratic procedure whereby people have to fill out a 23-page application form to beg for access to their LIF principal and only if they can satisfactorily prove dire health or financial crises. If successful, they pay $200 to $600 to the Government for the favour.

Indeed, unlocking LIFs 100% will not cost the Ontario Government a single penny since LIFs are not government money. Rather it will save the government money by eliminating the need for bureaucrats to judge the LIF application forms – although this may be slightly offset by the loss of its bonus from successful applicants. However, it will raise more funds for the government through increased taxes from withdrawals as well as from sales taxes through increased consumption which, in turn, will stimulate Ontario’s economy. And, of course, CARP’s proposed policy will go a long way in enhancing the quality of life, well-being and self-respect of Ontario LIF holders.

LIF holders should express their support for CARP’s 100% solution to Premier McGuinty, Minister of Finance Greg Sobara, their local MPP and Opposition Leaders John Tory and Howard Hampton by going to www.carp.ca to use the
e-voice email system or by phone or mail.

CARP is Canada’s Association for the Fifty-Plus. A non-profit, non-partisan national organization with 400,000 members across the country, CARP’s mandate is to promote and protect the rights and quality of life for older Canadians. Its mission is to develop practical recommendations for the issues raised. CARP for the 50Plus Magazine is read by close to 1 million Canadians. The CARP websites receive 250,000 unique visits per month.

Contact:
Michelle Taylor
416 363-8748 ext. 236
m.taylor@50plus.com
www.carp.ca

NOTES:
The exact wording of the sentence in the 2007 Ontario Budget is: " the right to an optional one-time unlocking of up to 25% of locked-in funds no earlier than the early-retirement date under the pension plan from which the money was transferred (in most cases, this is age 55)."

In Ontario, when a pension plan is terminated or a person leaves a pension plan, the assets that the person has accumulated in the plan must be transferred to Locked-In Retirement Account (LIRA). The funds in a LIRA cannot be removed. However, once the qualifying age is reached, being either the earlier of the normal retirement date from which the funds originated or 55, those funds can then be transferred to a Locked-In Fund/Life Income Fund (LIF) or a Locked-In Retirement Income Fund [LRIF]) from which funds can be withdrawn annually in percentages mandated by provincial regulations for a LIF and for a LRIF.

Locked In Funds are also called Life Income Funds.

Letter to Liberal members and opposition leaders and critics

I dont think I can put the audio file on here. Anybody that would like to receive it . Contact me at l6oldman@yahoo.ca and I will send it. Bill PS it is a clip from CBC Radio 2 Sudbury.

Dear Member of Parliament,

We are sending you this audio clip of two recent interviews that were
conducted on a CBC radio station regarding locked-in pensions in the
province of Ontario. You may have already heard them, however if you
haven't, we feel it would be prudent that you take the time to listen
to what is beginning to happen across the province regarding the
embarrassing and outrageous truth of Bill 27 and of the groundswell of
support of the people in Ontario to unlock their pensions as was done
for privileged Ontario MPP's in 1999, and residents of other provinces
in our country.

This is also to let you know that many of us will not be sitting back
after the slap in the face that has been given to seniors of Ontario
with the 25% unlocking in the Ontario budget.

With CARP and the Ontario Coalition of Seniors, as well as
Newspaper articles, commentary on Radio and Television and an on-line
petition, and in addition to the over 25,000 viewers that Bill
Costello has easily had so far on the internet in Ontario, the support
is rapidly growing and the message is steadily getting out.

As we near the upcoming election, and if the growing public interest
received thus far is any indication, it is only a matter of time before
other major seniors' organizations join the campaign to free their
members from the financial bondage of a paternalistic government. A
government who continues to rule with an unwarranted need to control
the personal retirement savings of their residents to the extent of
essentially creating "wards of the state" with outstretched hands for
their own money, under full government control, until they either die
or reach the age of 90.

We will continue to inform the public that the Government of Ontario
and many privileged MPP's in Ontario think it is okay to have a pension
that is 100% unlocked for themselves at 55 years of age, if they wish,
but not okay for the rest of the other people of Ontario. Four other
provinces in Canada have already rationalized the need to unlock these
restrictive locks for their citizens, as well as the infamous group of
61 MPP's in 1999 courtesy of Bill 27. With these precedents already
set, the time to level the playing field for all people, regardless of
vocation or province, is long overdue.

We assure you, our ever expanding group of advocats will be encouraging
support of the party who has a sincere intention and definitive plan to
end the injustice and double standard that plagues this great province
of ours and who will equally provide an full 100% unlock option at the
earlier of your normal retirement date or age 55 and thereafter for all
currently locked-in pension plan holders.

Thank You

Sincerely,
Bill Costello &
Grant Fleury

Artical in the Beacon Herald

Disgruntled pensioners seek full access
By Laura Cudworth Staff reporter
Feature
Disgruntled pensioners seek full access


Seniors with locked-in pensions aren’t satisfied with changes announced in last week’s provincial budget that would release 25 per cent of the funds.
“It’s an insult. It’s my own money. I’m not sure why they don’t grant 100 per cent,” said Bill Nafziger from his Milverton home this morning.
Mr. Nafziger has been leading the charge locally to get locked-in pensions unlocked.
Last year, Mr. Nafziger was able to access just 7.1 per cent of his Krug Furniture pension.
The idea is that the pension is supposed to last for the rest of the retiree’s life, so small amounts are distributed over the years. Seniors say the system is paternalistic and they should be able to access the money or reinvest it.
A representative from CARP (Canada’s Association for the Fifty-Plus) said seniors are disappointed with the proposed release of 25 per cent and will continue to lobby for the full 100 per cent.
The organization is proposing 50 per cent be released when the pensioner turns 55 and the rest be released when the pensioner turns 65, said Bill Gleberzon, director of government relations.
When pensioners turn 90 the rest of the money is unlocked. However, if the pensioner dies, the money is unlocked immediately and goes to the spouse. The spouse is then taxed on the money as though it were income.
Once the provincial budget passes, seniors will able to access up to 25 per cent of the funds which brings Ontario up to the same rate as New Brunswick. Saskatchewan has unlocked pensions 100 per cent while Alberta and Manitoba have unlocked pensions 50 per cent upon retirement.
“The government has gone for the lowest unlocked amount, the same as in New Brunswick.“We’re going for what Saskatchewan has done,” Mr. Gleberzon said.
He added there could be more than a million seniors with locked-in pensions in the country and hundreds of thousands in Ontario.Last December, Hamilton East New Democrat MPP Andrea Horwath introduced a private member’s bill proposing seniors be able to access 100 per cent of their locked-in pensions.
Perth-Middlesex MPP John Wilkinson said at the time he wouldn’t support the bill but did believe there should be some changes including an easier process for seniors with financial hardships or health concerns to access more of the funds.
What has added insult to injury for many seniors with locked-in pensions was legislation in 1999 that gave MPPs a one-time opportunity to unlock their own pensions. There were 61 MPPs from all three parties who took advantage of the legislation

Unlock LIRAs:

Workers who change jobs get hobbled with inflexible locked-in accounts. It's time to end this nanny-state paternalism

Jack Mintz, Financial Post
Published: Tuesday, March 27, 2007

Compared with the United States, with its bewildering and complex array of retirement savings plans, Canada has a proud record of levelling the playing field between pension plans and Registered Retirement Savings Plans (RRSPs): We ensure that similar rules apply to them and we make them transferable. Given the evolving labour markets, with people quitting jobs frequently throughout their career, and given our ageing population, our federal and provincial politicians deserve credit for reducing tax barriers to labour mobility and savings.
Yet, one important form of discrimination remains: the locked-in RRSP. It puts millions of pensioned employees at a severe disadvantage compared with RRSP holders who change jobs. Ontario's recent budget takes an initial step to correct this discrimination, but does not go far enough, especially when compared with some provinces that have done much more to remove this discrimination.
When a pensioned employee quits, a choice is made to keep money invested in the pension plan or to take out the money and invest it in a locked-in RRSP (either called Locked-in Funds or Locked-in Retirement Accounts, LIRAs). The money cannot be accessed until a certain age, such as at retirement (this depends on federal and provincial pension legislation) and these funds must then be invested in a life annuity or Life Income Fund. With the Life Income Fund, the investor draws out money subject to mandated maximum and minimum percentages of assets held in the plan. At the age of 80, remaining investments must be converted to an annuity (with 60% spousal benefit) or transferred to a Life Retirement Income Fund that allows the holders to manage their own money (but still subject to mandated withdrawal rules

Unlike pensions, owners of employer and employee-funded RRSPs are far less shackled by their previous employer contract when they change jobs. The RRSPs can be cashed in any year without penalty, although the principal and accumulated income will be fully taxed, similar to pensions. At the age of 69 (71 when the recent federal budget is implemented), the RRSP must be cashed out (and taxed), turned into an annuity or put into a Registered Retirement Income Fund (RRIF), of which withdrawals are taxed. Compared with the Life Income Fund owner, who must hold an annuity or a Life Retirement Income Fund, the RRIF owner can take out as much as he wants, subject to a minimum percentage of assets.
Given these stringent rules, employees have a good reason to prefer RRSPs over pensions. Defined-benefit pension arrangements have been used by employers to keep their workers on staff, since employer contributions are geared more toward the end of the employee's career, a policy that is becoming inflexible in a world where workers frequently change jobs. Further, with employer responsibilities for liabilities and employee claims to surpluses upon wind-up of defined benefit plans, many companies have shifted to defined-contributions plans. These operate like RRSPs in that the employee receives pension benefits based on the performance of invested funds provided by the employee or employer.

Nonetheless, with the locked-in rules for pension transfers, why even bother with a defined-contribution plan since employees could have the same risk and return, but much greater flexibility, with an employer-provided RRSP when changing jobs?
The usual argument against repealing lock-in provisions is a paternalistic one: Workers don't know what is best for them and will cash out their pension savings before retirement. This nanny-state view has been a basis for policy in some other countries, notably the United States, which has imposed penalties on early withdrawals from retirement savings plans. Canada, however, has smartly avoided this trap by enabling individuals to have full access to their RRSPs without extra penalty for withdrawals before retirement. Not only does this give greater flexibility for individuals, but also provides a significant incentive to invest in retirement funds, since individuals need not fear that their money is effectively locked up when facing unexpected contingencies. Locked-in RRSPs are therefore particularly unfair to pensioned workers since they do have the same rights to access their retirement funds.
With the recent budget, Ontario is proposing to allow individuals to unlock 25% of their funds no earlier than the early retirement date (usually 55 years of age), beginning in 2008, after consultations. At this time, individuals can only access their own money if they show special need, once they follow a costly bureaucratic procedure. According to the Canadian Association for Retired Persons, during the period of April, 2003, to March, 2006, almost 30,000 pensioners applied for relief, filling out a 23-page document costing anywhere from$200 to$600 when the application succeeded. Only 52 were rejected outright, leading to wonder as to whether this bureaucratic process is necessary. While the Ontario budget is a baby step in the right direction, NDP MPP Andrea Horwath proposed in a private bill, supported by Conservative Bob Runciman, to allow 100% access to locked-in funds. This would provide similar treatment to that available to many MLAs, who are given access to their occupational pension savings.

Some provinces have gone much further than Ontario to relieve pensioners from onerous rules after leaving their employer. Saskatchewan has been the most progressive province, providing for the full transfer of pension funds to RRSPs or RRIFs. Alberta and Manitoba allow pensioned workers to access 50% of their LIF funds, although Manitoba will soon be moving to full access. The only federal initiative so far in this regard is to unlock funds for federal employees at the age of 90 (we should all live that long!).
It is time to unlock the chains put on pension savings of employees who change jobs or retire. Doing so will help contribute to labour mobility, better retirement plans and, ultimately, a stronger economy.
- - -
- Jack M. Mintz is Professor of Business Economics, J. L. Rotman School of Management, University of Toronto, and Visiting Professor, New York University Law School.
© National Post 2007

Introducing Jack Mintz

Professor Jack M. Mintz has just wrote an article about unlocking locked-in pensions in the Toronto National Post.

The article will follow this introduction.



Jack M. MintzProfessor of Business Economics
Degrees

PhD, University of EssexMA, Queen's UniversityBA, University of Alberta

Email



Positions HeldAcademic Positions
Current

Professor, Business Economics, Rotman School of Management
Current

Director, International Tax Program, Rotman School of Management
1999- 2006

President and CEO, C. D. Howe Institute
1993-1995

Associate Dean (Academic), Faculty of Management, University of Toronto
1984-1989

Associate Professor, Queen's University
1986

Visiting Associate Professor, Department of Economics, Carleton University
1981, 1985

Visiting Researcher, CORE, Belgium
1978-1984

Assistant Professor, Department of Economics, Queen's University
Non-Academic Positions
1984-1985

Special Advisor to Assistant Deputy Minister, Corporate Tax Research, Department of Finance, Government of Canada
1974-1975, 1976

Consultant, Economic Council of Canada, Financial Markets Group
1971-1973

Budget Bureau and Fiscal Planning, Alberta Government

Selected Articles and Papers
"Income Trusts and Integration of Business and Investor Taxes: A Policy Analysis and Proposal," with Stephen Richardson, Canadian Tax Journal, 2006
"Assessing Ontario's Fiscal Competitiveness," with Duanjie Chen, Canadian Public Policy, Vol. XXX1, No. 1, 2005, 1-28
"Capital Mobility and Tax Competition," with Clemens Fuest and Bernd Huber, Foundations and Trends in Microeconomics, Vol. 1, No. 1, 2005, 1-62
"The Optimal Threshold for VAT," with M. Keen, Journal of Public Economics, 88, 2004, 559-576
"Income Shifting, Investment, and Tax Competition: Theory and Evidence from Provincial Taxation in Canada ," with Michael Smart, Journal of Public Economics, 88 (6), 2004, 1149-78
"Taxing Financial Activity," Bulletin, International Bureau of Fiscal Documentation, Vol. 58, No. 3, 2004, 99-111
"Conduit Entities: Implications of Indirect Tax-Efficient Financing Structures for Real Investment," International Tax and Public Finance, August, 11(4), 2004, 419-434
"Income Trusts and Shareholder Taxation: Getting it Right," with Lalit Aggarwal, Canadian Tax Journal, Vol. 52(3), 2004, 792-818
"Corporate Tax Harmonization in the European Union: The Use of Allocation," with J. Weiner, International Tax and Public Finance, Vol. 10, No. 6, 2003, 695-712
"Tax-exempt Investors and the Asset Allocation Puzzle," with Michael Smart, Journal of Public Economics, Vol. 83, No. 2, 2002, 195-215
"An Exploration of Formula Apportionment in the European Union," with Joann Martens Weiner, European Taxation, Special Issue, Vol. 42, No. 8, 2002, 346-351
"Taxes and Fiscal Instruments in the New Economy," ISUMA, Vol. 3, No. 1, 2002, pp. 107-112
"Tax-exempt Investors and the Asset Allocation Puzzle, with Michael Smart ," Journal of Public Economics, Vol. 83, No. 2, 2002, pp. 195-215
Books/Chapters
Most Favored Nation: Building a Framework for Smart Economic Policy, C. D. Howe Institute, Policy Study 36, 2001
Dividing the Spoils: The Federal-Provincial Allocation of Taxing Powers with I. Ip, (Toronto: C.D. Howe Institute), 1992
Measuring the Rate of Return to Canadian Banking, Economic Council of Canada, 1978

Professional Affiliations/Memberships
2002- Corporate Director - Brookfield Asset Management
2004- Corporate Director - CHC Helicopter Corporation
2005- Corporate Director - Imperial Oil Limited
2003- Director, Ontario Financing Authority
2002- Director, the Royal Ontario Museum Foundation
2004- Director, Sylvia Ostry Foundation
2002- Member, National Statistics Council, Statistics Canada

Academic/Professional Service
2006-

Fellow-in-Residence, C.D. Howe Institute, Toronto
2006-

Co-chair, Research Committee, Canadian Tax Foundation
2005-Present

Editorial Board Member, Canadian Tax Journal
2003-Present

Editorial Board Member, International Tax and Public Finance
1999-Present

Research Fellow, CESifo, University of Munich, Germany
2004-2007

Board of Management, International Institute of Public Finance
1993-Present

Editor-in-Chief, International Tax and Public Finance
1984-Present

Advisory Council Member, John Deutsch Institute
Present

Executive Member, Institute of Intergovernmental Relations
1994-1999

Member, Scientific Committee, International Institute of Public Finance
1994-Present

Editorial Board Member, Contemporary Accounting Research
1993-2002

Editor-in-Chief, International Tax and Public Finance
1996-1997

Chair, Technical Committee on Business Taxation, Government of Canada
1993-1995

Associate Dean (Academic)
1987-1989

Director, John Deutsch Institute

Honors/Awards
2002

Winner Purvis Prize and runner-up Donner Book Prize for Most Favored Nation
1990-2006

Arthur Andersen Professor of Taxation and Deloitte & Touche LLP Professor of Taxation
1998

Visiting Scholar, International Monetary Fund, Washington, D.C.
1996-1997

Clifford Clark Visiting Economist, Department of Finance, Ottawa
1994

Distinguished Visiting Professor, University of Alberta
1993

Distinguished Visiting Professor, University of Calgary
1992

Graduate Business Council, University of Toronto, Outstanding Contribution to the MBA Program

Research and Teaching InterestsTeaches a course in Economics and Supervises PhD students in Economics and Marketing. Research includes public economics, tax policy, corporate taxation and comparative tax systems.

These Are forum address that discussions on unlocking pensions are in

http://discuss.50plus.com/ipb/index.php?s=62c1d53219fc73a66ee13fd105fe681d&showtopic=7277

http://www.kingstonelectors.ca/forums/showthread.php?p=7178#post7178

http://www.topix.net/forum/ca/ontario/T8MC6LJG4PA3DI8NA

http://forum.kijiji.ca/about6748015-15.html

http://www.mapleleafweb.com/forums//index.php?s=71a765570f4564eb915709a76086614a&showtopic=7676&st=30

http://www.peoplefield.org/forums/disp_post.cfm/cc.629/o_r.21/clt.20/p.htm

http://forums.canadiancontent.net/canadian-politics/46896-unlocking-locked-pension-rrsp-4.html

http://forums.canadianbusiness.com/thread.jspa?threadID=5736&tstart=0

http://www.freedominion.ca/phpBB2/viewtopic.php?t=59825&postdays=0&postorder=asc&start=60&sid=0ed760344639a60b41145f8699657fe9

http://www.southeastern.on.ca/forums/index.php/t/24308/102/6799e4add03d4ac3b65ef6af845fe203/

http://ckdr.net/soundoff/index.php?topic=53.20

http://www.canadaka.net/modules.php?name=Forums&file=viewtopic&t=14322&postdays=0&postorder=asc&start=45

http://www.ottawakiosk.com/forum/showthread.php?p=3907#post3907

http://z7.invisionfree.com/Worldwide_Seniors/index.php?s=d3d975846cb90017aba0f62a75a4f194&showtopic=4693&st=15

http://p208.ezboard.com/fthunderbayonline17598frm56.showMessage?topicID=126.topic

http://www.topix.net/forum/ca/mississauga-on/TS8IF112A7GOAEVNO

http://www.hometownforums.com/ubb/Forum57/HTML/000376.html

http://ca.groups.yahoo.com/group/Locked-in_RRSP/

http://www.rafeonline.com/showthread.php?t=4734&page=3&pp=25

http://www.petitiononline.com/WRC101/petition.html

Ontario opens the door with a insulting 25% unlock

To me this is a total insult . How deceitful can they be.

The MPP'S unlock 100% for them selves and now currently have a RRSP of which the taxpayers pay in 10% of their salaries. Bill Costello

Budget statement:

The government is proposing to introduce a new life income fund (LIF) that would increase income for pensioners in retirement and permit up to 25 per cent of their locked-in funds to be unlocked. The new LIF, and other modifications to the rules governing locked-in accounts, would give pensioners who hold locked-in retirement savings transferred from employment pension plans more flexibility in managing their retirement income

Senior seeks support for changes to legislation

by Grant Fleury…

as printed in the Northern Life newspaper Wednesday January 24, 2007

I am writing this letter to inform the holders of LIRA, LIF or LRIF types of retirement accounts of the inadequate maximum limits you will face when you qualify to withdraw from these plans and of the injustice that you received from your provincial government regarding legislation it passed for it’s MPP’s contained in Bill 27 in 1999.

This Bill contained an exclusive provision which allowed all MPP’s to fully transfer their former pension plan assets into their RRSP’s, essentially bypassing the very rules and legislation they continue to impose on the rest of us.

LIRA stands for Locked In Retirement Account. LIF’s and LRIF’s are subsequently created from LIRA’s when one reaches the qualified age (usually 55) and chooses to begin to withdraw from the money contained in the account.

There are hundreds of thousands of Ontarians who are in possession of these locked-in retirement accounts. The number of these personal locked-in retirement accounts are growing steadily as more companies are getting out of providing defined benefit pension plans.

A large majority of LIRA accounts were primarily created as a result of former collapsed pension plans, pension plan wind-ups or employees leaving a company’s pension plan where monies earned by each plan member were then transferred into a Locked-In Retirement Account as legislated by the provincial government.Once you reach retirement age (or 55) and you want to withdraw some of this money, the LIRA account must then be converted to either a LIF or LRIF. These names stand for Life Income Fund (Locked-In Fund) or Locked-in Retirement Income Fund. There are marked differences between the two but they are both locked-in and full access is restricted.

The existing legislation, supported by the current Liberal government of Ontario, regulates and prescribes the maximum amount of money it's plan-holders can withdraw annually from these LIF or LRIF plans. The current formulas used to arrive at these upper limits are grossly insufficient to meet the needs for a decent standard of retirement living. The prescribed table for LIF’s and formulas used for LRIF’s can be found at the Financial Services Commission of Ontario website located at (www.fsco.gov.on.ca).Most, if not all of the people I talk to about this exclusion have no knowledge of this special exemption from the legislation that was created for these MPP's. They also aren't aware of the prohibitively low limits to access of their own money that they will face when they qualify to retire and begin to withdraw from their nest egg.I have written to every level of government in this province regarding this incredible injustice. All have essentially brushed me off. It’s no wonder, since they’ve already taken care of themselves, why bother with the rest of us. The current ruling Liberal party, who’s leader, back then, openly criticized the “double standard” in the Ontario Legislature, has remained silent and done nothing to correct and create a “single standard for all Ontarians”.

When their pension plans were eliminated and wound-up in 1999, a special provision in this Bill was created to allow themselves to fully transfer 100 percent of their contributions from their terminated gold plated pension plan over to their personal RRSP’s.

And as we all know, RRSP’s have no locks or maximum withdrawal limits for future withdrawals. This was done ONLY for themselves and as quietly as possible so as not to attract media attention or public scrutiny.

The current legislation is even at odds with Stats Can's life expectancy of 77.2 years for a male as it uses 90 years in all their formulas to calculate the maximum withdrawal limits! Also, according to Stats Can, there is less than one-half of 1 percent of people alive at 90. Most of us will never live to 90 and thus never see the greater percentage of the remaining money in our locked-in plans!

This current legislation must change!

On December 13th, 2006, a Private Members Bill 175 was introduced at the Ontario Legislature by Andrea Horwath, MPP for Hamilton East, who has decided that the government has it wrong.

This Bill is an act to amend the Pension Benefits Act to allow the transfer of 100% of locked-in pension funds to a RRIF(Registered Retirement Income Fund) thus eliminating the maximum limits to access of your retirement accounts currently imposed by the existing legislation.

This action was primarily initiated by Bill Costello (private citizen) and driven and fully supported by various people including myself, Bill Nafziger (private citizen), CARP (Canadian Association for the 50 Plus) with a membership of 400,000 and many others in Ontario interested in changing this outdated legislation.

We are all demanding that all Ontarians have the same equal opportunity to fully unlock our LIRA’s, LIF’s and LRIF’s as the MPP’s did for themselves in 1999.

On January 16th, CARP presented a LIF brief to the special assistant for Greg Sorbara (Minister of Finance) requesting full unlock provisions for all Ontarians. This can be found on their website at www.carp.ca. Search for “LIFS” - identified as items 22 to 24.

As equally stated by CARP, holders of LIRA’s, LIF’s and LRIF’s are urged to communicate with your MPP, Mr. Sorbara, Mr. McGuinty and the leaders of the Opposition parties to express your support for the passage of Bill 175 insisting that the locks be removed from your locked-in retirement money.

Additionally, you can sign the on-line petition to unlock locked-in pension funds at

(http://www.petitiononline.com/WRC101/petition.html).

Bill 175, an act to amend the Pension Benefits Act, is one of the most important Bills to come along for the seniors of Ontario in some time. It will dramatically affect the quality and level of retirement for every Ontarian, as it will return full financial control of your locked-in retirement savings over to you by removing the locks and allowing a full transfer into a RRIF (which is not locked and has no maximum limits for withdrawal). All without costing the taxpayer a single dollar!

Grant Fleury is a Sudbury man.

He can be reached at locked_pensions_gf@yahoo

CARP'S position on unlocking pensions

CARP’S POSITION ON UNLOCKING LIFE INCOME FUNDS/ LOCKED-IN FUNDS (LIFS)

January 16, 2007CARP’S REQUEST:

The Liberal Government supports Bill 175 which would permit unlocking 100% of the principal in a LIF. The Bill was introduced in December 2006 by Andrea Horwath (NDP) and supported by Bob Runciman (Conservative).

THE ISSUE:

When Joe Smith retired from work he was able to roll his portion of the company pension into his personal RRSP as a LIF or Locked in Registered Fund (LIRF) or Locked-In Registered Account (LIRA) – different names in different provinces for the same financial instrument.

Because Joe lives in Ontario, he can access the principal in his LIF only if he can prove a dire financial or health crisis to a group of bureaucrats in the Financial Services Commission of Ontario (FISCO). Joe will have to fill in a 23-page document to make his case for unlocking his LIF. If successful, he will have to pay a fee of $200 to $600. Between April 2003 and March 2006, 29, 821 Ontarians applied to FISCO for this purpose. Of them, 26, 296 were approved, 3,525 did not complete the process and 52 were denied access to their own money.

CARP’S RATIONALE:

Such a reform will not cost Ontario a penny! In fact, the Province will realize greater revenue from income and sales taxes when individuals are able to withdraw their LIF principal. This will increase their purchasing power which, in turn, will stimulate productivity and employment. As well, the quality of life for LIF holders will be greatly enhanced.

ONTARIO PRECEDENT FOR UNLOCKING LIFS:

In 1999, Bill 27 enabled 61 Ontario MPPs to access 100% of their occupational pension. Mr. Runciman was among them. These individuals came from all parties.

UNLOCKING LIFS IN OTHER PROVINCES:

In Saskatchewan, 100% can be withdrawn; in Alberta the amount is 50%; in Manitoba 50% with another 50% to come; in New Brunswick, 25%. Federal legislation allows those in federally regulated industries to withdraw 100% of principal at age 90.

DISPOSITION OF LIF PRINCIPAL AT DEATH

LIF principal can continue to grow during retirement. Upon death of a LIF- holder according to LIF-holder Bill Nafziger:

“[Mr. Nafziger estimates that] a LIF or an LRIF would allow me access to ¼ to 1/3 of my total pension fund during my lifetime. The remaining [balance of the LIF principal] would go to my estate/spouse after my death completely unlocked. Upon her death, the remaining [balance] would be considered income in one year and severely taxed by Revenue Canada.

”CONCERNS AND RESPONSES REGARDING UNLOCKING LIFS

In discussions on the issue of unlocking LIFs with some Ontario politicians and bureaucrats, the following concerns were raised. (It should be noted that some bureaucrats did not know what LIFs were.) As well, a recent article by Linda Leatherdale, Money Editor for The Toronto Sun, quoted retired financial columnist and financial adviser Bruce Cohen on some other concerns. Following each concern is CARP’s response.

Concern:

Squandering PensionIf Joe is given access to his LIF principal, he will squander his pension and eventually become “a ward of the state.”

CARP’s Response

This is paternalistic attitude based on prejudice and stereotyping rather than a shred of evidence. When CARP asked the Ministries of Finance in Saskatchewan, Alberta, Manitoba and New Brunswick whether they had heard about individuals getting into financial hardships due to unlocking their Locked-In Funds, they stated that they had no information about this because they had not looked into it nor had heard anything about this sort of thing happening. Moreover, there are no similar objections to enabling individuals having access to the principal in their RRSPs or RRIFs.

Concern:

Unfair to OthersOne objection raised to unlocking LIFS, is that allowing access to principal would be unfair to those who opt to allow their pension to remain in their corporate or occupational pension.

CARP’s Response

People should have the freedom to choose for themselves the course of action that they believe will best improve their independence and quality of life. In other words, they should be able to decide whether to maintain their portion of their corporate or occupation pension with the company or occupation or roll it over into their own RRSP.

If Joe rolls over his portion of a corporate or occupational pension into his RRSP as a LIF, he will assume the risk of growing this pension. Accordingly, he merits access to the fruits of their labours – that is, full access to the LIF principal that he has grown. At the same time, his decision to assume the risk absolves the corporation or occupational entity of any liability as well as reduces the entity’s pension-related expenses.

Concern’s:

Break ContractsSome opponents to unlocking Locked-In Funds argue that individuals accepted a contract that obliged them not to access LIF-principal.

CARP’s Response

Alberta, Saskatchewan, Manitoba, New Brunswsick and the Federal Government, as well the Province of Ontario in 1999, did not find this to be a barrier to unlocking LIFs for all or some of their citizens.

Furthermore, CARP has heard from LIF-holders such as Mr. Bill Nafziger that the advice on LIFs he received from the human resources specialist at the company where he worked as well as from financial advisers he consulted made no mention about not being about to access the principal in a LIF.

Concern:

Impact on Defined Benefit PensionsUnlocking LIFS will impact adversely on Defined Benefit Pensions

CARP’s Response

Many Defined Benefit Pension do not permit the rolling over of pension funds into an individual’s RRSP as a LIF.

Moreover, corporations are moving away from Defined Benefit Pensions (DBPs) to Defined Contribution Pensions (DCPs) which are akin to RRSPs. The objective of this shift in pension policy is to absolve the corporation or occupation of the responsibility and costs of ensuring payment of future defined pension income. This development has no relationship to LIFs.

Concern:

Adverse impact on Low-Income SeniorsIf low-income seniors retained their unlocked LIFs, they might not be eligible for federal and provincial benefits such as GIS, GST rebates because it could generate too much retirement income.

CARP’s Response

When the insurance companies demutualized, the Federal Government passed special legislation to protect low-income seniors who might get a one-time payment as a result of this action from adverse impacts. Similar legislation could be passed in this instance. Moreover, there is no evidence that this has happened in those provinces that have unlocked LIFs.

Concern:

CreditorsIf the LIFs are unlocked, the funds could be vulnerable to seizure by creditors.

Response

This assumes that the unlocked funds would be totally removed from the LIF. Rather, they will be transformed into Joe’s RRIF, which is protected from creditors.

Article that Carole Dubniczky had printed in the Toronto Globe & Mail

Are you a Boomer that has changed jobsover the years and ended up with pension plan that was moved to a Locked inRetirement savings called a LIRA.

Well before you retire you might want to look at this very closely.

The goverment of Ontario did not just lock it upuntil you retire but has made it impossible for you to take this money outand spend it.

Although they did allow the MPP's to move their LIRA intotheir RRSP, the rest of us were not given that privilege.

I think if we are such a large portion of today's population we had better make some noise orwe will be retiring with much less income than we think.

Unfortunately our goverment decided that they should decide for us, how much of OUR money wecould have at retirement.

I knew that the company pension that I paid into was moved into a LIRA when the company went Bankrupt but what I did not know was that it is basically locked up forever and you cannot use this moneywhen you retire.

You are only allowed to take out around 6% which is basically the interest yearly.

I paid my hard earned money for this pension and think this is outright theft.

I believe many people out there are in the same predicament and just dont know it yet.

Saskatchewan has allowed people with a LIRA to move 100% of it to an RRSP and Manitoba has allowed people tomove 50% of it to an RRSP.

I think all of us in Ontario need to get the pressure on to get access to our retirement savings as well.

If we make enough noise we can make it happen.

After all I think the next ProvincialElection is not that far away. There is a lot of information about these LIRA's on the net.

Check it out. And take some time to check if you have one of these.You may have to re-think your retirement if you are depending on this money to retire with.

Press release from Andreas office

ATIKOKAN MAN INSPIRES BILL TO UNLOCK SENIORS’ PENSIONS

The idea behind an Atikokan man’s petition to unlock people’s locked-in pensions like they do in other provinces has found support at Queen’s Park.

Bill Costello’s mission to drive Ontario the way of Alberta, Saskatchewan and Manitoba and allow regular folks the same access to locked-in pensions that MPPs themselves have is realized in a private members bill about to be introduced by NDP member Andrea Horwath (MPP, Hamilton East).

Costello’s online petition calls for the government to relax restrictions on people’s access to their pension savings.

"I should be free to choose how to manage my pension investments and control my life savings any way I see fit," Costello argues. "After all, it’s my money.""

The fact that the Saskatchewan Government respects the wishes of their citizens and has opened the locked in pensions 100% makes a person wonder what motive the McGuinty Liberal Government has for keeping these pensions locked in," Costello said.

Saskatchewan has unlocked 100 per cent.

The MPP's of Ontario had their pensions unlocked 100 per cent. Manitoba unlocked 50 per cent and are being lobbied to unlock the remaining 50 per cent and Alberta unlocked 50 per cent on November 1," Costello said.

"Why does the McGuinty Government in Ontario insist on restricting the amount seniors can withdraw from their funds?

Why does the Liberal Government of Ontario want to continue to treat their seniors as second class citizens and say that they are too stupid to look after their own money?

"Horwath will be introducing her bill next week.

The online petition site is http://www.petitiononline.com/WRC101/petition.html

It is also to be mentioned that Bill Nafziger of Milverton , Carl Hansen of Keewatin , Grant Fleury of Sudbury and many other citizens of Ontario have been vigerously lobbying the Ontario Government for this change.

A Request For Help to all citizens of Ontario

Please write your MPP and the Leaders and tell them your story .

Or just tell them you want these pensions unlocked the same as the other 4 provinces.

Hon.James J Bradley Minister Responsible for Seniors jbradley.mpp@liberal.ola.org

Hon Dalton McGuinty Premier dmcguinty.mpp.co@liberal.ola.org

Hon Greg Sorbara Finance Minister gsorbara.mpp.co@liberal.ola.org

Howard Hampton Leader of the NDP hhampton-qp@ndp.on.ca

John Tory Leader of the Progressive Conservative Party john.tory@pc.ola.org

And also please sign the online petition at http://www.petitiononline.com/WRC101/petition.html

Thank You Bill Costello

Andrea Speaks out in the legislature

Excerpt from hansard
Official Record of the Ontario Legislature

MEMBER’S STATEMENT
Wednesday, December 20, 2006

It’s time the McGuinty government allowed Ontario’s 1.7 million seniors to unlock their locked-in pensions. Bill 175, my private members bill, would allow seniors to withdraw up to 100 per cent of their locked-in pension funds. This one measure would instantly add to our seniors’ financial independence and quality of life at no cost to the taxpayer.

CARP, Canada’s Association for the Fifty-Plus, supports my bill "100 per cent".
Bill 175 would unlock the vault of pension savings that McGuinty Liberal MPPs are withholding from locked-in pensioners while they themselves care for themselves and their own life savings plans.

I’m sure many people would be surprised to learn that once pensions are locked-in, it is virtually impossible for Ontario seniors to access their money. Only at age 90 can seniors withdraw their funds completely. Until then, they are limited to scant withdrawals of 2.5 to 6.2 per cent of the principal.

Alberta, Saskatchewan, Manitoba and New Brunswick and the federal government have already changed their laws to enable seniors to access some, or all, of their locked-in pensions. But in Ontario, only 61 MPPs have the freedom to unlock their pensions. For everyone else, these pensions are locked tight, cannot be withdrawn except in dire financial circumstances and only with government approval.

Why should our seniors have to put up their hand and ask permission to access their own money, which they saved up over a lifetime of hard work?

Unlike the McGuinty Liberals, I trust seniors to manage their own money. Let’s unlock pensions in Ontario for our seniors. They have worked hard all their lives and deserve to reap the fruits of their contributions. Seniors deserve the right to access and control their locked-in pensions and the McGuinty government should respect that right.

Bob Runciman PC Speaks out in the legislature

Mr. Robert W. Runciman (Leeds-Grenville): Today I'm calling on the McGuinty Liberal government to allow Ontarians to have full access to their, and I emphasize "their," locked-in retirement savings accounts. Four of the provinces in Canada have opened up access to the principal in these accounts, ranging from 25% in New Brunswick, to 50% in Alberta, to 100% in Saskatchewan, and soon to be 100% in Manitoba.
Under current Ontario rules, our residents can only access the principal in their accounts if they can prove to a government board dire financial or health need through a bureaucratic appeal process. The only exceptions to this rule are current and former members of this assembly who had their defined benefit pensions terminated and rolled into locked-in accounts. Those members, and I'm one of them, can access 100% of the principal. This is wrong and needs to be corrected. There should not be two classes of citizens for pension rules, and the time is long overdue for government to cease its paternalistic "We know what's best" approach to Ontario retirees.
Premier and members of the Liberal government, I urge you to move quickly to allow Ontarians full access to their locked-in pensions

A news realese From Andrea Horwath NDP

December 13, 2006
HORWATH’S BILL WOULD LET SENIORS UNLOCK THEIR PENSIONS
QUEEN’S PARK – Hamilton East MPP Andrea Horwath says she has the key that would allow seniors to unlock their locked-in pensions.
The NDP Pension Critic will introduce a private members bill today that would allow seniors to withdraw up to 100 per cent of their locked-in pension funds.
"Seniors want the right to access and control their own money and the McGuinty government should respect that right," said Horwath.
Alberta, Saskatchewan, Manitoba and New Brunswick and the federal government have already changed their laws to enable older adults to access some, or all, of their locked in pension, Horwath said. But in Ontario, only a select number of MPPs have the freedom to unlock their pensions. For everyone else, pension funds that are in locked-in accounts cannot be withdrawn except in certain specified circumstances.
From April 2003 to March 2006, there were 29,821 people who applied to the Financial Services Commission of Ontario for permission to unlock their pensions. Of those, 26,296 were approved.
"At a time when so much is being said about offering choice for senior citizens, a law to let them choose whether or not to unlock their pension is long overdue," Horwath said.
Horwath’s Pension Benefits Amendment Act, 2006, would amend the Pension Benefits Act to allow up to the entire amount in the account to be transferred into a registered retirement income fund.
The MPP says she’s heard from many seniors like Milverton’s Bill Nafziger who strongly object to the rule that says people can’t cash out until age 90 and are limited to withdrawals of 2.5 to 6.2 per cent of the principal they have locked up in annuities, LIRA, LIF or LRIF plans.
Bill Gleberzon, Director of Government Relations of CARP, Canada’s Association for the Fifty-Plus, said his group supports Horwath’s bill "100 per cent".
"Unlocking locked-In funds will not cost the Province a single penny," Gleberzon said. "It will end outmoded paternalism and enhance the independence and quality of life for those with LIFs. Allowing access to the principal in locked-in funds is the right and fair thing to do for Ontarians -- especially since a precedent was set in 1999 under Bill 27 when 61 MPPs were permitted to do so," he said.
-

This is From CBC Radio 2 Sudbury (( Results of Grant Fleury's continues efforts))

Ross Kentner Commentary for Thursday, March 15th 2007:

People who heard my recent comment on Employment Insurance said they had never heard me so angry. Well, here’s another government scam that has me steamed. This time it’s the Ontario Government that is ripping us off. Now that I’m 65 and thinking of retiring in another five years, I’m looking at how I hope to fund my future.

It’s not a surprise to find I could have started saving sooner or could have been a smarter investor over time. But it’s a shock to learn that the instrument I thought was designed to furnish retirement income is not mine to use as I wish. And, while it may warehouse me when I can’t get around anymore, it will pay me at under the poverty rate when I finally have a chance to pursue hobbies or travel. That’s because, like many of you listening, my retirement account is locked-in.

You probably thought locked-in meant you can’t access your retirement account until you qualify to retire. Actually, it means the government has usurped control of your money and will only give it back to you in dribs and drabs…from 2.5 to 6.3 per cent a year. Do the math…it’s peanuts! You can’t live in Ontario in 2007 on that and you sure as heck won’t be able to live on it if you don’t retire for another 15 or 20 years!

Why did I call this a scam? The formula the government uses assumes you’ll live to 90. But according to Statistics Canada, less than one half of one per cent of us ever reach 90. If I die at 77, which is the average for Canadian men, I’ll never see by far the greater percentage of the money that I and, at one time, my employer paid into my retirement fund.

Can I prove this is a government-sponsored scam? What better proof than this? In 1999 when pension plans for Members of the Legislature were eliminated, a special bill was passed enabling MPPs to transfer their pensions to their personal RRSPs. Our elected members have full control over their previous pension funds. In other words, as things stand now, there is a law for Members of the Provincial Parliament and another law for the rest of us.

In opposition, the Liberals criticized this double standard. In office, they have done nothing about it. Andrea Horwath, MPP for Hamilton East has moved a private member’s bill to give all Ontario residents the option to transfer their locked-in pension funds to a RRIF. Bill 175 must be passed. There is no reason on earth for a government to control a taxpayer’s access to their own money. There’s even less when MPPs have unlocked their own pensions.

The First Letter from Suffering Senior ((This letter made our blood boil))

This reply is to oldman's posting of 26/06/2006.

In your posting you have included a quote from Greg Sorbara.

"While Ministry staff continue to monitor developments ....,this government is not considering amendments to the Ontario provisions ....

"All seniors, who are unfortunately saddled with a Locked-In pension owe it to themselves to read the Ontario Legislature Hansard record as it relates to Bill 27. (Bill 27 received Royal Assent on Dec. 20, 1999)

Please follow these prompts and verify for yourselves what I am about to say.

www.ontla.on.ca/hansard ... then go to ... 37th Parliament,1st Session,Oct. 20,1999 to Dec. 20,1999 ... click on House Debates ...then click on L027B-Mon. 13 Dec. 1999

Bill 27, An Act to Amend the Pension Benefits Act and the MPP's Pension Act was a bill very cleverly crafted by the Conservative government of the day. Ms Caroline Di Cocco (Sarnia-Lambton) stated regarding this bill ... "So here we have a bill that's dealing with two different directions that are in contradiction to one another.

"Amendments to the Pension Benefits Act were paraded before unsuspecting seniors in Ontario as some noble gesture of empathy in allowing miniscule opportunities to access monies within a Locked-In plan.

These same amendments though, also acted as a smoke screen to cover the real intent of Bill 27 which was to allow 61 MPP's (of all party affiliations) the privlege of moving ALL their pension monies from a Locked-In status to an RRSP status. This was accomplished through amendments to the MPP's Pension Act.

In other words, knowing how loathsome and restrictive Locked-In plans were, 61 MPP's simply were given a legal avenue of escape from the very same noble gesture of empathy they were promoting, (through the amendments to the Pension Benefits Act), for all other Ontarians holding Locked-In plans. HOW ABSOLUTELY OBSCENE!!!

In the Hansard, our present-day Attorney General, Michael Bryant (St. Paul's)stated the following concerning Bill 27 ..." a bill that blatantly gives opportunities to members of provincial Parliament that do not exist for the rest of the population. That is the height of the appearance of inequity, the height of the appearance of injustice and the height of hypocrisy." ... " ... obviously we cannot support an act which treats MPP's in a favourable manner with respect to their remuneration from pension benefits, in a more beneficial way than the rest of the public.

"Mr. Sean Conway stated (Renfrew-Nipissing-Pembroke) ... "It is wrong and it is immoral. ... I just can't imagine that hypocrisy has reached such a zenith that any one of us wants to stand up here and affirm that special people should get this kind of treatment.

"Back to Greg Sorbara's reply ... In 1999, as you will read in the Hansard, members of the Liberal party had very strong words against Bill 27. Now that they have been in power since 2003 though, they have become very silent on this issue. Why is this Mr. Sorbara? ...Mr. Bryant? ... Mr. McGuinty?

If Michael Bryant could not support Bill 27 in 1999, why now, that he is Attorney General, has this Bill been allowed to stand? Why Mr Sorbara, if this Bill was so repugnant in 1999, can you now say ... "this government is not currently considering amendments to the Ontario provisions.

"Seniors are not stupid people who need government paternalism applied to every facet of their lives. Seniors can manage withdrawals from their pensions and the corresponding tax liabilities with just as much financial savvy as any MPP.

This was a disgusting, disgusting abuse of power ... where MPP's had the power to pass a Bill such as Bill 27 and then have the audacity to say to seniors ... NO, we won't give you the same rights.

Please read the Hansard record. Yes,by all means sign the petitions ... but don't let it stop there ... phone, or better still, go see your MPP ... check out his or her voting record on Bill 27 first (its on the web)

Seniors, despite our age,...we can still move mountains ... and this is one TRAVESTY that needs to end NOW!!!!!!!!!!!

In the Hansard record you will learn the identity of some of these "special" MPP's.

Thanks

A letter from my friend Bill Nafziger

Hi all,We appear to be gaining momentum across the province as per an article in the Toronto Sun.

MPP Andrea Horwath introduced private members bill 175 to unlock locked in pensions just prior to Christmas which may/may not pass but will highlight this social injustice for Ontarians. Bill 175 is strongly supported by CARP (Canadian Association of Retired People) with over 200,000 members in Ontario alone.

Recently the Stratford Beacon Herald featured an article on locked in pension funds and a television interview on the A channel resulted in phone calls requesting further information and offers of assistance.

Please support Ontarians across the province lobbying to unlock locked in pensions by:

- accessing the petition on line (search for “petition to unlock locked in pensions”) on line and have interested people sign it on line including their comments which Andrea can present to the legislature on a continuous basis.

- write/email a letter to the editor of your local newspaper requesting the Ontario Government to unlock your pension money.

- visit, phone, email, write a letter to your MPP including their leaders urging them to unlock locked in pensions (search “MPP followed by your MPP’s name to get their email address, etc.)

email : Dalton McGuinty dmcguinty.mpp.co@liberal.ola.org

Minister of Finance gsorbara.mpp.co@liberal.ola.org

Minister Responsible for Seniors jbradley.mpp.co@liberal.ola.org

John Tory john.tory@pc.ola.org

Howard Hampton hhampton-qp@ndp.on.ca

MPPs across Ontario are becoming aware of the locked in pension equity which was unlocked for MPPs using Bill 27 and which 61 MPPs of all parties took advantage, costing the Ontario taxpayers in excess of $20 million.

The current Minister Responsible For SENIORS in Ontario is Liberal MPP Jim Bradley who took advantage of Bill 27 at the public trough to unlock his locked in pension. MPP Bradley’s silence on the unlocking your pension money reflects political integrity at its worst level. Are MPPs more competent that you are to handle your pension money?

The provincial election slotted for October 4 may make the MPPs receptive.

Best Regards,Bill Nafziger

Continuation on how we started

Hi I will continue a little bit more on how our group started . I first started posting in the 50 plus forum . At the first there were arguments that these locked in pensions should not be unlocked and then eventualy there were people that wanted the locked in pensions unlocked . I recived a letter from the NDP to one of my inquires that stated they would put the issue in their pension reform.
From there I started a online petition to the government to unlock pensions then One day i seen in it that Andrea Horwath and her so able assistant Shiela had signed the petition and that Andrea was going to introduce a private members bill to unlock locked in pensions. (( Bill 175 ))

Shortly after that Shiela contacted me and the work begun. By then Nafi (( Bill Nafziger)) and I had connected up and many other people joined in to put out Formal petitions. We presented them to Andrea and she read them in the legislature.By now there were many people working to have this unjust legislation changed . Carl Hansen who went to discuss the issue with Howard Hampton , Send e- mails to the MPP's and gather a formal petition. Carole Dubnicsky who wrote articles and had one printed in the Globe and mail, sent e-mails to the MPP'S and gathered a formal petition. Gail Bebee who wrote e-mails to MPP's and gathered a formal petition and with the rest of the concerned citizens of Ontario and across North America gathered a network of people to have this crule and unjust legislation changed.

Next Bill Gleberzon of CARP contacted us and we were on our way to call for change.

Next two real fighters joined us they were Grant Fleury . A man that realy has a skill in writing letters and getting articles in the papers and on radio talk showes. I must say also Bill Nafziger is very skilled in getting his articles in papers and on TV. Next came Ken Elliott . He was a very mysterious person that we only new in the forums as Suffering Senior. Suffering Senior kept posting these very important articles about how 61 MPP's had their pensions unlocked under Bill 27.

I can remenber every time a new name surfaced to me .I would say to my wife Ruby. I wounder if that is Suffering Senior . Ken finaly contacted the rest of the group and we had a great allie. Then came Anna Pollock a great person and a real fighter who workes tirelessly to have these pensions unlocked. I could go on and on about all the people that have writen me letters and mailed letters to all the MPP'S ect and I have more then likely missed some important issues.

In closing this introduction I would like to say thank you to the Many Many people that are helping us convince this government of Ontario to unlock locked in pensions 100%.