A Statement by MPP Ernie Hardeman ( Oxford )

Hi Everybody ;

Here is a statement from Mr.Ernie Hardeman (Oxford ) that was read in the Legislature today .
As Mr Hardeman says . "In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it."

I wont hold my breath as we have been asking them to unlock these pensions for the Seniors and Retire's of Ontario for the past 5 years . It appears that the Liberal Party is not concerned with the struggles of their seniors and those close to retirement wanting to bridge the gap to 65 when they lose their jobs in troubled times .

It seems that the McGuinty Liberals are only concerned about them selves and to hell with the older population.

As I have said in the previous letter we owe the Conservative Party a Thanks for taking up this issue of unlocking locked in pensions 100% for the 55 plus in Ontario .

Please pass this on to your contacts and also the previous letter .

Take Care , Regards Bill C
Mr. Ernie Hardeman (Oxford):

Imagine being a senior who is struggling to make ends meet, and being told by the government that even though you have money, you can’t use it. Imagine needing to repair your house or buy a new car, and being told by the government that you can’t spend your own money to do it.
That’s the situation that many seniors across the province are facing. They are owners of life income funds or locked-in retirement income funds. Both of these types of accounts severely restrict the amount of money that can be withdrawn. In fact, to access the account because of severe financial hardship, you have to apply and actually pay an application fee to try to get access to your own money.

Unlocking these pensions is a simple step the government can take to give people the flexibility they need to manage their own finances. Other provinces already allow significantly more flexibility on when people can withdraw money from these funds. Saskatchewan allows 100% to be withdrawn any time after the age of 55.

Like these other provinces, Ontario should recognize the importance of giving people access to their own money, and allow seniors to withdraw 100% of their life income funds or locked-in retirement income funds. These people worked hard to save for old age. Now that it has arrived, they should be entitled to access these savings.

This change wouldn’t cost the government anything. In fact, people who are finally making much-needed purchases will help the economy.

In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it.