WELCOME

I was surfing the Internet one day and I noticed that Saskatchewan had unlocked their citizens locked in pensions 100% when they were transferred from a locked in retirement account ((L.I.R.A.)) into a Fund where they would be able to start collecting from . (( we will call the unlocked fund a registered retirement income fund R.R.I.F. )) The name varies a little bit Province to Province. I was surfing a bit more and I found that Manitoba had Unlocked 50% of the locked in funds in their province for their people. (( They are currently being lobbied to unlock the remaining 50% )) I then begin to think (( and that is hard to do sometimes )) Ontario being a progressive Province. Why is Ontario not unlocking these funds for their people. Considering that this is very unjust and cruel legislation keeping these funds Locked in when a person reaches Retirement age. Many of us were lead to belive when we contributed to the Defined Contribution Fund and reached the age of retirement that we could draw on our funds at will. Not be controlled by the Government and only allowed to remove basically the interest on the funds from 2.5% to 11% depending how good the fund was doing. This our OWN MONEY not Government Money. It is not OAS or CPP.

Saturday, March 31, 2007

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 Pension legislation overall is outmoded, outdated and in need of a major overhaul.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.
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