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.

Tuesday, March 27, 2007

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
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