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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

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
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