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

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.
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.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)