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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.

Friday, July 6, 2007

CARP encourages Ontarians

CARP encourages Ontarians to petition for unlocking pension plans

CARP supports the following petition to Premier Dalton McGuinty:

The Seniors of Ontario request the Liberal Government to Unlock Locked in Pension Plans LIRA, LIF, LRIF.

This is unjust legislation having these funds locked in. These funds were unlocked for the MPPs of Ontario - but not for the seniors . Seniors want the option of transferring their funds into an unlocked RRIF and not have a restrictive upper limit placed on these funds. They should be regulated the same as a RRSP.

Saskatchewan Unlocked these funds for their seniors.

Manitoba Unlocked 50% of the funds for their seniors.

Ontario forcing Seniors to leave their funds locked in so that the government of Ontario can have a big tax grab when the funds pass to children or the estate is not in the best interest of the Seniors of Ontario

Therefore we request that the Ontario Government follow the Saskatchewan legislation in unlocking these funds.

To add your name to the petition, click on the link below.
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