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.

Thursday, July 12, 2007

Commending the Ontario Concervative Party


Press Release Regarding the Ontario Progressive Party Locked-in Pension Policy Announcement today, July 5, 2007
I wish to commend the John Tory and the Conservative Party for their progressive policy position allowing Ontarians to unlock their locked-in pension funds 100% at ages 55 and 65.
This policy change will enhance the quality of life and fairness for Ontario Seniors.
Retiring after 37 years and contributing money into a defined contribution pension plan in Ontario, I was shocked to discover that I did not have access to my pension money.Isn’t this my money?The maximum yearly withdrawal restriction on my Life Income Fund (LIF) enforced by the Financial Services Commission of Ontario (FSCO) ensured that two thirds of my pension money would be locked-in until death (average Ontario male @ 79 and female @ 84).
Is this fair?
At the moment of death, the remaining two thirds of the pension money goes to my spouse unlocked.
Is this logical?
Upon my spouse’s death five years later, Revenue Canada assesses the remaining pension money as income in one year usually at a higher tax bracket.Isn’t this a tax grab?
However if you are terminally ill or in a financial crisis, you can get down on your bended knees with a fee of $200 to $600 of money you don’t have to ask FSCO for the money you do have.
Does this make sense?
Over a three year period, FSCO collected between $5 million and $15 million in fees from over 26,000 financial hardship applicants desperate to access their own pension money and only rejected 52 applicants.
Isn’t this bureaucracy at its worst?
Ontarians who have spent their working life building a pension are financially competent and do not require paternalistic government control of their pension money in their retirement years.
Bill NafzigerOntario LIF holder
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