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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, February 29, 2008

Federal Pension LIF 50% Unlocking -------------------------------------------------------------------------------- Hi All;
I am just updating you on what is happening in case you haven't seen this.
It is time to get after the Ontario Liberals again as now the Federal government has allowed 50% unlocking of Federal locked in pensions.
This is a letter I just received from Bill Gleberzon of CARP.
The 2008 Federal Budget has a number of good improvements for LIF-holders. The following paragraph is from our analysis of the budget: "Choices for federally regulated Locked-In Fund (LIF) - holders, such as, for those 55 years or older, conversion of up to $22,450 into to a tax deferred saving vehicle as well as an one time conversion of up to 50% of the principal into a tax deferred savings vehicle with no maximum withdrawal limits – also the option to unlock up to $22,450 for those with financial hardship." This is not only good for federally regulated LIF holders but for our campaign in Ontario as an enhancement that the Ontario Government should adopt -- from unlocking $25% to unlocking 50% as well as increasing the amount that can be unlocked to $22,450.
Key in to the Federal Department of Finance and go to The Federal Budget Index under LIfe Income Funds.
Regards Bill Costello
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2 comments:

  1. Ed ZwartJune 12, 2008 at 11:36 AM

    So, I gave up thinking about how unfair this all is over ten years ago. Very nice to find today the whole online community fighting the good fight.

    My question is, after years of school and now with mountains of debt, why can't I pull out the piddly 20 grand that I could use to reduce my monthly payments considerably and use my income to do other wealth generating activities such as paying for property, starting a business... you name it.

    I mean, what the hell sense does the "financial hardship" criterion make? I have to be destitute to have access to my money??

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  2. AnonymousAugust 24, 2010 at 10:41 AM

    I do not believe that it is just the government that is responsible for this injustice. I believe the banks are in on it too. When Wall Street wasthreatened with bankruptcy and the Government would not bail these crooks out,it was the big banks that pressured them to change their vote.back room deals are made to protect their interests and the little people suffer for it.

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