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Bill C

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  1. Copied below is the 2010 Pre-Budget Submission submitted to the Ontario Standing Committee on Finance, by the Coalition of Independent LIF Holders. This Submission has also been included in a newsletter, that is sent to each of the 107 MPPs in Ontario every six weeks, making the MPPs aware of the fallacies of Locked-In Pensions. Best regards, Bill Nafziger Ontario Coalition of Independent LIF Holders 2010 PRE-BUDGET SUBMISSION FOR THE STANDING COMMITTEE ON FINANCE AND ECONOMIC AFFAIRS ALLOW ONTARIO RETIREES FINANCIAL FLEXIBILITY BY ELIMINATING NEEDLESS LOCKED IN PENSION LEGISLATION (and at no cost) Suppose you just retired with a sufficient amount of RRSPs ensuring a comfortable retirement and then discover: - you only have access to a minuscule amount of these RRSPS each year (example 6.9% at 61 years of age?) - to access more of your own RRSP money, requires pleading to a Financial Hardship bureaucrat working at the Financial Services Commission of Ontario - pleading financial hardship to access your own RRSP money, requires a fee of $200 to $600 per application (directly or indirectly via taxes) - about two thirds of your own RRSP money remains inaccessible until you die, at which time these RRSPs become unlocked? The above restrictions do not apply to Ontarians with RRSPs, but do apply to Ontarians with a Defined Contribution Pension Plan (also includes Ontarians with commuted defined benefit pensions), because archaic locked in pension legislation, continues to bar access to an Ontario Retiree’s own pension money in 2010. This locked in pension legislation, enacted in the nineteen seventies/eighties, was initially well intentioned, as a means to prevent Ontarians from becoming a ward of the state, reliant on social programs, etc. Past perception thought that retirees would “blow their pensions” at retirement, if they had 100% access to their pensions. Paternalistic locked in pension legislation has outlived its past perceived need, as demonstrated by the current financial prudence of retirees, who have had 100% access to their retirement funds/pensions, such as: - Ontario retirees with their retirement funds in RRSPs and RRIFs - Saskatchewan retirees who have had 100% access to their locked in pensions, since 2002 - 61 Ontario MPPs, who gained access to their own locked in pensions, during a precedent setting moment in 2000 Locked in pension legislation, clearly does not benefit a retired Ontario Retiree with a Defined Contribution Pension Plan, who remains financially shackled during retirement until death but does benefit: - Revenue Canada, who consider the remaining locked in funds in an estate, as taxable income in one year, - Financial Institutions (banks and insurance companies, etc.) clinging to/profiting from locked in pensions funds until the last moment of death? - the jobs of bureaucrats managing locked in pensions, at the Financial Service Commission of Ontario (FSCO) and which ironically, is the identical job, that Ontario retirees with RRSPs/RRIFs, currently do for nothing? ( Note: over a three year period FSCO rejected only 52 of over 26,000 financial hardship applicants, collecting between $5-15 million dollars in application fees, as discovered by Andrea Horwath’s research assistant). Jack Mintz (currently the Palmer Chair for Public Policy at the University of Calgary and former chair of the CD Howe Institute) says “Its time to do away with this Nanny Cat Paternalism). Malcolm Hamilton, an actuary with William Mercer in Toronto agrees as does: - Gordon Pape, a well known financial columnist. - the Canadian Association of Retired People (CARP) - the more than 450,000 Ontarians with Defined Contribution Pension Plans Each Ontario retiree has a unique need, which may differ personally, physically and financially; which can only be answered with financial flexibility and not with a set of bureaucratic rules. The Ontario Coalition of Independent LIF Holders urge that the 2010 budget include elimination of locked in pension legislation, thereby giving Ontario retirees 100% access to their pension funds at retirement, which would allow them to do their own financial planning. Eliminating locked in pension legislation would cost nothing and actually reduce costs for the Ontario government (bureaucratic salaries at FSCO) and financial institutions (administrative costs required to enforce bureaucratic locked in regulations).
  2. Hi All . It has been pretty quiet lately as we are waiting until the next election draws closer. In the meantime I thought I would post one of the letters sent out to let you all know we are still here . Good evening Liz Sandals, Liberal MPP, Guelph Here is a small test for you. The subjects tested will be math and history. -------------------------------------------------------------------------------- Part (A) - Math 1.) 100% = 50% [TRUE or FALSE] 2.) 55 = 90 [TRUE or FALSE] 3.) $0 = $millions [TRUE or FALSE] -------------------------------------------------------------------------------- Sorry Liz Sandals, you failed part (A). By voting NO to Bill 116 (Pension Benefits Amendment Act (Unlocking Pension Funds)) on May 14th, 2009, you told Ontarians that each of the above equations is TRUE. By your vote you said ........... (i) 100% access to locked-in retirement accounts for 20 Liberal MPPs is equal to 50% access to locked-in retirement accounts for all other Ontarians (ii) 100% access at age 55 (and retired from the Legislature) for 20 Liberal MPPs is equal to 100% access at age 90 for all other Ontarians (iii) $0 collected by the Financial Services Commission of Ontario from 20 Liberal MPPs who are allowed 100% access at age 55 is equal to $millions collected by the Financial Services Commission of Ontario from all other Ontarians who are forced to beg for additional access to their locked-in retirements, given they are denied 100% access until age 90 Liz Sandals, the numerical values in these equations are not equal. Let's see how you do on part (. -------------------------------------------------------------------------------- Part ( - History (Quotes) 1.) "I want to make it perfectly clear in this House today that I and my party will have none of it." [ACCURATE QUOTE or MISQUOTE] 2.) "Let me repeat again: It is wrong and it is immoral." [ ACCURATE QUOTE or MISQUOTE] 3.) "There's absolutely no reason in the world why members of Parliament should get access to a retirement benefit that is not available to everybody else in this province should they be in a position to have a retirement benefit." [ACCURATE QUOTE or MISQUOTE] -------------------------------------------------------------------------------- Sorry again Liz Sandals, you failed Part ( also. By voting NO to Bill 116 on May 14th, 2009 you said the statements above were all misquotes. They are not. They are accurate quotes of what Dalton McGuinty, Sean Conway and Michael Gravelle respectively told Ontarians in 1999 prior to the passage of Bill 27 (An Act To Amend The Pension Benefits Act And The MPPs' Pension Act). These quotes are straight from the Hansard. In 1999, 61 MPPs including 20 Liberals, courtesy of Bill 27, were allowed full unlocking of their own locked-in retirement accounts. No other Ontarians were, or ever have been, allowed this same privilege. In 1999, your party called such privilege for MPPs only ...... totally unusual, totally outrageous, totally beyond belief, inequitable, hypocritical, wrong, immoral, offensive, a double standard etc. (See attached quotes from the Hansard .... spoken on the days indicated) In 2003 when your party became the government, instead of honouring your words from 1999 and revoking Bill 27 just as fast as you invoked the new health tax, you chose just to keep silent about the incredible unlocking privileges given in 1999 to 20 Liberal MPPs including Jim Bradley (former Minister Responsible for Seniors), Michael Brown, Sean Conway, Bruce Crozier, Monte Kwinter, Dalton McGuinty, Lyn McLeod, Gerry Phillips and the list goes on. Today these 20 Liberal MPPs still have their fully unlocked locked-in retirement accounts despite Dalton McGuinty having told Ontarians on December 15th, 1999 .......... "I want to make it perfectly clear in this House today that I and my party will have none of it." Having observed you in action for many years, first as a school trustee, then as a Board Chair and finally as President of the Ontario School Boards' Association I never thought you capable of voting down legislation (Bill 116) that would guarantee equality for all, in this case equality for pensioners who own locked-in retirement accounts. Even more disturbing is your silence since 2003 as elderly couples under the age of 90 have repeatedly been refused full access to their locked-in retirement accounts by the Financial Services Commission of Ontario (FSCO). Sadly, after the spouses who owned these accounts have passed away though, FSCO immediately unlocks them for the surviving spouses. Wow! By your silence you deem it proper that only a widow or widower be allowed full access to a locked-in retirement account, not full access for the elderly couple while both spouses are still living. Such treatment of seniors is cruel beyond measure given 20 Liberal MPPs including Jim Bradley, the former Minister Responsible for Seniors are still allowed 100% access to their own locked-in retirement accounts at age 55 (and retired from the Legislature) even though your party voted NO to such privilege and your party called such privilege ...... totally unusual, totally outrageous, totally beyond belief, inequitable, hypocritical, wrong, immoral, offensive, a double standard etc. Your colleague in both politics and education, Kitchener-Conestoga Liberal MPP, Leeanna Pendergast saw through all this hypocrisy. She voted FOR Bill 116. The question is ... why didn't you? If you choose not to reply, be assured many times before the next election you will be asked publicly why you support a double standard regarding locked-in retirement accounts. "There's absolutely no reason in the world why members of Parliament should get access to a retirement benefit that is not available to everybody else in this province should they be in a position to have a retirement benefit." Liberal MPP, Michael Gravelle ... December 14, 1999 K. Elliott
  3. Here are the MPP,s that voted against unlocking locked in pensions 100% for the Retiree,s and Seniors of Ontario . These people , I assume feel that the seniors in the province of Ontario are not as Competent as the Seniors and Retiree,s in Saskatchewan. They feel I assume that the Seniors and Retiree.s in Ontario need them , The Liberal Government to babysit them and dole out their OWN MONEY to them as if they are children in need of supervision . It should be noted that every vote against Bill 116 , the Bill to unlock pensions 100% for the Citizens of Ontario was a Liberal Vote. Just one more reason this province needs a change of government. The Nay Voters Were . Sophia Aggelonitis , Laura Albanese , Wayne Arthures , Bas Balkissoon , Lorenzo Berardinetti , Margarett Best , Laurel C Broten , Jim Brownell , Mike Colle , Bob Delaney , Joe Dickson , Daniel Kevin Flynn , Linda Jeffrey , Kuldip Kular , Marc Jean Lalonde , Dave Levac , Reza Moridi , Gerry Phillips , Shafiq Qaadri , Khalil Ramal . Tony Ruprecht , Liz Sandals , Mario Sergio , Harinder S Takhar , Kathleen O Wynne , David Zimmer , . The Ayes Vote Was . Ted Arnott , PC , Ted Chudleigh , PC , Cheri DiNovo , NDP , Ernie Hardeman , PC , Jerry J. Ouellette , PC , Leeanna Pendergast , Lib. , Peter Shurman , PC . I would also like to mention . The NDP support was very poor also as only 1 NDP member voted for Bill 116 (( Cheri DiNovo )) . This is also disturbing as before the last election Andrea presented a Bill to unlock pensions 100% and I was assured by the Leader at that time ( Howard Hampton ) that the NDP fully supported Andrea's Bill . It makes one realize why nobody trusts Politicians !!! (( Now they have Flip Flopped to 50% from what I have heard )) Sound Familiar (( McGuinty on Promises )) Other NDP members were present for a prior Bill and were in the house that day but did not see it fit to take the time support Bill 116 . They were Andrea Horwath , Howard Hampton , Rosario Marchese , Frances Gelinas , Paul Miller , Peter Kormos (((( Which I find very disturbing considering Peter's and Howards locked in pension's are fully unlocked 100% , curtesey of Bill 27 in 1999 ))) The PC Party has said that they support unlocking the pensions 100% , and they did have it in their platform the last election. I am told by some that it will be on the agenda of the 2011 election. I guess we will just have to wait and see as the turn out of the PC Party was also very disappointing for the Vote for Ted's Bill 116
  4. Hi All , The turn out for support was disappointing . The names of the supporters were . Ted Chudleigh PC , Ted Arnott PC , Ernie Hardeman PC , Jerry Ouelette PC , Peter Shurman PC , Cheri DiNovo NDP , Leeanna Pendergast , Liberal . I have sent the above a thank you for their support . If any of you would like to send them a thank you ,feel free to do so . I will list the 26 against unlocking our own money tomorrow. Take Care Bill C Liberals Vote Against Ontario Seniors Government rejects Halton MPP’s campaign for respect and independence (Queen’s Park – May 14, 2009) Today Liberal MPPs voted against a Bill that would have given Ontario retirees more control over their own pensions. Bill 116 was introduced by Halton MPP Ted Chudleigh and would have changed the law so that seniors could access 100% of their locked-in pension money. Currently, retirees are only able to access half of their accrued assets. “For too long, the government has rationed out locked-in pension money to seniors like parents giving allowance to their children,” said Chudleigh.“My Bill would have ended this disrespectful practice and given seniors the independence they have earned.” The reason why Liberals don’t want seniors to have full access is because they think that retirees are not wise enough to manage their finances in the long-term, explained Chudleigh. “What do you have to do to escape the McGuinty nanny-state?” asked Chudleigh.“Our seniors have proven themselves through lives that embodied responsibility and wisdom. But the McGuinty Liberals think they’ll blow all their cash and become wards of the State. That’s just insulting.” Chudleigh pointed to successful legislation in Saskatchewan passed in 2002 that allows retirees 100% access to locked-in pensions. “I haven’t heard of any wild and uncontrolled spending sprees by Saskatchewan seniors,” said Chudleigh.“They’re proof that the current legislation is out-of-touch with reality. Sadly, today the Liberals voted based on ideology and ignored the real concerns of their senior constituents.” The vote on second reading on Bill 116 was lost by a count of 7-26. All votes against were from Liberal MPPs while the Bill received support from all present PC and NDP Members. MPP Leeanna Pendergast was the sole Liberal supporter of the Bill. -30- For further information contact: Ben Ellis 416-325-5747
  5. Hi Everybody, Second reading of Ted Chudleigh's Bill 116 . Ted’s Bill 116 is second (of three) private members bills being debated today. At 1pm, the House does Routine Proceedings which can take very little time or upwards of an hour and a half. Following that, each private members bill is debated for one hour. It looks like today’s Routine Proceedings will be fairly short. So I imagine the first PMB will begin at about 1:30pm and Bill 116 will go at about 2:30pm. Regards Bill C
  6. Hi Everybody ; Feel free to pass on to your news papers and contacts . Regards Bill C For immediate release Chudleigh Reads Locked-In Pension Petitions at Queen’s Park Seniors Seek Independence and Respect through Halton MPP’s Private Members Bill (Queen’s Park - April 27, 2009) Today in the Ontario Legislature, PC MPP Ted Chudleigh (Halton) read into the record some of the first of hundreds of signatures which call on the Ontario government to allow retirees one hundred percent access to their locked-in pension accounts. The McGuinty Liberals recently raised the allowed withdrawal of locked-in funds to fifty percent but Chudleigh says that doesn't go far enough. “For too long, the government has controlled the hard-earned pension money of Ontarians, rationing out pension income like parents giving allowance to their children,” said Chudleigh. “During these trying economic times, seniors need financial flexibility not financial shackles.” The petition calls for all-party support for Bill 116, Chudleigh’s Private Member’s Bill which would allow retirees to transfer accrued pension assets out of locked-in funds at the time of retirement, as early as age 55. “Unlocking pensions means respect for seniors, a boost for the economy and a step towards fairness for Ontario and all its citizens,” said Chudleigh. “It is an optimistic idea that places faith in the individual above the heavy hand of government.” Chudleigh said that the current system assumes that seniors are not responsible enough to manage their own retirement finances. “Considering that retirees have generally shown fiscal wisdom and prudence throughout their lives, through the sound management of accounts and investments, as owners of houses and automobiles, as parents and grandparents, through community involvement, and as valued employees and employers, it is not right that they are treated with such disrespect,” said Chudleigh. “It’s time we start treating seniors like adults.” Bill 116 will be debated in the Legislative Assembly on May 14th, 2009. Chudleigh plans to read the petition regularly before that date. To view a copy of the petition, please visit: http://www.tedchudleigh.com/files/symlink/...onspetition.PDF For information contact: Ben Ellis @ 416-325-5747
  7. Bill 116 Second reading date has been changed . There has been a sudden change announced by the Speaker’s Office. Ted’s Private Member’s Business day has been moved up one week. Therefore, Bill 116 will be debated on May 14th instead of May 7th. It seems there was some sort of scheduling error. Ted has received a good number of petitions and these will be read in the legislature starting Thursday and periodicly leading up to the second reading of Bill 116 Take Care Bill C
  8. Hi Everybody; I would like to say a great big THANK YOU to all of you that sent in e-mails to the Premier and Finance Minister of Ontario as well as sending letters to the MPP's of all party's . I would also like to say a BIG THANK YOU to Susan Eng and CARP for their continuing efforts in having these pensions unlocked . I would also like to thank you for the time you have taken to go out and get petitions signed in support of Bill 116. The petition will be read by various MPP's of the Conservative Party in the legislature starting shortly . If you haven't sent in your petitions yet , you can send them in now. If you haven't yet got one filled out . It is not too late . Better Late then never . The petition can be found here . Http://www.tedchudleigh.com/petitions Well We All have finally convinced the Liberal Government to unlock a additional 25%. While this is a nice gesture and we are thankful this is not enough !!!!! Why should Government be interfering in a persons own private pension savings ?? We do not need government telling us how we should set up our budget for retirement. We in LIF pensions do not have the protection of company pension plans . We do not get Government Bail Outs . We say how our money is invested the same as a person with a regular unlocked RRSP. Why ???? Then should we be treated differently and have our money locked in ? We make our own GAINS and SUFFER OUR OWN LOSSES . WE do this with no help from government . Why then should Government be DICTATING how our money is spent during our retirement years . LAST BUT NOT LEAST . Why should WE and the TAX PAYER be shelling out millions of dollars to FSCO to regulate these funds. It Just doesn't make sense . ANOTHER TOTAL WASTE OF MONEY BY GOVERNMENT !!! Anyway . THANK YOU AGAIN for all the time you have put into this. Bill C PS> This isn't over yet . We do not have 100% . More letters are needed to MPP's .
  9. Hi ; This has been clarified . The 25% unlocking comes into effect January 2010 . If a person has already withdrawn 25% from their new LIF they will be able to draw another 25% from the original amount they transfered into the LIF . This will result in 50% of the original amount transfered into the new LIF. Example . $100,000 First 25% = $25,000 Second 25% = $100,000 - 25% = $25,000 Combined $ 50,000 If a person hasn't transferred into a New LIF because they are still employed . When they do transfer into a New LIF they will be intiteled to a 50% withdrawel Regards Bill C
  10. Hi Everybody ; I just thought I best let everybody know . Even though the McGuinty Government has opened up 50% unlocking of Ontario LIF's . We are not letting up . We still need the petitions sent in supporting Ted's Private Members Bill 116 . If we have a little bit of luck on our side we could get the Bill passed if McGuinty allows a free vote and we have the support of the Conservatives and NDP . If not at least it will be a good launch into the next election and at that time I am sure the party that gets in will unlock these pensions fully with protection of RRIF's from creditors . If the people of Ontario vote in this so called Premier again . Then all I can say is we deserve what we vote for . Take Care Bill C
  11. Hi Capricorn ; Yes I am pretty sure that is the way it will work . I am going to wait until FSCO puts the details up on their site before I contact them . I don't want to say anything until then to FSCO . There could be a problem here that may have to be sorted out . If they only allow another 25% to members that have already unlocked . These members would be getting the short end of the stick compared too some one that hasn't reached the unlocking stage . I will use$100,000. as a example . First unlocking of 25% = $25,000. Second unlocking of $75,000. = $18750 Short fall of $6250. This would be amplified by how much a person has in their fund . A person who has not unlocked any yet would be able to unlock $50,000 . The person that has already unlocked should be able to unlock 33.333% to even it out We will just have to wait and see what is up . Regards Bill C
  12. Hi Everybody ; Bellow is a press release that Susan Eng of CARP has sent out . The Coalition of Independent LIF holders would like to Thank CARP for all the efforts they have put into have these pensions unlocked . We in the Coalition and also CARP will be continuing the fight to have these funds unlocked 100% As Susan Eng has stated in her Press release that she is concerned with he GST/PST Harmonization . I am also concerned . The Liberals are trying to pull the wool over the eyes of the Ontario Citizens again with a out and out tax grab . If they were sincere about helping business and the citizens of Ontario . Why did they not lower the PST to 5% it would have at least come close to leveling the field . The way it stands . With the tax on Electricity and Heating and not taking into consideration the other items that will be taxed . The $1000 and the tax credits will be gobbled up pretty fast . I wish some of these people would have to spend 1 year in the boots of people that live in the north on the average income here and just see how far their credits go . Not saying that people in the GTA and all of Ontario will be any better off. Bill C March 26, 2009 CARP warns that proposal for $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds Toronto, Ontario: CARP warns that the proposal to send out $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds. GST/PST harmonization hides tax grab People planning how they will spend their $1000 cheque from the provincial government will have to think twice. First not everyone gets the $1000. Families with 2 or more people, this includes single parents, will get the $1000. Single people, including those 65plus, only get $300 – and it’s spread over 3 payments. The cut-off is $166,600 for families and $82,000 for singles – those with incomes above these amounts will not receive the transitional payments. These payments were meant to soften the blow from the increase in Retail Sales Taxes due to the new combined tax now applying to goods and services that were not taxable provincially before harmonization. Based on government analysis of consumption patterns, people could be paying from $185 to $1000 more in sales taxes due to this change. The budget papers say that even after the $300/$1000 one time only payments have stopped, taxpayers will still be ahead but that depends on believing that businesses that stand to gain the most from this change will pass their savings through to consumers. One huge flaw in this analysis is that some products like home heating oil- which is a major expense for most families, especially older Canadians, - is not much subject to competitive pressures. “Instead of exempting essential products like home heating fuel, the government is leaving it to taxpayers to pressure businesses to pass through their savings,” said Susan Eng, Vice President, Advocacy, CARP. “Increasing sales taxes is no way to stimulate consumer spending and it in fact hurts those who have no choice but spend on necessities.” Unlocking LIFs – increased from 25% to 50% The good news for older Canadians who have locked in funds [LIFs] is that they will now be able to unlock up to 50% of their LIFs, up from the limit of 25%. CARP has called for full unlocking to allow people to access their own money, especially in these difficult economic times. In fact there could be more tax revenues as people spend on their immediate needs. CARP has also called for the elimination of the fees payable when people get their fundes unlocked through financial hardship applications. Budget 2009 proposes to waive the fees – 2% of the amount withdrawn – minimum $200 to maximum of $600 –for 2 years only. CARP calls for a permanent elimination of these fees. “It’s bad enough that people in dire financial circumstances can't get at their own money without a lot of bureaucracy – the fees were an unnecessary extra burden and should be eliminated permanently but CARP members will appreciate this temporary relief. It shows that the government is listening,” said Eng. But CARP cautions that unlocking LIFs also mean that the funds are no longer creditor proof which is an important consideration in difficult economic times. Pension reform proposals recognize need to protect retirees and broader access to pension plans The proposals for pension reform are responsive to the calls for urgent reform and balancing the interests of employers and employees. For example the temporary funding relief requires the approval of plan beneficiaries which includes retirees, and greater limitations on contribution holidays. There is a nod to larger pension funds providing administrative support for smaller funds and mention of something approaching a universal pension plan which CARP has called for consistently as well as a pension summit to involve retirees in pension reform deliberations. “The budget proposals acknowledge the urgent need for pension reform, including rebalancing the interest of employers and employees, protecting pensioners, considering a universal pension plan and involving retirees and other stakeholders in pension reform deliberations. CARP members who have become increasingly anxious about their retirement security will welcome these proposals,” added Eng CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
  13. Hi Everybody ; The time is getting closer to hand in the petitions to unlock locked in pensions Bill 116 . We would like them sent in by April 10th . If you haven't downloaded a petition yet . It can be downloaded at Ted Chudleigh's web site . www.tedchudleigh.com/petitions Please don't procrastinate and think the next person will do it . If everybody takes that attitude , We are then dead in the water . If we want these pensions unlocked we have to show that there are a great number of people behind unlocking. Have your family , children (( There is no age restriction )), friends , neighbors and whoever sign . Please also pass this on to any contacts you have and also ask for their help . We Can Do This !!! The Petitions can be mailed to . Ted Chudleigh , Room 450 Legislative Building , Queen's Park , Toronto , Ontario , M7A 1A8 Or you can mail to me and I will bundle them up and send them on . Bill Costello , 6 Chub Lake Road , Box 56 , Atikokan Ontario , p0t 1c0 With the economie the way it is there are more and more people everyday that are ending up in locked in pensions . If these pensions were unlocked it just may help some people bridge their way into retirement instead of having to rely on social assistance . Thank You and Take Care , Bill Costello , The Ontario Coalition of Independent LIF Holders
  14. Quote from Auguest1991 " Bill C, You're my favourite lobbyist " GEEEE Thanks . That means so much to me. Take Care Bill C
  15. Hi Everybody ; Here is a statement from Mr.Ernie Hardeman (Oxford ) that was read in the Legislature today . As Mr Hardeman says . "In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it." I wont hold my breath as we have been asking them to unlock these pensions for the Seniors and Retire's of Ontario for the past 5 years . It appears that the Liberal Party is not concerned with the struggles of their seniors and those close to retirement wanting to bridge the gap to 65 when they lose their jobs in troubled times . It seems that the McGuinty Liberals are only concerned about them selves and to hell with the older population. As I have said in the previous letter we owe the Conservative Party a Thanks for taking up this issue of unlocking locked in pensions 100% for the 55 plus in Ontario . Please pass this on to your contacts and also the previous letter . Take Care , Regards Bill C Mr. Ernie Hardeman (Oxford): Imagine being a senior who is struggling to make ends meet, and being told by the government that even though you have money, you can’t use it. Imagine needing to repair your house or buy a new car, and being told by the government that you can’t spend your own money to do it. That’s the situation that many seniors across the province are facing. They are owners of life income funds or locked-in retirement income funds. Both of these types of accounts severely restrict the amount of money that can be withdrawn. In fact, to access the account because of severe financial hardship, you have to apply and actually pay an application fee to try to get access to your own money. Unlocking these pensions is a simple step the government can take to give people the flexibility they need to manage their own finances. Other provinces already allow significantly more flexibility on when people can withdraw money from these funds. Saskatchewan allows 100% to be withdrawn any time after the age of 55. Like these other provinces, Ontario should recognize the importance of giving people access to their own money, and allow seniors to withdraw 100% of their life income funds or locked-in retirement income funds. These people worked hard to save for old age. Now that it has arrived, they should be entitled to access these savings. This change wouldn’t cost the government anything. In fact, people who are finally making much-needed purchases will help the economy. In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it.
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