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Petition to unlock locked in pensions (87 posts)
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oldman
Active Member
Registered

Click for profile 		Hi : I have started a petition to the Ontario Government to unlock locked in Pensions in Ontario. This affects every person and their families that have locked in pensions. It would take a lot of time here to explain everything here other then the Ontario government is Ripping off the Families and pensioners in Ontario. If You want more information it can be found at
http://en.50plus.com/display.cfm?CFID=2908999&CFTOKEN=11635329

Click on forums then investing then Unlocking Locked in pensions.

The Petition is at http://www.PetitionOnline.com/WRC101/petition.html

Thank You Bill

PS Please pass this on as we need every signature we can get
Thanks
quote / posted 24 April 2006 6:33 PM
oldman
Active Member
Registered

Click for profile 		I have been checking on the petition after it has been on for two weeks and I am kind of bewildered. There is only a small amount of signatures. Yet a petition to GM for a recall of an intake manifold defect has eleven thousand signatures.

Thousands of people in Ontario are in locked in pensions. If You are just starting out in the workforce and have a pension plan at work it is more then likely a locked in pension. If you are not in a pension plan yet .Some ware down the line hopefully You will be in one. This is a problem for most people to think about.

I know that I worded the petition wrong and that it should have been the People of Ontario . But as you know once it is posted I cant change it. I was just thinking of when you actually have to deal with the unjust legislation. Any body that wants to protest this legislation can sign.

I have been lobbying the MPP,S of Ontario for the past few months to have this unjust legislation changed in having them unlock locked in pensions CARP is also lobbying them. I have ben corresponding with the Premier and Leaders of the other Main party's. The NDP tell me that they would back the Saskatchewan plan and that they are going to put it in their Pension reform paper that they are going to bring up to the government. I have also heard from members in the Liberal Party saying that they think we should be in the Saskatchewan plan. The Conservative party say they are looking into it. I would guess they should be They Unlocked the pension plan for the MPP,S of Ontario but no body else.

I have been told by some MPP,S that they are afraid to let the people look after there own money because they might spend it and then come to the government looking for a hand out. I wrote them back saying that I didn't like that comment . To me they were saying that the people of Ontario are incompetent but the MPP,S are not.

If people are worried about unlocking their pension plans. Here are a few items I will explain. If legislation is changed to the Saskatchewan plan The only thing that changes in Your plan is that You determine what Your pay out is per month. The plan stays with the same Administrator , The same amount of money is put in your plan and it is invested the same as you have it. There is family protection and spousal protection. The only thing that really changes is that you control the amount of pay out when you retire. The way it is now The government tells you how much You can take out. This way they will be assured with a good tax grab when you pass away. If anybody wants the full information Just goggle the Saskatchewan government and then look into Unlocking locked in pensions. If anybody has any Questions I can be reached at bushed007@hotmail.com.

If we can get the response that people are giving GM over a intake manifold gasket ware as this involves the life's of thousand,s of families. It would give us one more tool in lobbying this government

Any way please think about this.

Thank You Bill
quote / posted 24 April 2006 6:34 PM
sufferingsenior
New Member
Registered

Click for profile 		If you are one of the unfortunate seniors in Ontario, saddled with some or all your pension monies within a Locked-In plan, I believe you owe to yourself to read the Ontario Legislature Hansard record as it relates to Bill 27. It will sustantiate the information on the previous posts.

Bill 27, An Act to Amend the Pension Benefits Act and the MPP's Pension Act was very cleverly crafted. The real intent of Bill 27 though was to push through the amendments to the MPP's Pension Act, and not the miniscule changes, through amendments to the Pension Benefits Act, that were being offered to those seniors holding Locked-In plans.

61 MPP's (of all party affiliations) were given the legal opportunity, via Bill 27, to move ALL their pension monies from a Locked-In status to an RRSP status. IF THE AMENDMENTS OFFERED TO ONTARIANS, ALSO HOLDING LOCKED-IN PLANS (through the amendments to the Pension Benefits Act), WERE SO NOBLE A GESTURE, WHY WERE 61 MPP"S GIVEN THIS SPECIAL OPPORTUNITY TO ESCAPE THE VERY AMENDMENTS BEING OFFERED TO ALL OTHER SENIORS?

The answer ... MPP's knew full well how loathsome and restrictive Locked-In plans were and they wanted no part of it.

Follow the prompts below to access the Hansard record and read about this disgusting, behind-the-scenes, manipulation of the law-making process where MPP's took very good care of themselves.

Read the comments of Michael Bryant (St. Paul's), your present-day Attorney-General, ... and then ask yourself ... if he considered Bill 27 so repugnant in 1999, why has he been so silent since the Liberals assumed power in 2003?

Read the comments of Sean Conway (Renfrew-Nipissing-Pembroke) ... take note of his reference to the article in the Ottawa Citizen, December 10th, 1999 edition, as it relates to last minute changes and former Finance Minister,Mr. Eves. Take note of Mr. Conway's question to the House on how MPP's, himself included, would face constituents and then have to explain how they gave opportunity to their own but were not going to give the same to seniors in their own ridings.

Read the comments of Michael Brown (Algoma-Manitoulin) ... two classes of society within the same pension scheme.

Read the comments of Caroline Di Cocco (Sarnia-Lambton) ... "So here we have a bill that's dealing with two different directions that are in contradiciton to one another."

www.ontla.on.ca/hansard

then go to ... 37th Parliament, 1st Session, Oct. 20, 1999 to Dec. 20, 1999

click on ... House Debates

then click on ... L027B - Mon. 13 Dec. 1999

I hope this makes your blood boil ... as much as it does mine!!!
Sign the petition ... yes ... but even more importantly, write your MPP ... and/or go see him or her in person and express your disgust.

Also check their voting record on Bill 27. It is on the website.

In my case, my MPP, during a visit to his office, explained that he did not agree at all with the concept of Locked-In pensions. After listening to all his flowery words of empathy for seniors ... I replied ...I checked your voting record and you voted FOR Bill 27 ... how do you explain your opposing positions on the same issue? ... HE COULDN'T ... AGAIN, YOU CAN'T SUCK AND BLOW AT THE SAME TIME

He is not an MPP I'll be voting for in the next election.

Seniors ... please take some to consider the above ... we are not stupid people who need to have our own money rationed back to us, ... we are just as capable as any MPP of managing our own pension monies.

Thanks,
Suffering Senior












quote / posted 10 July 2006 7:02 AM
oldman
Active Member
Registered

Click for profile 		Hi Suffering Senior.

Yes we are all suffering from this unjust legislation And I really hope that everybody takes the time to read those reports.

On another issue an MPP has stepped forward and offered her assistance to help resolve this issue with a private members bill.

I now wonder when this bill is presented will the MPP,S of Ontario Finely allow the People of Ontario the same privileges as they allowed themselves.

If not I hope that every person that thinks that the pensions in Ontario should be unlocked for everybody and not just for the MPP,S will vote for the party that will change this unjust legislation.

Take care Bill C

I am also adding a post that i posted in another forum.

I see MPP Andrea Horwarth has signed the petition and is going to present a private members bill to change the legislation so that locked in pensions can be unlocked in Ontario.

People can still sign the petition as I will be sending it in a few more times before the next election . If the private members bill gets enough votes though . I wont have too.

I would like to stress again . Most employer Have locked in pensions . Federal or Provincial . If You have a pension at Your work place it is more than likely locked in. There will be a time that You will retire and if this legislation isn't changed . You may be going to your financial institution because you could use a little bit extra out of your pension. Your pension may be making more money then you are taking out. The Answer will be sorry there is a set amount controlled by the Government and there is nothing that You can do about it.

Take the time to sign this petition even if You don't have a pension at work.
Eventually you may work at a place that has one. We have to get this changed

http://www.PetitionOnline.com/WRC101/petition.html

While You are signing the Provincial one please take the time to sign the Federal one . We are all in the same boat . We need to change this in all provinces and federal . Not just a few.

http://www.petitiononline.com/Unlock06/petition.html



This is quoted from the petition

" MPP Andrea Horwath As the MPP for Hamilton East and the NDP Caucus Critic for Pensions, I am working on a private member's bill to achieve this here in Ontario

Thank You Bill C.
quote / posted 16 July 2006 9:38 AM
Explorer3w
New Member
Registered

Click for profile 		A little story that hi-lites some of the differences in the Rules:

Locked-in RRSPs

Baby Boomers are just starting to retire and enjoy the rest of their days. Maybe they want to go on Trip around the World, a long Cruise, buy a vacation home in a warmer climate. Time to put all their things in order and see where they are at.

For most people the days of working for the same company all their lives is a thing of the past.

Let's look at an example: Joe Hypothetical

-Joe H. was born in Manitoba. When he gets out of school he starts to work for a Manitoba Company (JAM- stands for Job “A” in Manitoba.
-Later on he gets a job with a Bank in Saskatchewan (JBB – stands for Job “B” Bank, you'll later see why “B” and not “S” for Saskatchewan).
-He then gets a job in Ontario (JCO – Job “C” in Ontario).
-Years later he decides to run for politics and becomes an MPP in Ontario (JDM – stands for Job “D” as an MMP).

He is very happy as all the jobs he had had Company Pension Plans and at the same time he was contributing to Regular RRSPs (in fact he even bought his first house using money from his RRSP, which he later paid back).

Now he is retired. Time to get organized.
He sees that all his RRSPs are grouped together in a Self-Directed RRSP and he is doing quite well. They can be grouped together as there is the same set of Rules all across Canada for Regular RRSPs.

Each time he left a job he transferred his Company Pensions into a Locked-in RRSP. Now he has 4 of them. Well, they are all RRSPs so lets put them all together with the Regular one.

NEVER! There may be one set of Rules for the Regular RRSPs but there is a hodge podge of Rules and Regulations for Locked-in ones.

1. The Locked-in RRSP from JAM is covered by Manitoba Rules so he is allowed to Unlock and withdraw up to 50% (only ONCE).
2. The Locked-in RRSP from JBB is covered by Federal Rules, since it is a bank, so he is NOT allowed to Unlock any. (Note: if it was a Company coming under Saskatchewan Rules he would be able to unlock and withdraw 100% of it.
3. The Locked-in RRSP from JCO is covered by Ontario Rules so he is NOT allowed to Unlock and withdraw any, unless it is a small amount, his life expectancy has been shortened, he is in Dire need (would be subject to how much he has in assets), or is a non-resident of Canada.
4. The Locked-in RRSP from JDM is covered by Ontario Rules so he is NOT allowed to Unlock and withdraw any, unless it is a small amount, his life expectancy has been shortened, he is in Dire need (would be subject to how much he has in assets), or is a non-resident of Canada. WRONG: He is an ex MPP from Ontario and in 1999 they passed Bill 27 allowing ONLY ex MPPs to Unlock 100% of their Locked-in funds.

That's quite the mess he is in. He has all that money and there are Financial Institutions that don't know what Rules they have to follow to help him. Along comes Sammy Scammer who has this scheme where he will show Joe H. how he can access his money 'legally' he says. All Joe has to do is buy certain shares using his Locked-in money. He will keep 80% and Sammy Scammer will take 20%. Sounds like a good plan so he does it, only to find the shares no longer have any value, his Locked-in RRSPs have no value, and he may even be faced with having to pay tax on all the money that disappeared as it is classed as an RRSP withdrawal.

Most Provinces and the Federal Government do NOT allow you to unlock Locked-in RRSPs.

Manitoba allows a one-time 50% withdrawal from Locked-in RRSPs.

Saskatchewan is the leader and allows a person to unlock 100% of their money and do what they want with it.

Oh yes, and ex MPPs from Ontario also gave themselves (ONLY) that privilege.

On the other hand you have complete freedom to do what you want to with Regular RRSPs, and the same should apply to Locked-in RRSPs.

It is now up to YOU. Leave things as they are (being able to withdraw less than $7,000 for every $100,000 you have), or sign the Petition(s) and be able to handle YOUR money as YOU know YOU are ABLE TO (not having to borrow from a Bank or worse for major expenses when they arrive).
quote / posted 20 July 2006 4:50 PM
sufferingsenior
New Member
Registered

Click for profile 		Well seniors ... guess what your Ontario MPP's are up to now

Read "MPPs want pensions" at www.torontosun.com/News/Columnists/Blizzard_Christina

I wonder which MPP ... or ... which political party leaked this "trial" balloon???
quote / posted 26 July 2006 7:36 PM
oldman
Active Member
Registered

Click for profile 		WOW
That is really something suffering senior.
like you say . What happened to their RRSP's.
I just had a discussion with my MPP over the phone 2 days ago. He was quite upset with the last letter I sent to him and the Finance Minister Etc,
He said that MPP's have no pensions and more or less that I shouldn't be sending them Quotes out because they were of things that happened in 1999. I told him .Yes it happened in 1999. That is when the MPP's of Ontario took the seniors for a ride.
When he said that they had no pension. I asked him .Don't you have RRSP's now?
He said Yes. Now they want to have the cake and eat it too. They want RRSP's in one hand and a pension in the other hand and they are hoping that the people of Ontario don't realize that they are both the same thing.
We just have to keep hammering away.

Take Care Bill
quote / posted 27 July 2006 11:16 AM
oldman
Active Member
Registered

Click for profile 		Hi. If You are interested in starting a formal petition in Your area
to send to the Ontario Government.
You can E-Mail me at banjo6@tbaytel.net and I will send You the form
in an attachment.
I tried to post the form but it didn't print properly.

The Petition can be sent to>
MPP Andrea Horwath , Room 156 , Main Building , Queen's Park ,
Toronto , Ontario , M7A 1A5 .

You can print as many papers as needed . Each paper must have the
Petition at the top of it.

Andrea will present any petitions to unlock Locked in pensions to
the legislature.

Let Us have this unjust legislation changed. It was changed for the
MPP,s of Ontario > The People of Saskatchewan > The People of
Manitoba.

Here is a copy of the wording The full petition can be obtained as
an attachment by contacting me Thank You Bill Costello


PETITION

To the Legislative Assembly of Ontario:

Whereas the seniors of Ontario request full access and control of
their locked-in pension funds at age 55 without the current
restriction imposed by government regulation,

Whereas the current government regulation restricts what seniors and
pensioners are able to do with their own savings and limits their
options for an affordable and comfortable retirement.

WE the undersigned petition the legislature of Ontario as follows:

That the Ontario Pension Benefits Act be amended to give the seniors
of Ontario the option to transfer their locked in pension funds
(L.I.R.A., L.I.F., L.R.I.F.) into an R.R.S.P. at the age of 55, as
is the case for seniors in the Province of Saskatchewan
quote / posted 27 July 2006 11:20 AM
chub111
Active Member
Registered

Click for profile 		Hi:

It has been brought to my attention from a lady from PEI that they have a locked in pension that falls under Ontario rules. She mentioned that I have on my petition that it can be signed by Ontario residents only.

That was a mistake on my part. If you have money locked in the Ontario system and want it unlocked.
You have every right to sign as do all residents of Ontario.
some people think that a online petition doesn't get results.
It does. I have received letters from MPP's concerning the petition.
The more signatures the better as I will be sending it in again when the house resumes sitting. Also hopefully we will also have some formal petitions to give to Andrea Horwath to read when she presents the private members bill to Unlock locked in pensions in Ontario.

Please Sign the Petition for Ontario and the federal Government
(Ontario)

http://www.PetitionOnline.com/WRC101/petition.html

( Federal)

http://www.petitiononline.com/Unlock06/petition.html

Thank You Bill C.
quote / posted 31 July 2006 9:00 PM
Explorer3w
New Member
Registered

Click for profile 		MPPs in Ontario are crying they have no pension. Excuse me!

Ontario Conservatives gave themselves nice lump sums as a locked-in RRSP, then promptly allowed themselves (ONLY) to unlock them. Now the Federal Conservatives have voted themselves fat increases.

Will they do the Honorable thing and Unlock our money?

I no longer live in Canada so do not get any benefits. Our son just spent 8 days in intensive care in the hospital here with pneumonia and Dengue. We thought he was going to die when we had to get Blood Plasma brought in from another city (fortunately I contacted a friend who was on his way here from that city). We had to Fax Red Cross the Prescription for him to pick up.

It would be nice to be able to access MY money when I need it, not handed out like we are children. Grrrr.

You can also join: ca.groups.yahoo.com/group/Locked-in_RRSP
and get involved in these or other petitions that may be needed.
quote / posted 31 July 2006 10:01 PM
chub111
Active Member
Registered

Click for profile 		ANOTHER PROVINCE UNLOCKS PENSIONS



Alberta hase now joined Saskatchewan and Manitoba Unlocking pensions for their seniors.

How long is it going to take for the Liberal government of Ontario to start treating there seniors equally to the other provinces .

please sign the online petitions as they help. If anybody in their city or town would like to start a formal petition . Contact me and I will send You the information You need. They need to be sent in around the 25th of September so there is plenty of time to get one going.

I can be contacted at banjo6@tbaytel.net Thank You Bill Costello

Below is the web sites of the online petitions. Please sign them both as one is Provincial and one is Federal.

Provincial

Federal


Here is a write up on Alberta Unlocking their pensions.

August 9, 2006
Albertans age 50 and over have increased access to locked-in retirement savings
Edmonton... Albertans leaving a Registered Pension Plan will have better access to their retirement savings as the result of changes to Employment Pension Plans Act regulations. Effective November 1, people have a one-time option to unlock up to 50 per cent of their locked-in pension contributions after exiting an eligible pension plan.
"Albertans are looking for greater flexibility in managing their retirement savings," said Finance Minister Shirley McClellan. "The regulation changes strike the right balance. Half of the eligible retirement savings will remain locked to ensure Albertans have a stable source of income during their senior years, while the remaining amount can be unlocked to allow increased individual control over retirement income."
To qualify, Albertans must be at least 50 years of age and have written consent from their pension partner. The unlocking option is exercised when income starts to be withdrawn from locked-in retirement savings. This occurs when funds from a Locked-in Retirement Account (LIRA) or eligible pension plan are transferred to a life annuity, Life Income Fund (LIF) or Defined Contribution Retirement Income Account (DC-RIA).
Unlocked assets can be transferred to another tax sheltered vehicle like a Registered Retirement Savings Plan or taken as a cash payout that is subject to taxation.
Holders of an existing LIF or Locked-in Retirement Income Fund (LRIF) also have the option of unlocking 50 per cent the fund's value, but must make their decision by December 31, 2007. After that date, unlocking can only be done when a person is opening a new LIF, life annuity or DC-RIA.
Effective August 10, regulation changes governing LIFs will allow increased access to the remaining locked-in funds. Maximum yearly withdrawal limits have been enhanced to allow greater flexibility during fluctuating market conditions. LIF holders will no longer be required to convert the fund to a life annuity at age 80 and pension partners will be allowed to waive beneficiary status.
The regulation changes also allow LIFs and LIRAs to be invested in a personal or close relative's mortgage.
The LIF improvements have eliminated the need for LRIFs, which will be discontinued effective December 31, 2007.
Financial institutions will be receiving information about the regulation changes and can assist Albertans who are eligible for the new options. Additional information is available through the Alberta Finance website at www.finance.gov.ab.ca/publications/pensions/index.html .
quote / posted 18 August 2006 4:36 PM
chub111
Active Member
Registered

Click for profile 		Hi: I am looking for more signitures for the online petition.

http://www.petitiononline.com/WRC101/petition.html

I have sent out the formal petition to Andrea and I will send the online one to the Premier and all other members of the legislature a little before the private members bill is presented.

Here is a letter I have just sent out to our Premier and other members.

: McGuinty_Dalton-MPP-CO
Cc: Sorbara_Greg-MPP; Andrea; Arnott, Ted; Balkissoon_Bas-MPP-CO; Bill; Mauro_Bill-MPP; Delaney_Bob-MPP; Duguid_Brad-MPP; Broten_Laurel-MPP-CO; Crozier_Bruce-MPP; Cameron; Mitchell_Carol-MPP; Di Cocco_Caroline-MPP; Christine; Bentley_Chris-MPP; Craft_Jonathan; Craitor_Kim-MPP; Daniel; Levac_Dave-MPP; Ramsay_David-MPP; Orazietti_David-MPP; Zimmer_David-MPP; Caplan_David-MPP; Matthews_Deborah-MPP; Cansfield_Donna-MPP; Duncan_Dwight-MPP; Elizabeth; Parsons_Ernie-MPP; Ernie; Jeffrey_Linda-MPP; Garfield; Smitherman_George-MPP; Phillips_Gerry-MPP; Gerry; Gilles; Takhar_Harinder-MPP; Howard; Bradley_James-MPP; Lalonde_Jean-Marc-MPP; Leal_Jeff-MPP-CO; Mossop_Jennifer-MPP; Jerry; Watson_Jim-MPP; Jim; Brownell_Jim-MPP; John; Milloy_John-MPP; Wilkinson_John-MPP-CO; John; John; Joseph; Cordiano_Joe-MPP; Marsales_Judy-MPP; Julia; Wynne_Kathleen-MPP; Flynn_Kevin-MPP; Ramal_Khalil-MPP
Subject: Request to unlock locked-in pensions


The Hon. Dalton McGuinty:

Dear Sir:

I have been reading the statements that You made while discussing Bill 27. Unlocking Locked-in Pensions for the MPP'S of Ontario.

I have come to the conclusion that You didn't think it was very fair to unlock the pensions for the MPP'S and not for the rest of the citizens of Ontario when they retired.

As You know Sir that Saskatchewan 100% , Manitoba 50% , and Alberta 50% have unlocked the locked-in pensions for their citizens when they retired at the age of 55 on.

All we want Sir is to be treated equal to the citizens of Saskatchewan.

You have the power now to treat the citizens of Ontario the same as the MPP's of Ontario and the other three provinces.

Please do the Honourable thing and not discriminate against the citizens of Ontario. Unlock Locked-in Pensions at the age of 55.

Below is some of Your statements Thank You Bill Costello
Box 56 , Atikokan , Ontario p0t 1c0

Mr Dalton McGuinty (Leader of the Opposition): My question is for the Minister of Finance. Minister, with reference to Bill 27, we have discovered deep down inside a delightful Christmas gift that you intend to give to a select group of MPPs in this Legislature. I want to make it perfectly clear in this House today that I and my party will have none of it. Your special provision says that MPPs are going to have special access to their pension funds.


--------------------------------------------------------------------------------
You're going to give a right to MPPs that none of the other 11 million Ontarians are going to be able to enjoy. Your new bill will allow some of our MPPs to have instant access to their pension plan at the age of 55 when you're going to give no other Ontarian that same said right. Minister, how can you possibly justify this double standard?
--------------------------------------------------------------------------------


Hon Ernie L. Eves (Deputy Premier, Minister of Finance): First of all, people are not going to have access to money at age 55; they have to be retired first to access money which will be treated as a registered retirement savings plan. That was always behind the thinking of scrapping the former gold-plated MPPs' pension plan. That was always the thinking. And by the way, that's exactly what your party agreed to when it was discussed at the time.

Mr McGuinty: So that Ontarians, who are paying very close attention to these proceedings here today, understand what we're talking about, everybody outside of this Legislature who's not part of the special group about to be the recipient of a special gift from this government has to be able to plead financial hardship.


--------------------------------------------------------------------------------
They've got to before the superintendent of financial services and they've got to get down on bended knee and plead for immediate access to their locked-in pension fund. There is no such requirement to be placed on MPPs. What you are doing here is giving yourself a right, a benefit, a privilege which is not to be enjoyed by any other Ontarian.
--------------------------------------------------------------------------------




--------------------------------------------------------------------------------
Again, Minister, I ask you, how can you possibly justify this double standard? Why is it that MPPs, from your perspective, are entitled to a very special right and a special privilege that nobody else is entitled to enjoy?
--------------------------------------------------------------------------------


-

Mr Dwight Duncan (Windsor-St Clair):


--------------------------------------------------------------------------------
Absolute nonsense.
--------------------------------------------------------------------------------


.

Mr McGuinty: I must say that my heart bleeds for this Minister of Finance who, when this pension was changed, was left with the paltry payout of close to $1 million at the expense of Ontario taxpayers. That's what we're talking about here today. That's what this is all about.

Let's add all these things up together. This is a government where the Premier doubled the size of his staff. He then gave his staff 30% pay hikes.

Mr McGuinty: Minister, your arrogance is showing. First your Premier doubles the size of his staff, then he awards them a 30% pay hike, then he works a three-, maybe sometimes a four-day workweek, and now we have a piece of legislation being rammed through this Legislature-there will be no public hearings-and it's going to give a select group of MPPs, yourself included, Minister, and also your Premier,


--------------------------------------------------------------------------------
a special entitlement to immediate access to a locked-in retirement account at the age of 55, a right to be enjoyed by no other Ontarian. I ask you again, Minister, how can you justify this double standard
quote / posted 21 September 2006 6:42 PM
chub111
Active Member
Registered

Click for profile 		Hi I am just letting everybody know that is interested that Constituency week is Nov 6 to 10 . There is still time for more signatures on the Online Petition . I will be sending it in on the 15th of October then shortly after will be releasing a press release to some of the papers with some excerpts from the Online Petition.

Take Care Bill C.
quote / posted 30 September 2006 7:18 PM
chub111
Active Member
Registered

Click for profile 		This is a press release that Andrea Horwath MPP Hamilton East office sent to me to inform the many people that have been working in Ontario . Signing the Online petition and writing letters to the McGuinty government to Unlock Locked in Pensions ( LIF ) ( LIRA) ( LRIF ) for Seniors of the age of 55 years plus.

The Private Members Bill to Unlock Locked in Pension's will be presented At the start of Question Period on December 13 th. There will be a press conference at 1 p.m. in the Queen's Park Media Studio.

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.

The online petition site is http://www.petitiononline.com/WRC101/petition.html

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.
quote / posted 08 December 2006 3:04 PM
chub111
Active Member
Registered

Click for profile 		Hi; To anybody that is interested in unlocking locked in pensions . The Ontario Minister of Finance is asking for input from the public for the 2007 Budget .

This is a good time to send in submissions requesting that the Government unlock LIF's , LIRF's & LIRA's
These funds are our own money they are not government run programs Yet the Ontario government is still trying to keep the control of these funds from their rightful owners.

http://www.fin.gov.on.ca/english/consultations/prebud07/calendar.html

The Ontario government unlocked these funds for themselves .

Just as they gave themselves a 31% raise . Yet they have no interest in unlocking the money for the rest of Ontario people.

Saskatchewan . Manitoba Alberta & New Brunswick have unlocked the funds for their people.

It just may be that the Ontario government uses the money from these funds to pay for their raise as when Seniors pass away and then the money is passed to the person's estate it becomes unlocked immediately and then is taxed by the Ontario government at the highest rate.


The only other way these funds become unlocked is if one spouse passes away then they become unlocked for the other spouse.
Or you reach the age of 90. How many of us will reach that age as the average lifespan of a man is around 77 & a women a few years past that.

I was talking to a senior yesterday and she said " Why are You working so hard to unlock these funds .You will be 65 next year and then they will be unlocked"

THIS IS NOT SO. These funds will not come unlocked automatically.

I would advise everybody that has a locked in pension plan to have a serious look at it or else you will be in for a sad surprise when you retire.

Now is the time to lobby the government as more and more people and organizations are getting behind the movement to unlock these funds and every letter that is mailed into your MPP, Premier & Finance Minister helps.

Regards Bill Costello
quote / posted 28 December 2006 8:41 PM
chub111
Active Member
Registered

Click for profile 		To the people that are interested Andrea Horwath NDP presented the private members bill to unlock locked in pensions.

This is the statement she gave in the legislature.


Excerpt from hansard
Official Record of the Ontario Legislature

MEMBER'S STATEMENT
Wednesday, December 20, 2006

It's time the McGuinty government allowed Ontario's 1.7 million seniors to unlock their locked-in pensions. Bill 175, my private members bill, would allow seniors to withdraw up to 100 per cent of their locked-in pension funds. This one measure would instantly add to our seniors' financial independence and quality of life at no cost to the taxpayer.

CARP, Canada's Association for the Fifty-Plus, supports my bill “100 per cent”.

Bill 175 would unlock the vault of pension savings that McGuinty Liberal MPPs are withholding from locked-in pensioners while they themselves care for themselves and their own life savings plans.

I'm sure many people would be surprised to learn that once pensions are locked-in, it is virtually impossible for Ontario seniors to access their money. Only at age 90 can seniors withdraw their funds completely. Until then, they are limited to scant withdrawals of 2.5 to 6.2 per cent of the principal.

Alberta, Saskatchewan, Manitoba and New Brunswick and the federal government have already changed their laws to enable seniors to access some, or all, of their locked-in pensions. But in Ontario, only 61 MPPs have the freedom to unlock their pensions. For everyone else, these pensions are locked tight, cannot be withdrawn except in dire financial circumstances and only with government approval.

Why should our seniors have to put up their hand and ask permission to access their own money, which they saved up over a lifetime of hard work?

Unlike the McGuinty Liberals, I trust seniors to manage their own money. Let's unlock pensions in Ontario for our seniors. They have worked hard all their lives and deserve to reap the fruits of their contributions. Seniors deserve the right to access and control their locked-in pensions and the McGuinty government should respect that right.
quote / posted 06 January 2007 4:13 PM
chub111
Active Member
Registered

Click for profile 		Hi; in the next post is a press release that Andrea gave.
In it it states that 26206 applicants from 2003 to 2006 were granted funds under financial hardship.
I would like to clarify this a little bit.
To apply for funds under financial hardship You have to pay a fee of Minimum $200. to a Maximum of $600. 2% of the funds that You are requesting up to the maximum. ( This is Your Money that You are trying to get ) When You go to a bank they dont charge You a fee to take Your own money out. Yet the government does.
You also have to deduct the value of certain assets you have such as a cottage etc.
After all this You are not allowed to have a income of over $29,133.33.
( There is something drastically wrong with this system.)
Say if You needed an extra hundred dollars a month to pay taxes on your cottage so as You could keep it for the rest of Your life and enjoy it But Your income was $29,133.33.
Well that is too bad . The government Say's sell Your Cottage . Even though You have sufficient funds in Your portfolio to cover these expenses and would have sufficient funds for You retirement.
This is Your Money and the Government should not have control of it.
Andrea,s Press release will be following in the next post.
Bill C.
quote / posted 07 January 2007 6:55 PM
chub111
Active Member
Registered

Click for profile 		HORWATH'S BILL WOULD LET SENIORS UNLOCK THEIR PENSIONS
QUEEN'S PARK – Hamilton East MPP Andrea Horwath says she has the key that would allow seniors to unlock their locked-in pensions.
The NDP Pension Critic will introduce a private members bill today that would allow seniors to withdraw up to 100 per cent of their locked-in pension funds.
“Seniors want the right to access and control their own money and the McGuinty government should respect that right,” said Horwath.
Alberta, Saskatchewan, Manitoba and New Brunswick and the federal government have already changed their laws to enable older adults to access some, or all, of their locked in pension, Horwath said. But in Ontario, only a select number of MPPs have the freedom to unlock their pensions. For everyone else, pension funds that are in locked-in accounts cannot be withdrawn except in certain specified circumstances.
From April 2003 to March 2006, there were 29,821 people who applied to the Financial Services Commission of Ontario for permission to unlock their pensions. Of those, 26,296 were approved.
“At a time when so much is being said about offering choice for senior citizens, a law to let them choose whether or not to unlock their pension is long overdue,” Horwath said.
Horwath's Pension Benefits Amendment Act, 2006, would amend the Pension Benefits Act to allow up to the entire amount in the account to be transferred into a registered retirement income fund.
The MPP says she's heard from many seniors like Milverton's Bill Nafziger who strongly object to the rule that says people can't cash out until age 90 and are limited to withdrawals of 2.5 to 6.2 per cent of the principal they have locked up in annuities, LIRA, LIF or LRIF plans.
Bill Gleberzon, Director of Government Relations of CARP, Canada's Association for the Fifty-Plus, said his group supports Horwath's bill “100 per cent”.
"Unlocking locked-In funds will not cost the Province a single penny,” Gleberzon said. “It will end outmoded paternalism and enhance the independence and quality of life for those with LIFs. Allowing access to the principal in locked-in funds is the right and fair thing to do for Ontarians -- especially since a precedent was set in 1999 under Bill 27 when 61 MPPs were permitted to do so," he said.
quote / posted 07 January 2007 6:56 PM
chub111
Active Member
Registered

Click for profile 		Hi ; A friend asked me to post this
Also I am still taking signatures on the online petition to Unlock locked in pensions.
I will be sending it in again as we have to keep the pressure on.
Thanks Bill C.

Suppose that you as an average Ontarian contributed $150,000 to an RRSP during your working lifetime.

Your retirement plans include budgeting the $150,000 RRSP plus income tax savings resulting from a lower income during retirement.

Then you experience disbelief at retirement because:

- you are only entitled to $50,000 during your retirement years with no access to the remaining $100,000 which goes to your spouse only after you die

- your spouse can spend the $100,000 with no stipulations only after your death

- the only way to get more than $50,000 in your retirement years is to send the government (FSCO) up to $600 after reading/completing a 15 page application explanation and completing a 20 page application. The government then determines if you are eligible for additional money because of your dire circumstances.

Disbelief turns to anger because:

- you can only get 1/3 of your RRSP funds in your retirement with restricted and/or no access to the remainder

- your spouse gets the 2/3 of your RRSP funds after your death with no restrictions

- you are unable to achieve any income tax savings and then realize that Revenue Canada view the RRSP funds in your spouses estate after her death as income in one year and assesses a high tax rate

- a paternalistic Ontario government controls and budgets your RRSP money in your retirement years, not you



Imagine the public reaction in Ontario if the above scenario occurred.

Few financial planners, pension consultants and others that I have encountered are aware that these consequences applies to all Ontarians who have contributed to a locked in pension plan instead of an RRSP.

The 61 Ontario MPP's in 1999 who used Bill 27 allowing them and nobody else, to transfer their locked in pensions to an RRSP were certainly aware of the consequences of a locked in pension.



Bill N.
quote / posted 08 January 2007 3:18 PM
chub111
Active Member
Registered

Click for profile 		Hi This is to the people that hold a locked in pension from Ontario that have e-mailed me.

My address folder with the address that I used to answer to people who mailed me about unlocking locked in pensions disappeared. Sorry!

I am switching to a Yahoo e-mail address . That way I will be storing the address on line and they wont get lost.

My new address is l6oldman@yhoo.ca

We have started a mail out program to try and reach as many people with locked in pensions as possible and I would have mailed this out personally but with no address I cant.

If a person would like to forward this on through their mail .Just copy and paste this in your letter

Thank You Bill Costello

It has a heading of " We need your Help"

Please pass this on to as many people as you can.

You or some one in Your family or a friend or their family may be in this situation of having money locked into a locked in pension plan ( LIF, LIRA, LRIF ) It does not matter what province You live in or what Country You live in. If You have one of these plans in the Province of Ontario it concerns You. If You have moved elsewhere the plan still needs to be Governed by Ontario rules.
This is Your OWN money not OAS or CPP.

A number of people , CARP (Canadian Association of Retired Persons) , And Andrea Horwath MPP are trying to convince the Ontario government to unlock these pensions for the people 55 Years and older when their pension plan is transfer into a locked in fund where they are able to draw on it.
We would like these funds transferred into a RRIF like any ordinary RRSP is allowed to be placed.

The MPP,s of Ontario Unlocked these funds for themselves in 1999 but did not unlock them for anybody else. ( Unbelievable but TRUE )

Saskatchewan unlocked these funds 100% for their people.
Manitoba unlocked 50%
Alberta unlocked 50% But Ontario refuses to unlock . The drive to unlock these funds has been going on for some time now but with the momentum we have with TV interviews and newspaper coverage, The Private Members Bill The election coming up. Now is the time to really put the pressure on.

Andrea has presented a private members bill to accomplish this but needs the backing of the MPP's of the house to make it law.

The way it works now is the government controls the purse strings on money that You put away for Your retirement. They just allow you to take basically the interest on the principle. This is all Your money when it is transferred into a locked in account. When You and Your spouse pass away and the money is passed to your estate most of the money will be still in there ( unless You are lucky to live to be 90 +) Then the government will be able to tax it at a high rate as everything comes due to be taxed at You and Your spouses death ( Plain theft as far as I am Concerned)

Way's a person can help are. Sign the online petition. ( You do not need to be a senior or in province to do this and you do not need to hold a locked in pension at this time You may work for a company that has one in the future. )

http://www.petitiononline.com/WRC101/petition.html

You can contact Your own MPP and tell him to support bill 175 the bill to unlock locked in pensions.
You can E- Mail the Premier Dalton McGuinty
You can E-Mail the Finance Minister Greg Sorbara and tell all of them You want these pensions unlocked.

Hon. Dalton McGuinty 1795 Kilborn Ave
Ottawa ON K1H 6N1

Tel : 613-736-9573
Fax : 613-736-7374
email : dmcguinty.mpp.co@liberal.ola.org

Hon Greg Sorbara Unit AU8 - 140 Woodbridge Ave
Woodbridge ON L4L 4K9

Tel : 905-851-0440
Fax : 905-851-0210
email : gsorbara.mpp.co@liberal.ola.org

Further information on
the provinces plans can be found in this Forum and the arguments for and against unlocking these funds

http://discuss.50plus.com/ubb/Forum...L/000830-6.html

Thank You Bill Costello
quote / posted 13 January 2007 2:17 PM

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