Bill C

Hi Everybody ; I thought I would pass private members bill 116 's address in case you would like to look at it . http://www.ontla.on.ca/web/bills/bills_det...amp;BillID=2074 Ted Chudleigh MPP Halton has assured me that he is fully committed to having these pensions unlocked as is his party . He said if the current government should prorogue parliament he will present it again under a new number . Please e- mail your MPP and ask him/her to support bill 116 . You could also e-mail Premier McGuinty and ask him to let this bill pass . We have a petition in the works that I will mail out as soon as it is ready . On another front a Liberal MPP is also having unlocking pensions 100% put on the agenda for discussion in the next caucus meeting February 4 . There are a number of Liberal MPP's that already support unlocking 100% , with your encouragement maybe we can get more . I have received a letter from Gilles Bisson one of the NDP candidates that they now have decided to back unlocking 50% . I have asked him why the Turnaround from Andrea's private members bill of 100% . His reply was it was a party decision . I have not yet received a reply from any other of the candidates when I asked what percentage of unlocking they support. I would ask of you all to mail the 4 NDP candidates and ask them why the change . I thought they always say they are for the people . Do they now feel that we are not competent enough to look after our own money . We are getting to the stage that I really belive that we are going to succeed in having this cruel legislation changed . We just need the support from all of you and anybody else you can reach out to , to also mail the MPP's of Ontario and ask for LIF , LIRF , LIRA pensions be unlocked 100% . To anybody out of province that has a locked in pension in Ontario or feels that this unjust legislation should be changed . You can e-mail Premier Dalton McGuinty and ask for change . [email protected] Until I have further Information , Take Care Bill Costello , The Ontario Coalition of Independent LIF Holders

Quote " BillC, you missed your true occupation in life. You should have become a lobbyist. " August 1991; No thanks . I am quit happy with what I was . A Welder - Fabricator . The only reason I am doing this is that I have received so many e-mails from people that tell me how this curent legislaion has ruined their lives . Just ordinary citizens . I am at the stage that changing this legislation will no help me much any more , but I can not quit because so many people need this changed . Make fun if you must but this is a real problem for real people . Regards Bill Costello

Hi All ; I have just been notified by Ken Elliott that there is another Private Members bill to unlock locked in pensions 100 % in Ontario . We can use all the help we can get from concerned Ontario Citizens , or if you are in any other province and hold a Ontario locked in pension . mail your MPP's of all party's , and asking them to support bill 116 on your behalf . It would also be helpful if you also mailed Dalton McGuinty Premier of Ontario . Here is the addresses of the MPP's . http://www.ontla.on.ca/web/members/members..._mpps&go=go If you are stuck for words this is a letter Philip James set out to his MPP. " Hello Peter. We have received information that Mr Chudleigh of Halton has introduced a private members Bill to finally level the playing field Re: Locked in Pensions. His Bill states that all should get 100% unlocking as did the 61Mpp,s back in 1999, with some still sitting including Dalton McGuinty. My question Peter is straightforward. Can we the pensioners of Ontario count on your yes vote for Bill 116. Your response will be appreciated. Regards Philip James , The Ontario Coalition of Independent LIF Holders . " As Many of You know these locked in Pensions are Pensions arriving from your own private pension plans and the Ontrio Government has no right to keep them locked in when there has already been a presedent set in 2002 in Saskatchewan when they unlocked 100% for their Citizens , in 1999 61 Ontario MPP's passed legislation to unlock their pensions for them selves 100% . This is your own money not Government money . This is not CPP or QAS . Please pass this on to as many people as you can . We need to fight the unjustness of the curent legislation . Thank You Bill Costello , The Ontario Coalition of Independent LIF Hoalders -------Original Message------- From: kenneth elliott Date: 1/12/2009 12:20:00 PM To: philip james; Grant Fleury; Bill Costello Subject: Bill 116 Hi all, Just received this e-mail this morning ... let's keep the pressure on ... even Chudleigh in his first sentence is acknowledging that MPPs have been given an exemption on locked-in pensions Ken ----- Original Message ----- From: Ellis, Ben To: [email protected] Sent: Monday, January 12, 2009 11:05 AM Subject: [sPAM]Locked-In Pensions Dear Mr. Elliott, I have been informed that you are interested in the issue of legislation surrounding locked-in pensions and the exemptions for certain people including the terminally ill and MPPs. As you may have heard, Mr. Chudleigh has tabled legislation recently that would “level the playing field”, so to speak. Bill 116 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 for all Ontarians. The transfer could be made at age 55 or, if the pension plan provides for retirement at an earlier age, at that age. In drafting this legislation, Mr. Chudleigh is attempting to undo and simplify the complicated laws which rob people of the right to spend their own hard-earned money. As a conservative, Mr. Chudleigh feels that retirees deserve more respect, and do not need pensions rationed out by government like parents giving allowance to their children. Beyond that principle, Bill 116 would act as a significant and timely stimulus to the economy. Bill 116 will be given second reading some time in 2009, at a date yet to be determined (depending on Mr. Chudleigh’s ballot day). At that time, we hope there will be serious debate on this issue both in the House, in the media and in the public. Even if Bill 116 fails to pass, we hope that the Liberal government will take note of the issue and at least introduce legislation that changes the current system. I understand the frustration that exists regarding this matter but there are several steps that can be taken to increase our chances. For instance, as a private citizen you might start a petition or letter-writing campaign, perhaps in concert with an organization like CARP. If you were able to stir up enough support, Mr. Chudleigh could read them into the record and demonstrate to the McGuinty Liberals that there is real public clamoring for change. I would be happy to help with this process. Please feel free to contact me anytime to discuss this or other issues. Best regards, Ben Ellis Executive Assistant to Ted Chudleigh, M.P.P. Halton P.C. Critic for Economic Development and Trade

August 1991 . It would be nice if you knew what you were even talking about . None of this is Government Money Nor is it a Tax Break . If you take the Money out You pay Tax on it . If you take all of it out at one time . You pay the maximum tax . This is not Government money not CPP Not OAS . This is a person own personal money that was put away for retirement. Read the forum and just maybe you will understand . Why don't you study the issue before you comment on something you obviously know nothing about . Bill C

Hi MadMax ; Capricorn couldn't have said it better. A lot of pensioners have their funds in safe ventures . There are still many of us including me that have stayed in the markets . I wish I was one of the smart ones, but that is another story . As Capricorn said a person is only allowed to withdraw a percentage of their fund and the rest remains locked in. At the end of this year the percentage will be calculated and that will mean that people that are still in the markets will have less income coming in. If it is at the bottom at that time , that is what the next years payout will be based on. The markets could pick up early next year ( Miracles have happened ) . That wont matter . The income will still be based on the end of year figures. With pensions unlocked , people would be more able to regulate their income. After all . That should be their decision . It is their own money. Regards Bill C

Liberals hypocritical on pension unlocking : This is a letter sent out to all Liberal MPP's . Mr Duncan ; Thank you for responding to my letter . Even though your response was still the Same Old , Same Old . I would like to quote you on some of your response . Quote " As you mentioned, some MPPs voted to unlock their RRSP-type retirement arrangement in 1999 " " This legislation was passed by the former government despite the objection of Liberal MPPs . The Liberal Caucus Opposed to compleat unlocking in 1999, and its views remains consistent . " You are Correct in the above statements . I would like to now Quote for You also what Your Premier said at that time . " I want to make it perfectly clear in this House today that I and my party will have none of it." Dalton McGuinty plus Jim Bradley , Michael Brown , Sean Conway , Elinor Caplan , Monte Kwinter , Lyn McLeod , Gerry Philips , David Ramsay , Tony Rupercht , Richard Patten , and the list goes on took all of it . 100% Unlocking !!!!!! Don't you think Mr Duncan that Your party is being a bit Hypocritical ,letting members take all of it when they retire ,when your leader said " MY PARTY WILL HAVE NONE OF IT ". You Can be sure of one thing Mr Duncan that I and The Ontario Coalition of Independent LIF Holders will continue to inform the Seniors of Ontario who all the members of the Liberal Party are that will have 100% unfettered access to their pensions on retirement . Where as any other citizen of Ontario has to wait until they are 90 Years of age OR DROP DEAD so they may receive the same privilege. To Me Sir HYPOCRITICAL is not a strong enough word for the disparity and hardship You and the Liberal Party are forcing on the SENIORS of this Province . People that worked hard all their lives . People that saved all their lives for a comfortable retirement , And now You Sir and your party are denying them their own money in their golden years . Bill Costello , The Ontario Coalition of Independent LIF Holders .

Letter to Dalton Mr. McGuinty ; I see that you are asking the Federal Government for Fairness for Ontario on TV and through the papers. You say that we in Ontario should be treated fairly . Quote "Ontarians are not looking for special treatment. We're looking for the same treatment. We're looking for – we're demanding – fairness." Although I do agree with you on this issue . I think back how the Seniors of Ontario have been asking you for the very same thing for the past three years .(((( FAIRNESS )))) Seniors are not looking for special treatment . We,re looking for the same treatment as the 60 MPP,s of Ontario received in 1999 . Many of them from your party , and the same treatment the Seniors of Saskatchewan received in 2002 . We are looking for- we are demanding - fairness . We are asking you to treat the Seniors of Ontario with fairness , just as you wish to be treated . Unlock - Locked in Pensions for the Seniors of Ontario and treat them fairly . Bill Costello The Ontario Coalition of Independent LIF Holders

Ontario A Have Not Province -------------------------------------------------------------------------------- Hi folks, Copying everyone on the May email sent to each of the 107 MPPs and various newspapers in Ontario. Regards, Bill Nafziger Ontario is a “Have Not Province” for Seniors with Locked-in Pensions. During 1999, MPPs in Ontario and Saskatchewan discussed the consequences of locked-in pensions for their retirees. Dalton McGuinty eloquently expressed the unfairness of locked-in pensions, commenting on Ontario Seniors as “getting down on their bended knee asking for their own pension money”, as evidenced in the 1999 Hansard. The discussions in Ontario resulted in 61 MPPs of all parties unlocking their pensions in 2000, but denying the same right to all other Ontarians with locked-in pensions. Saskatchewan’s decision in 2002 was to unlock 100% of their locked-in pensions for their retirees. "There'll be no restrictions on the amount of withdrawal that can come out," says David Wild, superintendent of pensions. "Anyone with a locked-in retirement account will have the option of moving monies to a RRIF [registered retirement income fund] at retirement. Anyone who already has a LIF or an LRIF in Saskatchewan will have that money in a RRIF immediately. So the LIF and LRIF will no longer exist." According to Wild, retirees, financial planners and financial institutions had become "frustrated" with LIF and LRIF rules in the last four years. On a technical basis, he says, they couldn't plan ahead because maximum withdrawals from LIFs and LRIFs change according to market conditions. Also, many found the formulas for calculating maximums complicated. On a philosophical level, Wild says regulators "received complaints, such as 'I'm a responsible adult. Who is the government to tell me how much money I can withdraw from my own LIF or LRIF?'" Ontario reacted six years later in 2008, unlocking an insulting 25% of locked-in pensions. Ontario locked-in pension holders paid between $5.2 and $15.6 million in financial hardship application fees, to the Financial Services Commission of Ontario (FSCO) over a three year period (2003 to 2006) to reject only 53 out of over 26,000 applicants. Taxpayers paid for additional remaining costs. Ontario continues to require these huge costs, to support a full-time department at FSCO , whose sole objective, is to determine which pensioners can have access to more of their own money. Saskatchewan pensioners and taxpayers paid nothing, as their government allowed pensioners the flexibility to determine their own income streams. Saskatchewan moved past the “age of government paternalism” in 2002, which continues to exist in Ontario in 2008. Perhaps this is another reason why Ontario is moving towards a “Have Not Province”. Best regards, Bill Nafziger Member: Canadian Association of Retired People Ontario Coalition of Independent LIF Holders Common Front for Retirement Security

Hi Everybody; I just thought that I would let everybody know that the 50 plus site has opened up a forum strictly on pensions. It would be a good place to check out if you have questions on any pensions as hopefully some one there will respond and help you out. http://discuss.50plus.com/ipb/index.php... Take Care Bill C

A Letter on Deaf ears -------------------------------------------------------------------------------- Hi Everybody; Well here is another letter sent out to a government that doesn't really care what the people of Ontario want. Apparently all they want to do is line their pockets. After voting them selves a 35% raise just before Christmas , they are lining their pockets again with another raise. They are the highest paid MPP's in Canada. Maybe that is why they refuse to unlock our money. They need that money when each senior passes away and they tax their estate at the highest rate so that they will be able to keep their pockets full of money. Hon Dalton McGuinty; ??????? Dear Dalton ; As you may have noticed . The Federal Government is now going to allow the unlocking of 50% of Federal Locked-in pensions in Canada. This means that well over 50% of the Citizens of Canada will have a privilege that is being denied to the Citizens of Ontario. Federal 50% , Alberta 50% , Saskatchewan 100% , Manitoba 50% ,((( Ontario 25% ))) I have heard that British Columbia is also considering unlocking 50%. Your past Finance Minister Greg Sorbara during a interview concerning locked-in pensions in answer to the Question " Do senior citizens really need protection from unscrupulous investors?" On a CBC Radio interview Stated . " I don't think that this has any thing to do with protecting senior citizens from investors whether unscrupulous or not. " Your Now Current Finance Minister Dwight Duncan now States . " the Ontario government is concerned that full unlocking of locked-in accounts could put retirement income at risk. The rational is simple , these funds are important in ensuring that seniors are provided with a regular income stream throughout retirement despite the uncertainty of an individuals life expectancy , future investment ,returns and inflation." It appears that your Finance Ministers answers depend on is if there is a election or not. Before a election Your government isn't concerned if a Senior is capable of looking after their own funds . ((( I would like to remind you this is our own funds ))) Now that the election is over Your government is saying in a nice way that only the Seniors in Ontario are to Stupid to look after their ((( OWN FUNDS ))) Not government money !!! We were smart enough to save money for retirement. We are also smart enough to use it and invest it wisely. PEOPLE AND ORGANIZATIONS THAT SUPPORT UNLOCKING LOCKED IN PENSIONS 100% . Jack M. Mintz Professor Of Business Economics ,Rotman School of Management , Malcolm Hamilton,Actuary ,Mercer Human Resource Consulting Toronto , Gordon Pape , Renowned Financial Expert , One Thousand Eight Hundred Signatures on the online Petition that has requested that the Government of Ontario Unlock LIRF , LIRA , LIF 100% CD Howe Institute , Canadian Economic And Social Policy Think Tank, CARP , National Advocacy Organization For The 50 Plus , 250,000 members in Ontario , The Common Front For Retirement Security , 2 Million Members across Canada . The Ontario Coalition of Independent Locked-in Fund Holders , Ontario Coalition of Senior Citizens Organizations. My Question Is why does the Liberal Government of Ontario Refuse to unlock Locked-in Pensions 100 %. Especially when A good Number of Current Liberal MPP'S will enjoy this Privilege at the age of 55 or when they retire. Bill Costello

Hi Everybody; Here is a artile that Grant has sent out to a number of papers . Locked-In Pensions: Live Poor Die Rich March 17, 2008 Many retirees today living with locked-in pensions are barely getting by and are increasingly becoming poorer with each round of rate hikes of their most basic needs. Some are often faced with no other choice but to give up the home they’ve worked for all their lives in order to obtain additional money just to survive. The real costs facing seniors, especially in the current economic climate, are escalating uncontrollably due in large part to the rising price of energy to heat their homes, gasoline for their cars, water and sewer charges, endless property tax hikes and the rising costs for food. If you are one of these people depending on your Ontario regulated LIF or LRIF pension to see you through these tough times, the money in your locked-in pension will outlive 99.9% of you. That’s right, according to Statistics Canada, less than one half of one percent of our seniors will ever reach 90 years of age, which is the age that you would get the final 50% of the balance of the money in your locked-in pension. Therefore, 99.9% of you with LIF’s or LRIF’s will certainly die with at least 50% of your pension money left behind to your successor all the while living out your golden years staring into your pension fund without ever getting to actually use the bulk of it. Even at the average life expectancy of 78 for a male and 82 for a female, the government still only allows a paltry 11 to 12% annual access to your locked-in pension at those ages. This is why you will certainly live poor and die rich when it comes to your locked-in pension. The Ontario government, which regulates access to your locked-in pensions, is out of touch with the 6% annual access it grants seniors to their own pension money. They appear oblivious to the plight of these pensioners and provide no practical means to increase the rate of access to those with locked-in pensions to meet the ever-increasing real cost of living. While other provinces and the Federal government allow from 50% to 100% access to their regulated locked-in pensions, the Ontario government continues to remain far behind with a one-time access of only 25%. They continue to ignore and refuse to listen to the will of its seniors who are seeking 100% access to their locked-in pensions instead of remaining shackled with this out-dated indifferent legislation. This is completely unacceptable and cruel to those seniors who would normally be able to afford to keep up with the rising cost of living if greater or full access to their locked-in pensions would be made available to them as was done for 61 Ontario MPP’s back in 1999 when they passed legislation that unlocked their own locked-in pensions. The Liberal government today, continues to support the double standard that it’s current leader hypocritically and eloquently denounced back in 1999 when legislation was passed to exclusively unlock MPP’s pensions 100% while ignoring all other Ontarians with similar pensions. Further, the Ontario government is clearly inconsistent with its own economic strategies when on one hand it allows providers of essential services to set their own pricing based on the free market model of supply and demand, and on the other hand, through discriminatory and archaic legislation, prevents it’s senior population from keeping up to these market driven rising costs by fixing a limited amount of access to their private locked-in pensions. How can this paradox be allowed to continue when those with locked-in pensions aren’t allowed the same freedom of access to their pensions to keep up with the market’s unrestricted freedom to set pricing of goods, services, taxes and other basic necessities. The current policies and philosophy regarding locked-in pensions were developed back in the day when the day-to-day costs of these basic necessities rarely rose at all. Those days are long gone, but the outdated legislation governing Ontario’s locked-in pensions are not. Tight government interference with seniors’ private locked-in pensions simply must be eliminated in order to allow these folks a fighting chance to keep up with the ever increasing real cost of living, especially when they don’t often have any other means to increase their income other than through their LIF or LRIF pensions. The Ontario government’s insistence on limiting its seniors ability to manage these burgeoning costs with its paternalism over their own pension money is bordering on white collar elder abuse and is outright shameful. This government is completely out of touch with its senior population and continues to ignore private members bills, lobbying by private citizens, prominent financial experts such as Jack Mintz, Malcolm Hamilton, Gordon Pape etc., petitions with thousands of signatures, CARP and the Ontario Coalition of Independent LIF Holders. It’s time for the Ontario government to do as Saskatchewan did in 2002 and eliminate locked-in pensions altogether thereby allowing 100% access to Ontario seniors’ private pensions and thus the opportunity to keep up with the spiralling personal cost of living by managing the money in their own LIF and LRIF pensions as they see fit. Ultimately, if the Ontario government does not abolish these archaic "out of touch" regulations and end the control over its seniors’ LIF’s and LRIF’s, 99.9% of Ontarians with locked-in pensions will surely continue to live poorly and die rich, leaving the majority of their money behind that could have been used to provide them with the quality of life they’ve earned for themselves while alive. Grant Fleury, Ontario Coalition of Independent LIF Holders Sudbury

Hi ; I am still hearing of people going to their Financial institutions to unlock their pensions 25% and are being told they have to wait. I have went into mine. RBC and they are set up for unlocking. Here is what I have found out ! The advisors have not been given any instructions to advise their clients of a problem a person may run into if they are currently drawing a monthly income from their fund. ((If You transfer into a New LIF and unlock your 25% now. You will have to advise your institution that you want the remainder of this years income )) You will not be able to draw on the New LIF until January 2009. If you do not take the money out first it will be rolled back into your locked in account and the 25% taken out of the total. This would cause a loss of X number of dollars that you could have taken out of the locked in fund. There is another Catch ! The money that you would normally take out as monthly income has to be taken out as a lump sum. (( Note the Money I am talking about is not your 25% but is the percentage for this year that you are allowed)) Taking it out as a lump sum then disqualifies it as Pension income and therefore disqualifies it for income splitting. If a person does not need the 25% immediately . One way to make every thing Qualify is to leave your money in your locked in fund until you have taken your second last payment out. (( November or early December )) and then transfer into your new LIF before January 2009. This way your monthly payments will start again in January 2009 Calculated on the remaining locked in amount. I am not a Financial advisor and this information was arrived at by sitting down with my advisor and discussing the issue, Each individual may have a different circumstance so it is Best to talk to your advisor. The only thing you sould remember Your advisor may not be fully informed by their institutions on all the facts, My advisor was only given instructions to deal with the LIF (( Nothing else )). Regards Bill

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

Thanks Capricorn; I have had a few people inquiring what places were offering to unlock. Apparently there are some places that are dragging their feet. One person was even told maybe late fall. On another note . If a person is in the stock market it doesnt look like a very good time to take out your 25%. We do have until the 31st of December /08 to buy into a New LIF and then from what I understand 60 days there after to draw the 25%. At any rate if a person is withdrawing now . Have a good talk with your institution Advisor. Also please remember that if you are currently taking income from your current fund . Remove your allowed amount for this year as a person is not allowed to withdraw from the New LIF until the next calendar Year. Regards Bill C

Hi All ; I am just reminding everyone who is going to be transferring the 25% out of their locked in fund into a RRIF or RRSP. If You draw a income from your locked in fund during the year . Make sure that you transfer your yearly allowed income out of your locked in fund and put it aside in a account so that you can use it for income through out the year. Do this((( BEFORE))) You transfer into a new LIF fund in order to draw your 25%. If you do not do this you will not be able to draw from the NEW LIF until the next calendar year and would then have to withdraw from your 25% instead. DO NOT just leave this up to your financial institution as we have found the advisers are not always fully informed of change.. Also Remember once you have transferred into a new LIF (((( You have only 60 days to make your 25% withdrawal . After that you have lost the opportunity. )))) There have been new rules added to the FSCO web site since the New Year. To check them out go here. http://www.fsco.gov.on.ca/english/pensions...anges.asp#how25 Q: Is the maximum annual income payment amount in the first year of a New LIF calculated based on the original amount transferred into the New LIF, or is it calculated using the adjusted amount after a 25% unlocking withdrawal has been made? For example, a New LIF is purchased with $100,000 deposited into it from a LIRA on the date of purchase. Fifty days later, the owner withdraws 25%, which leaves $75,000 in the New LIF. Is the first year maximum annual income payment amount based on $100,000 or $75,000? A: The maximum annual income payment for the first year is based on the balance of the New LIF at the start of the New LIF’s fiscal year, regardless of any amount subsequently withdrawn. In this example, the maximum would be based on $100,000. (((((((Note, however, that if the money deposited into the New LIF came from an Old LIF, LRIF or another New LIF, the maximum annual income payment amount for the New LIF for that fiscal year would be zero.))))))) WE are still going after 100% unlocking in Ontario as Saskatchewan did for their citizens in 2002. If you are outraged how the Ontario government restricts the Retire's from (((Their Own Pension Money.)) ((( This is Not Government Money.))) Please write to your Premier , Finance Minister , Minister Responsible for Seniors , And Your MPP and tell them you want these pensions unlocked 100%. You All Take Care Bill Costello

Locked in Pension Survey -------------------------------------------------------------------------------- Hi All; This is a survey I would recommend filling out. It is being done in British Columbia and recomended by CARP Every province that unlocks pensions helps us accomplish it in Ontario and Federal. It does not matter what Province your pension is in or if it is Federal. Everybody can fill this out if they wish. Please also send this on to anybody you know that has a locked in pension. Regards Bill Costello You're invited to participate in a survey about retirement planning and private pension plans. Will your pension be there for you? • Do you have a private pension • Have you ever needed ‘instant access’ to your locked-in private pension funds? • Would you like to have the option to ‘instant access’? If you answered ‘yes’ to any of the above questions then we want to hear from you!! Please find below a link to a survey about retirement planning and private pension plans. Survey results will be used by Simon Fraser University researchers to generate policy alternatives with respect to the locking-in of private pension benefits. CARP is happy to help with the research and urges former private pension members to complete the survey as thoroughly as possible. This survey is voluntary and you can withdraw at anytime. Your responses are confidential and will not be distributed to third parties. In clicking on the below link you are consenting to participate in this study: http://www.surveymonkey.com/s.aspx?sm=1DGg...FeX40_2fA_3d_3d We thank-you in advance for your contribution to this important research.

Christmas Letter to Dalton -------------------------------------------------------------------------------- Hi Folks: This is a Christmas Letter sent to Dalton. Maybe You would also like to send one and ask Dalton to think of the Seniors in the New Year instead of acting like Mister Scrooge. Merry Christmas And a Prosperous New Year Regards Bill Costello. Hon Dalton McGuinty [email protected] Premier Hon Dwight Duncan [email protected] Minister of Finance Hon Aileen Carroll [email protected] Minister Responsible for Seniors Good morning Mr. McGuinty, Once again it is Christmas time and once again it is time to remind you of the plight of seniors who hold Locked-In pensions. The Legislative Hansard reveals that on December 15, 1999 you asked the following question of then Finance Minister Ernie Eves. "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 age 55 when you're going to give no other Ontarian that said same right. Minister, how can you possibly justify this double standard?" Bill 27 to which you referred was called An Act To Amend The Pension Benefits Act And The MPPs Pension Act. It received Royal Assent on December 22, 1999. Despite you personally having voted against Bill 27, as did other members of your Liberal party, your words of December 15th 1999, ... "I and my party will have none of it" ... have proven to be totally false. In fact, just the opposite has turned out to be the REAL truth. There were members from your own Liberal party who received extraordinary financial gain with respect to their pensions, despite having voted against Bill 27. Further, the person who received the most financial gain was none other than your former Liberal colleague, Mr. Sean Conway. Mr. Conway's own words from the Legislative Hansard for December 13, 1999 were ... "Make no mistake about it: Some of us, with names like Conway, Harris, Eves, Sterling, Runciman, are very substantially advantaged by a portion of this bill, and it is wrong that we should be so advantaged. ........... What we have here today, I say to my friends, in one particular respect is another sweetheart deal for a few members of this Legislature named Harris, Eves, Conway, among others. I want to make it plain. No one benefits more from this change than I do. It's a wrong thing for me to support. I would go even further and say it's immoral." Today, Mr. Conway has unfettered access to over $1 million of pension money that had previously been designated as Locked-In pension money. Yet he said such exclusive privilege was both wrong and immoral. Now, let us fast forward to Christmas 2006. As reported in the CTV article below of December 21, 2006, you Mr. McGuinty, were initially opposed to the magnanimous pay raise that was being proposed for MPPs. However upon the final vote being taken, you ended up being a major recipient of this magnanimous pay raise. Once again, MPPs, including yourself, received extraordinary financial gain just before Christmas. Once again too, you have profited from gains achieved, in some measure, on the backs of seniors who hold Locked-In pensions. Where certain special MPPs in 1999 received unfettered access to their pension monies at age 55, monies that had been accrued entirely from within a defined benefit plan called the infamous MPPs gold-plated pension plan, you now have had the audacity to allow seniors unfettered access to only 25% of their pension money, with the full access being delayed until age 90. As you well know, most seniors will not be alive at age 90 and as such will forfeit much of their hard-earned pension monies to the government in the form of estate taxes. Yet your fellow Liberal colleagues such as Jim Bradley, Sean Conway, Elinor Caplan and Tony Ruprecht, and the list goes on, who also may not be alive at age 90, get 100% unfettered pension access at age 55 and thus are able to enjoy their pension monies while still living. It is these forfeited pension monies that are paying a portion of your magnanimous pay raise. Also, the CTV article below makes reference to the fact the MPPs no longer have a pension plan. Such information from MPPs is flat-out deception of the public through semantics. Each MPP does have a pension plan. It is called an RRSP plan to which they now have unfettered access. What each MPP no longer has though, is membership in the former MPPs gold-plated defined benefit pension plan. Under relentless pressure from the public because of the inordinate pension benefits that politicians had bestowed upon themselves over the years, this plan was dissolved in 1995. The 10 per-cent of earnings that is now being contributed to each MPP's RRSP plan is in part coming from seniors who own Locked-In pensions. These are the same people Mr. McGuinty, to whom you refuse to extend unfettered pension access privileges. Mr. McGuinty, as you attend the Christmas recital at the school where your wife teaches, look around the room and see the number of grandparents that are there proudly supporting their grandchildren's efforts. Some of these grandparents own Locked-In pensions and as such are unable to enjoy the quality of life during their golden years that they deserve. Why? The answer is quite simple. You are denying them unfettered access to their own hard-earned pension monies while they are living. Yet at the same time you demand that they pay for your magnanimous pay raises and your rich pension buyouts of 1999. Your recent announcement of a national holiday in February is nothing but another example of a cruel shell game perpetrated in part against seniors. Everything costs, including your new holiday announcement and for sure it will be seniors with Locked-In pensions who will once again be asked to dig a little deeper. Why is a lock on one's financial assets, especially seniors, only acceptable for ordinary Ontarians but not acceptable for you Mr. McGuinty? As we await your Christmas message and hope upon hope that you don't find another way to award yourself another delightful Christmas gift, will you answer your own question as it relates to Locked-In pensions ... that is the question you asked of Mr. Eves back in 1999 that is still waiting for an honest answer today? "How can you possibly justify this double standard? I, along with hundreds of thousands of other seniors, await your answer. Kenneth Elliott

Hi All ; This is a letter I just recently sent to Government. We are still working towards unlocking LIF's 100% in Ontario Regards Bill C Dear Dalton and Members of Provincial Parliament ; Congratulations on achieving a second majority victory. I am writing you again to request that you take a serious look at the locked-in pension issue. There is no logical reason that these pensions should be kept locked in. The statement your past Finance Minister gave on the Unlocking issue was , Quote " I don't think that this has any thing to do with protecting senior citizens from investors whether unscrupulous or not. It's about simply honoring the agreement the trust relationship between the employer and the employee at the time those funds were put in. " I have talked with a few employers about the last statement about " honoring the agreement " . Their response to that was , the agreement to provide , was a negotiation between the employer and the employed to provide a Pension for retirement. They did not feel that this pension should be locked in at retirement. Many People were caught in this locked in Pension Scam . I was one of them! I also have received hundreds of letters ,as I am sure You have ,that there are many people that were misinformed about these locked in pensions. This is what happened to me. When I was asked to join this pension plan in the 70's I was told that the employer would contribute 4% of my wage to a pension fund if I contributed 4% ( It was voluntary , some people did not join) I was told I could contribute more if I wished as it would help to give me more money at retirement. I moved my contribution up to 10% thinking that this was a great way to save for retirement (( I was sure wrong on that thought ! )) I faithfully put money into the plan believing how good things would be when I reached Retirement . In the early 80's a financial planer from Standard Life ( The institution that looked after our fund ) told us about RRSP's and how they weren't locked in and how we would have complete control of them at retirement. I then spoke up and said that we had best get out of our locked in fund then and invest in RRSP's (( everybody in our group agreed on doing this )) The Planner then said " You don't have to make any change , If you quit before your normal retirement date . You will be able to transfer your funds into a RRSP " The one important thing he didn't tell us was that it would be a Locked-in RRSP. None of us therefore invested in a Unlocked RRSP. Years later in 1999 a fellow worker decided to retire at 60. He left his job and applied for his retirement funds . He then got the shocking news that he would be only able to basically withdraw $ 8000.00 for every $100000.00 that he had in his pension fund. (( His plan was still Locked-in )) Needless to say he had to go back to work. When we seen what happened we immediately went to the employer and told him we wanted out of the locked in plan. The Employer agreed saying that he also did not realize that the plan did not become unlocked at retirement. We then started up a RRSP plan and the employer still put in their share of the money and we put in ours. The only thing that changes was the plan was not Locked in. Changing the plan did not help many of us as some were already nearer retirement and I became disabled and was no longer able to do my Job. Thank God I had invested in a RRSP for my wife and we were able to withdraw her funds as needed for the last 8 years or I would have lost everything that I had worked so hard for . There are many people that I receive letters from that saved believing that they would be able to use these funds in their retirement as they wished. They were misinformed by the financial advisers and led to believe that they would have full access to their funds. (( It Should be noted !! This is their Own Money and they took the Risks in investment )) Will You Please tell me why your government will not unlock these funds for the seniors of Ontario!! As I am sure You know that Saskatchewan has unlocked these funds 100% in 2002 for their Retired Seniors. Manitoba has also unlocked 50% and is being asked to unlock the remaining 50%. Alberta unlocked 50% and Now British Columbia is going to follow Alberta by unlocking 50% in it's Province. Organizations such as Canada's Association For The 50 Plus , The Common Front For Retirement Security with 2 Million members across Canada , The Ontario Coalition of Senior Organizations , The Ontario Coalition of Independent Lif Holders. All back unlocking LIF's 100% at 55 years of age in Ontario. Prominent People such as Professor Jack Mintz , Actuary Malcolm Hamilton , Financial Writer Gordon Pape . All agree that Ontario should unlock LIF's 100% as Saskatchewan did for their Senior retiree's. Please tell me what logical reason why the Government of Ontario feels that they should only unlock 25% instead of the full 100% of the Citizens own Money. Bill Costello ,

Hi Higgly. Thank You. Ontario will be allowing a person to unlock 25% effective January 1 /08 You will have a window of 60 day's to do this when You retire and transfer your money into a New LIF. The information is posted about 6 posts above this. Take Care Bill C

ScottSA The Pensions we are talking about here is the Peoples Own Money . If they should want to take it out and blow it. That should be intirely up to them. (( It wouldent be very wise to do as the Tax hit would be high.)) If people put money into these plans to be Comfortable in their years of retirement and decide to use it in their erlier years . That should be up to them. Why Should these people have to sign away government services. If somebody did without new cars etc. and put their money into a retirement fund for them selves. WHY SHOULD THEY BE TREATED DIFFERENT THAN THE PERSON THAT BOUGHT A NEW CAR EVERY FEW YEARS AND DRANK UP THEIR MONEY IN BARS AND DIDENT SAVE A PENNEY FOR PERSONAL RETIREMENT. And as Capricorn Said are You also going to penalize people with RRSP's also. They also have the same tax benifits as a locked in fund, but have full access to their money. Many of these locked in funds resulted from People in DFB Plans and loosing their job and the money was transfered into a LIRA . This money then no longer qulified for a company pension. Other People as my self were in defined contribution plans where we contributed 50% or more into these plans and Were lead to belive by uninformed Financle Planers that these funds would become unlocked at 65.(( To this Day I am still finding about Financle Planers that still think that these plans become unlocked at 65)) ( This is not so !!!! a person is only able to draw from 6% to 11% on their princible and only become unlocked at 90. Tell Me Why Logically, Why These Funds Shouldn't Be Treated The Same As A RRSP. Bill C

Hi All; Here is some information on the Unlocking of your 25% in January. We Will still be going after the 100%. We are just letting the party's reorganize after the election. Keep encouraging people to sign the online petition ( I will be mailing it in again ) and also Please keep mailing the Premier and MPP's and our soon to be new Finance Minister. Take Care , Regards Bill C Changes To The Rules For Ontario Locked-In Accounts On July 27, 2007, O. Reg. 416/07 under the Pension Benefits Act was filed. The Regulation makes numerous important changes to the rules governing locked-in accounts. The following are answers to some of the questions that are likely to arise as a result of these changes. For ease of reference, the questions are grouped under the following headings: Overview of changes Q: What are the key changes to the locked-in account rules? A: The key changes are: A new Life Income Fund (the "New LIF") is introduced effective January 1, 2008. It will provide more flexible payments and allow owners a one-time opportunity to withdraw up to 25% of the amount in the New LIF. An option to directly transfer money from a locked-in account to an unlocked vehicle, a registered retirement savings plan ("RRSP") or a registered retirement income fund ("RRIF") is provided in certain situations. Effective January 1, 2008, owners of locked-in accounts who are non-residents of Canada, as determined by the Canada Revenue Agency ("CRA") for the purposes of the federal Income Tax Act, may apply two years after departure from Canada to withdraw the money in their accounts. The current Life Income Fund (the "Old LIF") and the Locked-In Retirement Income Fund ("LRIF") will not be available for purchase after December 31, 2008. Q: Which changes come into effect as of July 27, 2007? A: Owners of Old LIFs are no longer required to purchase an annuity by the end of the year in which they reach 80 years of age. Owners of Old LIFs will be able to continue their LIF after they reach 80 years of age. Owners of Locked-In Retirement Accounts ("LIRAs") can now keep the money in their LIRA until the end of the year in which they reach the age of 71 rather than the end of year in which they reach the age of 69. This reflects a change made to the federal Income Tax Act. Owners of Old LIFs and LRIFs can transfer the money in their accounts to a LIRA prior to the end of the year in which they reach the age of 71. Changes that affect the Old LIF Q: I currently own an Old LIF. Do I have to make any changes to it to comply with the new rules? A: There is no need to make any immediate changes to your LIF as a result of the new rules. However, since an annuity purchase is no longer required, you can continue your LIF past age 80 and you can transfer the money to a LIRA until the end of the year in which you reach age 71. Q: Can I still buy an annuity with money in my Old LIF? A: Yes, at any age. Q: Will there be any effect on the amount of the annual income payment from the Old LIF in 2007? A: No. The minimum and maximum amounts for the annual income payment for 2007 were established as of January 1, 2007 and will not change. Q: Will the new rules change the formula for determining the minimum and maximum amount of the annual income payment for the 2008 year? A: No. The minimum and maximum for 2008 will be calculated using the same formula as in 2007. Q: If I want to transfer money out of my Old LIF, to which vehicles can I make the transfer? A: You can transfer money in an Old LIF to a LIRA until the year in which you reach age 71, to another Old LIF or to an LRIF before December 31, 2008, or for the purchase of an annuity. After January 1, 2008, you will be able to transfer the money to a New LIF as soon as financial institutions make the New LIF available. Q: What are the differences between the Old LIF and the New LIF? A: The New LIF will have another option for determining the maximum annual income payments and you will have a time limited option to withdraw or transfer to an RRSP or RRIF 25% of the value of the funds transferred into a New LIF. Q: Can I withdraw or transfer 25% of the funds from my Old LIF? A: No. The 25% withdrawal or transfer option is only available under the New LIF. Q: What happens if I die while I still have my Old LIF? A: Your surviving spouse is entitled to the full amount in your Old LIF in an unlocked lump sum as of the date of death. If you do not have a surviving spouse on the date of your death, your named beneficiary, or if there is none, your estate, is entitled to receive the amount in your Old LIF. Effective January 1, 2008, your spouse will have the option of transferring the full amount to his or her own RRSP or RRIF where permitted by the federal Income Tax Act. Changes that affect the Locked-In Retirement Income Fund (LRIF) Q: I currently own an LRIF. Do I have to make any changes to it to comply with the new rules? What happens if I do nothing? A: There is no need to make any changes to your LRIF as a result of the new rules. Q: Will there be any effect on the amount of the annual income payment from the LRIF in 2007? A: No. The minimum and maximum amounts for the LRIF in 2007 were based on the amount earned by the LRIF in the previous fiscal year and will not change. Q: Will the new rules change the formula for determining the minimum and maximum amount of the annual income payment for 2008? A: The minimum and maximum for 2008 will be calculated using the same formula as in 2007. Q: If I want to transfer money out of my LRIF, to which vehicles can I make the transfer? A: You can transfer money in an LRIF to a LIRA until the end of the year in which you reach age 71, to an Old LIF or another LRIF before December 31, 2008, or for the purchase of an annuity. After January 1, 2008, you will be able to transfer the money to a New LIF as soon as financial institutions make the new LIF available. Q: What are the differences between the LRIF and the New LIF? A: You will be able to withdraw or transfer to an RRSP or RRIF 25% of the value of the funds transferred into a New LIF and one of the methods by which to determine the maximum annual income payment (the cumulative investment earnings since the inception of the LRIF) will be replaced by the maximum amount under the LIF formula. If you transfer from an LRIF to a New LIF, you will no longer be able to carry forward the unused portion of your LRIF. If you do not use up the unused portion of your annual income payment in a fiscal year before your LRIF becomes a New LIF, you will no longer be able to add the unused portion to the maximum amount you can withdraw in future years. Q: What happens if I die while I still have my LRIF? A: Your surviving spouse is entitled to the full amount in your LRIF in an unlocked lump sum as of the date of death. If you do not have a surviving spouse on the date of your death, your named beneficiary, or if there is none, your estate, is entitled to receive the amount in your LRIF. Effective January 1, 2008, your spouse will have the option of transferring the full amount to his or her own RRSP or RRIF where permitted by the federal Income Tax Act. The New LIF Q: When will the New LIF be available? A: The regulation allowing for the New LIF will come into effect on January 1, 2008. After that date, financial institutions will be able to make the New LIF available to consumers once they get approval for their New LIF contract from the Canada Revenue Agency. Q: Who will be able to purchase the New LIF? A: An owner of an Old LIF, an LRIF, a LIRA, or a member of a registered pension plan who has terminated employment and is entitled to an immediate pension, or the member's former spouse, may transfer their commuted value to a new LIF. Q: What are the significant features of the New LIF? A: First, you will be able to keep the New LIF past age 80. If you took the maximum income payment each year, your New LIF would be exhausted by age 90, but if there are assets remaining in the New LIF at age 90, you may continue to keep it and withdraw income from it in subsequent years. Second, the maximum annual income payment will be the greater of the amount you could be paid under the formula in the New LIF (which is the same as the formula in the Old LIF) or the amount of investment earnings of the New LIF in the previous year. Third, you will be able to withdraw or transfer to an RRSP or RRIF up to 25% of the amount transferred into the New LIF. Q: How will the 25% withdrawal work? A: Owners of a New LIF will have the one-time option of withdrawing or transferring to an RRSP or RRIF an amount up to 25% of the total market value of the assets transferred into the New LIF. The transfer to a New LIF may be from an Old LIF, an LRIF, a LIRA, or from a registered pension plan when an individual who is entitled to an immediate pension terminates employment and is entitled to a transfer of his or her commuted value. However, the 25% withdrawal will not apply when assets are transferred from one New LIF to another New LIF. Q: When will I be able to make a 25% withdrawal? How do I apply, and to whom? A: The owner of the New LIF will be able to apply to the financial institution that issued the New LIF within 60 days from the date the assets were transferred to the New LIF. Application must be made on a form that is issued by the Superintendent of Financial Services. The form will be available in January 2008. Q: What would happen if I failed to make the 25% withdrawal within 60 days? Is there another opportunity to make the 25% withdrawal? A: If you do not apply to make the 25% withdrawal within 60 days of a transfer of funds into a New LIF, there will not be another opportunity to take advantage of this provision

DALTON MCGUINTY'S TIME ON AIR YESTERDAY I know it is too late to change peoples minds about the people we are voting for , To Me it just shows how much disrespect the Liberal Government has for the people of this Province. Below are a couple of letters sent out in disgust of what happened at a radio show that was to take call's to ask questions of the Premier. Good morning Eileen, Yesterday afternoon, Michael Coren admitted on air that Mr. McGuinty had not, as had earlier been promised to CFRB listeners, opened the phone lines to the Ontario electorate. Not only did we witness another brazen example of this man's contempt for Ontarians, but CFRB went on to support such deceit by announcing that there would be a repeat broadcast later in the evening. Your unwillingness to expose this man for what he is ... one who refuses to have open and honest dialogue with Ontarians ... a glaring example being his recent brush-off of the Ottawa cancer patient ... has left me wondering if there is even one member of the media (CFRB included) who values truth and moral decency any longer. Taylor Parnaby, during his news broadcast on Friday, October 05, 2007, was musing over the proliferation of "spin" . half-truths, quarter-truths and outright lies ... that is handed to Ontarians daily and how difficult it is, even for him, to get honest answers to direct questions. He went on to say that one person from one of the political parties who has been regularly sending him "spin", will no longer be welcome in his office, once the election is over. Why didn't CFRB immediately take Mr. McGuinty off the air when it realized there would be no open phone lines for listeners? After all, listeners were being encouraged by CFRB, right up to the last minute before the programme aired, to call in if they wanted to speak directly to the Premier. Just disgusted ... this blatant manipulation of Ontarians by our politicians has to stop ... otherwise our vote is nothing more than an exercise in futility. Kenneth Elliott To: [email protected] Subject: The dalton love in hour What a disgusting piece of tripe I heard on CFRB yesterday. I could not believe what went on. Back slapping Buddies IE: Sorbara, Bradley, and the hand picking of the easy questions, ( and very few for that matter ), did it for for me. A real leader would not be afraid of the real questions, nor the real answers, but he just dodged every political issue that was important to your listeners. I speed dialed your show for the whole hour.This will have an effect on how much I listen to CFRB in the future. What a disgusting display of partisanship, back slapping hip hip Gee what a great guy I am Dalton Show. I could not believe a station like yours would allow such deceit , and the side stepping of the real important issues and questions in this election, that your listeners would have liked to put forth. A fed up listener. Philip James

CARP’s campaign to unlock locked-in funds in Ontario Article By: Bill Gleberzon, CARP co-director of Government Relations CARP campaigns to unlock locked-in funds 100 per cent for 450,000 Ontarians. The primary objective of CARP’s campaign in conjunction with the Ontario Coalition of Independent Locked-In Fund Holders is to prompt the government elected on October 10th to unlock LIFs by 100% in Ontario as Saskatchewan did in 2002. Our proposal is to allow LIF holders to unlock 50% at age 55 and the balance (or total) at 65. Locked-In Funds are the best kept pension secret in Canada - and the most misunderstood. Therefore, the second purpose in our campaign is to make the estimated over 450,000 Ontario LIF-holders, the general public and the media aware of what a LIF is, how it works and the obstacles that currently await Ontario LIF-holders when they want to access their pension money. To achieve this objective a media conference was held at CARP’s National Office on September 26, 2007. CARP’s position was supported at the media conference by: - Canada’s preeminent tax expert Professor Jack Mintz, Joseph L. Rotman School of Management, University of Toronto (“… I don’t see why [unlocking LIFs] should be any less than 100 percent …from a public policy perspective.”) - Actuary Malcolm Hamilton, World Wide Partner Mercer (“… we can conclude with great confidence that these [locked-in] rules aren’t doing anything constructive any more.”) - With a message from financial author and publisher Gordon Pape (“I wish to strongly support CARP’s initiative to encourage the Government of Ontario to implement 100% unlocking of the assets held in LIRAs, LIFs and other types of locked-in plans.”) - Ontario Coalition of Independent Locked-In Fund Holders members Philip James and Bill Nafziger provided personal testimony on the adverse impact of not giving LIF-holder access to their own money - Bill Gleberzon, CARP’s Director of Government Relations, presented CARP’s case. Their speeches and supporting documentation, including a letter of endorsement from Ontario Society (Coalition) of Senior Citizens’ Organizations and CARP’s unofficial list of 61 MPPs who accessed their Locked-In Funds 100%, are available on the LIF web page at www.carp.ca. A precedent for unlocking LIFs 100% was set in Ontario in 1999 when 61 Ontario MPPs were enabled by legislation to unlock their Legislative pension by 100%. Some of these 61 MPP's are running in the current campaign, including Mr. McGuinty, Mr. Sorbara, Mr. James Bradley, Mr. Hampton and Mr. Runciman -- the later two have admitted publicly that they were among the recipients of this privilege. CARP does not begrudge these 61 MPP's the right to unlock their LIFs 100 per cent. But the Association does greatly begrudge them denying that right to all other Ontarians. As a non-partisan association, CARP focuses on issues, not parties or personalities. However, at this point in the current election campaign: - the Conservatives have promised to unlock them 100% - the NDP introduced a Private Members Bill in December, 2006 to unlock them 100% -- although the Party has not yet followed up by including that proposal in their platform - the Liberal’s new policy to unlock LIFs by 25 per cent will take effect in January 2008. CARP’s recommends that: - if the Conservatives win the election, they must live up to their commitment to unlock LIFs by 100 per cent soon after forming the government. - if the NDP are elected, we trust that they will implement the Private Members’ Bill introduced last December within a short period of coming to power. - and, if the Liberals are re-elected, we urge them to do the democratic thing and unlock LIFs by 100 per cent. Or, at the very least, they should hold extensive public consultations across the province on their new policy of unlocking LIFs by 25 per cent to determine if that is what Ontarians want done—rather than establishing their new policy by paternalistic fiat. To sign a petition on unlocking Ontario LIFs 100 percent, go to: www.petitiononline.com/WRC101/petition.html

Why will the Liberals not unlock our Personal Pensions -------------------------------------------------------------------------------- Hi All This is a note to a question I was asked. ( Why wont the Liberals unlock our personal pensions? ) My Reply It Just doesn't make sense and I cant understand their thoughts because of these things. A person that has a LIRF can invest their money and lose it all . ( they have no problem with that ) They allow the pension to be unlocked fully and transferred in to a RRIF If the pension holder dies and it goes to the spouse. ( I have no problem unlocking for the spouse) The Part I cant understand is if they can do that for one. Why cant they do it for two ? ( to me this doesn't make seance as the Plan Holder more the likely has more knowledge of the workings of the funds. People like Jack & Malcolm & Gordon & CARP & Senior organizations endorse unlocking these pensions 100%. Financle institutions say it would be better for them. ( Less paper work ) It would be better for the economy of Ontario. Saskatchewan did it 5 years ago and Other provinces are following. The people have been Asking for this to be done. Greg Sorbara The Ontario Finance Minister Said "it is not to protect the people". Greg Sorbara said "it was to protect the contract with the Employer " ( This Contract is no longer a contract when the plan is moved to a LIRF or RRSP ( The employer is no longer involved ) Is it that McGuinty and Company want to have power over the people of this province. If there really a logical reason that they want to keep these pensions locked in. I cant under stand it. It would be sure nice if we could sit down face to face with the Liberals and let them logically explain why they refuse to unlock these pensions. Regard Bill C

Hi All; This part of the fight is just about over, the story will be told on Wednesday. If the Liberals get in We will have a hard fight to try and have these pensions unlocked 100% Anybody that wants these pensions unlocked had best get out and Vote for either the PC or NDP party because if not. Who Knows!! Here is a letter I sent out to some papers in NW Ontario recently and some of my thoughts below it Regards Bill Costello Unlock pensions Bill Costello Wednesday, October 3, 2007 Dear editor: An open letter to local Liberal candidate Mike Wood. Why is it, when asked the question to all members if they would unlock locked-in pensions at the all-candidates’ debate on Kenora TV, that you immediately attacked Howard Hampton and his wife for having their pensions unlocked 100 percent when they retire at the age of 55 or their earlier retirement date. Why didn’t you also state that 20 of your own party members also had their pensions unlocked—and many of them for a lot more money than Howard and his wife will receive when they retire. We don’t begrudge the MPP's for having their pensions unlocked. This is the sensible thing to do. We do, however, begrudge the fact that even though the Liberal leader spoke out in the legislature against it being done for the 61 special MPP's (including himself), that it was not fair because it was not done for the rest of the citizens in Ontario. He now refuses to do it for the working people and seniors of Ontario. Why is it that the Liberal party now only offers to unlock these pensions 25 percent and the remainder at 90 years of age? An age when most of the people already will have died! Why is it that the Liberal party refuses to unlock 100 percent when the NDP and the Progressive Conservatives, plus C.A.R.P. (the organization for 50-plus) and experts in the field of pensions, such as Gordon Pape, Jack Mintz, and Malcolm Hamilton, all agree that these pensions should be unlocked 100 percent for the citizens of Ontario at their retirement age, as it was done for the citizens of Saskatchewan in 2002. Why is it the Liberal party refuses to do the right thing? Especially considering that it would not cost the taxpayer one cent and also would improve the economy. Why is it the Liberal party refuses, after being lobbied for two years, to do the honourable thing and unlock these pensions. (Signed), Bill Costello Atikokan, Ont. Editor’s note: Bill Costello is with the Ontario Coalition of Independent Locked-in Fund Holders