[Unlocking Locked in Pension's ( LIF, LIRF, LIRA )]

If your plan is under the PBSA 1985 (Federaly regulated not Provincial) you might qualify to unlock your pension see PBSA Regulations Sec 28.4 (1)(2), http://laws.justice.gc.ca/en/showdoc/cr/SO...bo-ga:s_18//en& PBSA Update 26 part No. 8

PBSA Regulations Sec 20.1 (3) http://laws.justice.gc.ca/en/showdoc/cr/SO...nchorbo-ga:s_17

I have been receiving a pension from my Locked in LIF since I removed my money from a federal employer in early 2003, only to find that the amount of pension I was paid was based on the Provincial amounts, and not the Federal amounts. In February of this year someone realized that a mistake was made, and now I receive about 20% less, as the Cansim federal amounts are not caped like the provinces are.

In Alberta you can unlock up to 50% of you locked in (provincial) pension.

I have started a complaint against the investment company & the trust company for providing me the wrong information. I had the option of leaving my money with my former employer and receiving a monthly pension when I reached age 55, I was 53 at the time, now I'm 56.

I am now financially screwed, I have lots of money in the funds and my portfolio has grown, but I can only take out 5.5% yearly, So I have been doing research over the last month, and according to PBSA (above 28.4) If I am out the country for over 183 days in each of 2 years I can unlock my plan, that is have the restriction of (PBSA 18) locked in part removed, making it a regular RRSP unlocked.

Check with your plan holder for what they require as proof of compliance.

Unlike the Provinces there are no hoops to jump through, all you got to do is comply with the act.

I intend to go to Dominican Republic for 6 months this year and 6 months next year so I can comply, just waiting for the info from the plan holder, so if all goes well I hope to unlock the plan in July 2008.

If you wish to contact me for my progress

[Unlocking Locked in Pension's ( LIF, LIRF, LIRA )]

If your plan is under the PBSA 1985 (federaly regulated) you can unloch your pension see PBSA Sec 28.4 , & PBSA Update 26 part No. 8, or 20.1

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/consultat...7/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

[Unlocking Locked in Pension's ( LIF, LIRF, LIRA )]

There is a difference in LIF LIRA LIRF Funds it is either under the

Provincial (Pension Benefits Act RSO 1990) & www.fsco.gov.on.ca (will be different in a diferent province)

or

Federal law (Pension Benefits Standards Act) 1985) & http://www.osfi-bsif.gc.ca/

There provisions in both laws provide the member with ways to unlock the funds based on Shortened Life Expectancy.

Provincial "where a physician certifies that owing to a physical or mental disability your life will be shortened to less than 2 years"

Federal "where a physician certifies that owing to a physical or mental disability your life will likley be shortened considerably" PBSA 1985 Sec 20.1 (3)

Federal And new as of September 2006 PBSA 1985 Update 26

"where a person is absent from the country for over 183 days or more for 2 years the funds can be unlocked" PBSA 1985 28.4 (1) (2)

the amount that you can remove per year of your gross portfolio per year is based on either the Federal or Provincial CanSin amount

at age 56 Jan 2007

Federal 5.5306 %

Provincial 6.5658 %

if you need more information contact mel