Ontario Liberal Action on Unlocking Locked in Pension Funds
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Article By: Bill Nafziger
The Ontario Coalition of Independent LIF Holders urge the Ontario Liberals to change their election policy to allow 100% unlocking of locked-in pension funds at retirement for all Ontarians and not just the 61 MPPs of all parties (including over 20 MPPs in the Liberal party) in 1999.
The Progressive Conservatives have acknowledged the unfairness of having the government restrict access to locked -in pension funds and are going to allow 100% access at retirement for Ontarians.
Liberal MPPs Discussions on Bill 27 in 1999 taken from the Hansard regarding equal rights of Ontarians and MPPs to unlock their locked-in pension funds.
Mr Dalton 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.
Mr Michael Bryant: But now they can turn to a bill that blatantly gives opportunities to members of provincial parliament that do not exist for the rest of the population. That is the height of the appearance of injustice and the height of hypocrisy.
Mr Michael A. Brown: Either everything should be an RRSP……..or everybody should be under the same rules on a LIRA, a locked-in retirement account. Tell me why we as MPPs need to be treated differently from anyone else in the province.
Ms Caroline Di Cocco: So there is one legislative change for the general population and then there is another for the MPPs.
Mr. Sean Conway: No one benefits from this change more than I do. It’s the wrong thing for me to support. I would go even further and say it’s immoral. If its good enough for Conway, Harris and Eves, it should be good enough for the guy or woman who worked for Acme Power Co. Lets say, a company that had a plan wound up.
Mr. Steve Peters: You are creating two classes in this province: one class the citizens of Ontario and the other class, about 61 politicians.
Action taken by the Ontario Liberals now in power to remedy the locked-in pension inequity for all Ontarians as discussed and recommended in 1999 by the same liberal members. Mr. Dalton McGuinty: Inaction and silence
Mr. Michael Bryant (now Attorney General): Inaction and silence
Mr. Michael A. Brown: Inaction and silence
Ms. Caroline Di Cocco: Inaction and silence.
Mr. Sean Conway: Inaction and silence, retiring accepting his privileged MPP pension status
Mr. Steve Peters: Inaction and silence
And even the Liberal Minister Responsible for Seniors from 2003 to 2007 (not quoted above) Mr Jim Bradley: Inaction and silence
Action taken by the Ontario Liberals to remedy the locked-in pension inequity discussed in 1999, prodded by lobbying from CARP, the Ontario Independent Coalition of LIF holders, public petitions, NDP private members bill #175 and the growing groundswell of public support to change the Pension Benefits Act in Ontario to allow 100% unlocking of locked in pensions for all Ontarians at retirement. (This action included current sitting liberal members who enjoyed the 100% unlocking privilege in 1999): An INSULTING 25% Unlocking of Locked-In Pension Money at retirement for all Ontarians
Ontarians have remained as second class (or really fourth class) citizens compared 100% unlocking pension privileges given to 61 MPPs, despite all the Liberal rhetoric in 1999.
Is “inaction and silence” consistent Liberal Policy?
Perhaps there is still time to address the second class citizens of Ontario by allowing unlocking 100% of their locked-in pensions at retirement thereby giving Ontarians the same privilege as MPPs.
After all it is their money and not the governments.
Susan Eng
