For immediate release:
July 20, 2007

Barrett supports unlocking seniors’ pensions
Leadership needed to relinquish government control of seniors’ money: Barrett

Simcoe—MPP Toby Barrett is calling on government to give seniors 100 per cent access to their locked-in pension money.

“Today I am calling on the Ontario Government to do the right thing and give seniors 100 per cent control over their locked-in pensions,” Barrett said.  “It’s their money – this will cost taxpayers nothing.”

When individuals leave a company that provides a defined benefit or defined contribution pension plan, they may have the option of leaving their portion of the pension in the company plan or rolling it into a Locked-In Retirement Account (LIRA).  Government rules currently restrict how much retirees may take from their LIRA.  The money belongs to seniors, but government continues to meddle in personal finances.

“Over the past year, I have heard loud and clear from seniors who need access to their retirement income,” Barrett continued.  “Its condescending for government to tell seniors – the very people who built this province – that they are not qualified to manage their own finances.”

Barrett went on to give the specifics of the plan, under which seniors and retirees would have access to 50 per cent of their pension at age 55 and the remaining 50 per cent at age 65.

 “After Dalton McGuinty’s slush fund scandal this spring, it’s clear that government has a hard enough time managing its own finances,” Barrett concluded.  “It’s time to give our seniors and retirees a vote of confidence and give them control over their money.”

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For more information please contact
MPP Toby Barrett at: (519) 428-0446 or 1-800-903-8629