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Manitoba not Leading in Pension Reform- Barker
For Immediate Release
May 3, 2004
TORONTO, ONTARIO - "The Manitoba Government has yet to fully implement
reasonable steps to ensure that pensioners have both the flexibility and safety
expected from being able to access locked-in pension funds, " Barker explained
in Toronto at the Canadian Conference for Credit Union Executives. D'Arcy Barker
Money Management Counsel submitted its Essential Areas Response to the Province
of Manitoba's 2004 Pension Benefits Act Review on March 31, 2004, the deadline
for private advisor submissions.
"It seems that the Province of Manitoba is content on making minor changes
to the Pension Act. These changes are mere housekeeping and cosmetic and they
don't get to the pulse of what is really important to Manitobans who want access
to their locked-in funds. The province spent hundreds of thousands of dollars
listening to submissions by pensioners, most of whom wanted Saskatchewan-style
pension reform implemented. They want their money like it exists in non-locked-in
RRSPS," Barker explained on Bay Street in downtown Toronto.
D'Arcy Barker Money Management Counsel didn't provide a comprehensive analysis
of the Pension Benefits Act Reform. The Counsel's analysis focused primarily
on the areas of importance as dictated by individual submissions by pensioners
during the province's review process. The Counsel did fully agree with the
province's Reform Paper in some areas like Vesting, Shortened Life Expectancy,
and Unlocking for Non-Residents but totally disagreed with the Province in
the areas of Plan Eligibility and Membership restrictions and Locking-in requirements.
"There are going to be some very sad and restricted Manitobans because
of the half-hearted, half-baked proposals provided by the Commission," Barker
said. "Some pensioners are even starting to talk about moving to Saskatchewan
for 6 months and unlocking their pension proceeds in that province. Who would
have thought that pension reform, or lack thereof, would actually begin to
drive our seniors from the province?"
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For more information, please contact:
D'Arcy E, Barker, B.Sc., REBC
Brandon: (204) 725-7221
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