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Steven R. Lill's Submission in Response to Finance Canada's Regulatory Framework for Federally Regulated Defined Benefit Pension Plans consultation:

Attention: Ms. Diane Lafleur:

Re: Consultation Paper-Pension Benefits Standards Act(1985)

Dear Ms. Lafleur:

As part of the abovementioned paper I am writing you to request a change in the legislation pertaining to locked-in RRSP's. I recommend we change the locked-in RRSP legislation to mirror the legislation in place for normal RRSP's. I find the legislation onerous and unfair to individuals who need access to the funds today.

I have discovered in researching locked-in RRSP's it appears a large number of Canadians are burdened with this restriction. It creates unnecessary financial hardship when it should not. This change would simplify the legislation and could be easily accomplished without creating new legislation. At the same time this would increase the tax revenue base. This will also provide individuals with the option to access funds that rightfully belong to them.

I have considerable funds tied up in a self directed�locked-in RRSP set-up originally in 1993 in the amount�of $53,000. These funds were rolled into a self directed locked-in RRSP in 1993. I personally contributed one-half of that amount.

Since then I have mangaged to successfully invest the money and grow it manyfold. This was based on my own investment decisions.

The rules as I currently understand them, do not allow me to access those funds until I am 55 years old and upon reaching that age the amount that can be withdrawn on an annual basis is minimal.

Access to those funds now would allow me to pay off debt and help fund my children's current university education costs and various other major expenditures incurred in raising a family.

In summary, I respectfully request that these rules be reviewed for change as soon as possible so that all Canadians can access those funds in the same manner as a normal RRSP, should they so desire. I think this is a win-win situation for both the Government of Canada and all Canadians. It would be very simple to institute at minimal cost, if any, to the government while at the same time enhancing tax revenue.


Thank-you for your attention to this matter.


Respectfully Submitted,

Steven R. Lill