This Province seems to lead in a few areas (where the Federal Government follows). Look at Medicare and Automobile Insurance. And recently a big one:
Saskatchewan changes the rules
Saskatchewan is granting its retirees a little more freedom. The Department of Justice announced changes to the province's pension regulations in October that effectively remove current withdrawal limits on life income funds (LIF) and locked-in retirement income funds (LRIF).
"Anyone with a locked-in
retirement account will have
the option of moving monies to a
RRIF at retirement. Anyone who
already has a LIF or an LRIF
in Saskatchewan will have that money
in a RRIF immediately. "
superintendent of pensions,
"There'll be no restrictions on the amount of withdrawal that can come out," says David Wild, superintendent of pensions. "Anyone with a locked-in retirement account will have the option of moving monies to a RRIF [registered retirement income fund] at retirement. Anyone who already has a LIF or an LRIF in Saskatchewan will have that money in a RRIF immediately. So the LIF and LRIF will no longer exist."
According to Wild, retirees, financial planners and financial institutions had become "frustrated" with LIF and LRIF rules in the last four years. On a technical basis, he says, they couldn't plan ahead because maximum withdrawals from LIFs and LRIFs change according to market conditions. Also, many found the formulas for calculating maximums complicated. On a philosophical level, Wild says regulators "received complaints, such as 'I'm a responsible adult. Who is the government to tell me how much money I can withdraw from my own LIF or LRIF?'"
Are people in Saskatchewan MORE Canadian than you or I, or just NOT being discriminated against?