Mr. Thomas Siddon (Richmond-South Delta):
Madam Speaker, I rise, under the provisions of Standing Order 43, to pose a motion on a matter of urgent and pressing necessity.
In view of the fact that the current pay-out formula from a registered retirement income fund allows for very small payouts in the early years of retirement and very much larger payments as the pensioner approaches his or her ninetieth year, and in view of the fact that contributors to RRSPs should be able to draw larger amounts from their pension savings in the early years of retirement when they need the money most-as demonstrated by numerous representations which have been received by the Minister of Finance-I move, seconded by the hon. member for Mississauga South (Mr. Blenkarn):
That this House direct the Minister of Finance to take the necessary action to amend the rules governing the pay-back formula from registered retirement income funds so that annual payments to pensioners can be equalized over the entire pay-back period between age 70 and age 90.
Sub-subtopic: PAY-BACK FORMULA UNDER REGISTERED RETIREMENT SAVINGS PLANS-MOTION UNDER S.O. 43