Mr. Chair, in the two years or so that I have been here, this is an issue that has come up surprisingly often from members on all sides of the House.
Budget 2008 takes action in this area. We significantly enhanced the flexibility to withdraw funds from life income funds through three provisions.
First, individuals 55 or over with total holdings in federally regulated locked in funds of up to $22,450 will be able to wind up their accounts or convert them to a tax-deferred savings vehicle with no maximum withdrawal limit, effective as of May 8. I will mention the other two later.