Thank you, Mr. Speaker. Mr. Speaker, I, too, wish it acknowledge it's Valentine's Day to my wife and my two lovely monsters. Before I left for work this morning, the three boys, including myself, made a card for my wife. It reminded me why we're here, Mr. Speaker, because the important things we're here to do is to help people who are in need.
Mr. Speaker, employee pension plans in the Northwest Territories are regulated through the Federal Pension Benefit Standards Act. Currently, we have no ability to make changes to our pension rules that affect the NWT retirees. Most provinces have enacted their own pension legislation so they can be more flexible and responsive to the needs of their constituents. For example, people who leave their jobs before they're eligible for pensions can convert the transfer value to a locked-in vehicle such as a life income fund or a life retirement income fund. Like RRSPs, locked-investments have maximum annual withdrawal amounts.
Under federal legislation, and until recently, under most provincial legislation, retirees who find themselves in financial hardship are not allowed to exceed the maximum withdraw of their life income fund no matter how much they need to access their money, Mr. Speaker. Many provinces have recently amended their pension legislation to allow extra withdraws for low-income retirees and those experiencing financial hardship. Alberta recently changed its legislation to allow people to unlock up to 50 percent of their money and roll it into an RRSP or a RIFF, which offers more flexibility in terms of investment choices and withdraw decisions, Mr. Speaker, which can be useful for first time homebuyers and people wanting education plan money.
Mr. Speaker, these are examples of how our own pension legislation would give us flexibility to make life easier for our average citizens, Mr. Speaker. I believe the government should seriously consider pursuing northern pension legislation, and later today I will have questions for the Minister of Finance to that matter. Thank you, Mr. Speaker.
---Applause