Becoming a Member
Note: A LIF does not have to be converted into an annuity when you turn 80. You must convert your LIRA or Locked-In RSP into a LIF no later than December 31 of the year you turn 71.
You only have a LIRA or Locked-In RSP if you have left a job or retired before age 55 and transferred the funds in your name from a company pension plan to one of these accounts.
Who should get this investment?
Savers who want to:
- transfer all or a portion of their Locked-In-Retirement account (LIRA) or Locked-In RSP into a LIF; or
- transfer an amount accumulated in a complementary pension plan (widely known as a "pension plan") directly into a LIF if they leave their job or take early retirement.
Features
| Investment options |
Ask an advisor for more details. |
| Retirement income amount and frequency |
- Flexible.
- Can be changed at any time, provided that the annual minimum and maximum withdrawal amounts are met.
- Frequency of payments: monthly, quarterly, semi-annually or annually.
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| Other |
- Funds are unseizable.
- At death, LIF balance is transferred to surviving spouse or, in certain conditions, your estate.
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