Locked-in Plans

Locked-in retirement plans are generated upon the rollover of a Registered Pension Plan (RPP). RPPs are plans where funds are set aside by an employer, an employee or both parties to provide a pension when the employee retires or terminates his or her employment.

Types of Locked-in Plans Include:

  • Locked-in Retirement Account (LIRA) is a registered plan that holds funds tax deferred. These funds are transferred from an employer-sponsored pension plan.
  • Life Income Fund (LIF) is a registered account that holds funds being transferred from a LIRA or your employer pension plan. The purpose of the account is to hold and pay out pension funds upon retirement. There is a maximum annual withdrawal amount and funds must be used to purchase a life annuity at age 80. Regulations vary by province.
  • Locked-in Retirement Income Fund (LRIF) is available in some provinces to pay out pension funds upon retirement. Similar to a LIF except the funds do not have to be converted to a life annuity at age 80, an LRIF enables you to convert your retirement savings into retirement income.
  • Prescribed Retirement Income Fund (PRIF) is a registered plan available only in Saskatchewan and Manitoba. This account provides for greater flexibility upon retirement.

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