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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.

We can help

At Edward Jones, we can help you achieve your financial goals. Contact your local Edward Jones advisor to talk about a financial strategy that makes sense for you.

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