Life Income Fund (LIF)

Quick facts

  • Main feature: income from tax-sheltered investments
  • Withdrawal:
    • lump-sum withdrawals allowed (subject to the maximum withdrawal amount)
    • periodic withdrawals allowed (subject to the legal minimum and maximum withdrawal limits)
    • portion of the funds can be freed up for federal and Ontario LIFs (subject to legal conditions and limits)
Get this product 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
See LIF investment options.
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.
Other
  • Funds are unseizable.
  • At death, LIF balance is transferred to surviving spouse or, in certain conditions, your estate.

How to get this product
By phone By phone
(Members and non-members)
Call 1-888-283-8333
At the branch At the branch
Make an appointment with an advisor at a branch.
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