Life Income Fund (LIF)

Account into which you can transfer all or a portion of your LIRA (Quebec or Ontario provincial jurisdiction) or locked-in RRSP (federal jurisdiction).

You only have a LIRA or locked-in RRSP 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.

Generally, the amount accumulated in a complementary pension plan (widely known as a "pension fund") can be transferred directly into an LIF if you leave your job or take early retirement and are not yet 55 years of age.

Note You must convert your LIRA (Ontario jurisdiction) into an annuity no later than December 31 the year you turn 80. LIRAs under Quebec or federal jurisdiction do not have to be converted into an annuity.

You must convert your LIRA or locked-in RRSP into an LIF no later than December 31 of the year you turn 71.

Features

  • Maximum annual withdrawal amount is dictated by each (Quebec, Ontario, federal) jurisdiction.
  • Lump-sum withdrawals allowed (subject to the maximum withdrawal amount).
  • Periodic withdrawals allowed (subject to the legal minimum and maximum withdrawal limits).
  • Regular income option available; you choose payment amount and you can change it at anytime (subject to legal limits).
  • At death, LIF balance is transferred to surviving spouse or, in certain conditions, your estate.

Advantages

  • Tax-sheltered interest.
  • Total control over your capital.
  • Funds are unseizable.
  • Many LIF investment options available.

Find out more

Read the Manage your retirement income section.

Did you know

To help you achieve your retirement goals, Desjardins Financial Security Guaranteed Investment Funds and the Helios Contract will provide you with a guaranteed and predictable income, regardless of market fluctuations.

How to get this product
At the caisse At the caisse
(Members and non-members)
Make an appointment with a caisse advisor:

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