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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)
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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.
  • Deposits insured up to $100,000 per person per caisse. In Ontario, Canadian dollar deposits are insured up to $100,000 by the Deposit Insurance Corporation of Ontario. Find out more about deposit insurance (FAQ).

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
Make an appointment with a caisse advisor:
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