Planning & Advice
- Financial Planning
- Tax Planning
- Estate and Will Planning
- Investment Planning
- Insurance Products
- Retirement Planning
- Education Planning
Prescribed RRIF
A Prescribed RRIF is a pension option available to Saskatchewan and Manitoba members who have locked-in pension money that are eligible by legislation to start to withdraw funds. A prescribed RRIF has no maximum amount to withdraw each year, giving you the ability to determine your level of income for yourself. Deposits in an existing Life Income Fund and Locked-In Retirement Income Fund are eligible for transfer to a prescribed RRIF.
Locked In Retirement Account (LIRA)
A Locked In Retirement Account (LIRA) is better known as a locked-in RRSP. Surprisingly enough during your career, you may find yourself working for more than one employer. If this happens you may need to look at the options that are available to you with regards to your accumulated pension benefits. One option may be to consolidate these funds into a Locked In Retirement Account (LIRA). Under a LIRA generally no withdrawals are permitted. Exceptions are made based on various provincial rules. To withdraw from a plan you must convert your LIRA to a LIF or an Annuity.
Life Income Fund (LIF)
A Life Income Fund (LIF) is a registered investment that converts locked-in retirement savings into regular income payments with the added flexibility of being able to adjust the payment amount and how often it is received. A LIF provides for a minimum and a maximum payment until the age of eighty. You cannot withdraw more than the legislated maximum amount each year. This ensures a balance remains in the LIF to provide an income for life. By December 31st of the year that you reach the age of eighty the remainder of the funds must be used to purchase a Life Annuity.
