LIF

A Life Income Fund (LIF) acts as an extension of a Locked-In Retirement Account (LIRA). It allows you to withdraw from the accumulated savings in your pension fund as needed and receive retirement income in accordance with your needs. A LIF is similar to a Registered Retirement Income Fund (RRIF), except for the source of the funds. Also, unlike a RRIF, a LIF provides for the payment of a maximum annual income.

You receive a life income for as long as you live.

The law sets the minimum and maximum annual amounts you can withdraw from your LIF. However, it is now possible to withdraw a higher annual amount in exceptional situations.

Retirees age 71 and over are eligible, especially for those wanting to retain autonomy in the management of their investments.