Navigation Menu Sign in Life income fund (LIF) and locked-in retirement income fund (LRIF) Income and tax-sheltered growth If you left a job where you had a pension plan, you may have transferred your pension entitlement to a locked-in retirement account (LIRA) or locked-in RRSP, where it has been invested according to your directions. Typically, that money cannot be withdrawn until you start retirement. After a minimum age (set by your province) you can start to receive income from this pension money by converting it into a LIF or LRIF/RLIF or buying a life annuity. (Depending on your province, you may have a choice between the 2 types of accounts. As well, there may be different rules affecting these accounts.) In many ways a LIF/LRIF/RLIF works like a LIRA or locked-in RRSP in reverse: Instead of putting money in, you take an income out. While there are rules governing minimum and maximum withdrawals every year, a LIF/LRIF/RLIF keeps you in control of how your money is invested, letting you choose from: Insurance GICs Mutual funds Segregated fund contracts Other options that reflect your risk tolerance and your overall financial plan How a LIF/LRIF/RLIF can fit into your financial plan: You control your investments. Your money can be invested in many ways, so it keeps growing and working for you. You have some control over your income. While there is a variety of income payment options available, there is also a minimum income you're required to take out of the plan every year and a maximum you're allowed to take. The maximums for LIFs are a bit different than for LRIFs/RLIFs. You maximize the tax deferral. Since income is taxed only when it's taken out of the plan, the tax deferral you enjoyed with your LIRA or locked-in RRSP continues. You can use money remaining in a LIF to purchase a secure guaranteed income in a life annuity. Depending on the pension rules in your province, you may be required to do this at a certain age. You can name a beneficiary to receive your money after you die. LRIFs, RLIFs and PRIFs are only available in some provinces. If your LIF is locked-in under the rules of one of these provinces – Newfoundland and Labrador, Nova Scotia or Quebec – you may qualify for temporary income. Get helpful advice Given the difference in regulations depending on where you live, guidance from an advisor can be a valuable part of your planning process. Talk to your advisor or find an advisor today to learn how a LIF/LRIF/RLIF/PRIF fits into Money for Life, Sun Life Financial's customized approach to your financial and retirement planning. Tools & Resources How do I pay myself when I retire? How much have you really saved for retirement? Related products Registered retirement income fund (RRIF) Life annuity Start investing Make well-informed decisions with helpful advice. Talk to your advisor or find one near you - there is no cost to talk to an advisor. Find an advisor How advisors help Quick links Sign in / Register Submit or track a claim Find a form 欢迎访问永明金融网页 Plan sponsors & advisors Advisor site SLFD Advisor hub Plan advisor site Plan sponsor site About us Who we are Newsroom Sustainability Donations and sponsorships Careers Become an employee Become an advisor Student and new graduate programs Contact us Contact us Support Talk to an advisor Life’s brighter under the sun Legal Privacy Security Accessibility We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations. Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life. © Sun Life Assurance Company of Canada. All rights reserved. SLF