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This section applies to Trimark Funds.
A Life Income Fund (LIF) and a Locked-In Retirement Income Fund (LRIF) can be set up with the proceeds from a LIRA or LRSP. A LIF is like a Registered Retirement Income Fund (RRIF) and can hold the same investments. The LIF can receive locked-in proceeds earned in a pension while working in a province other than P.E.I., or while working in an industry governed by federal pension legislation. We also offer the LRIF for pension proceeds earned while working in Alberta, Manitoba, Newfoundland, Ontario or Saskatchewan.
A LIF and LRIF allow you to have an income without having to cash everything in. Like RRIFs, the money withdrawn is taxed as income at the investor's current rate when it's withdrawn from the plan. That rate is based on governed provincial or federal pension legislation. Administrative information
- You must withdraw a minimum amount from the LIF/LRIF each year based on the same formula as the RRIF
- The specific pension legislation governing these plans determines the annual maximum withdrawal
Special information
- In the year in which the planholder reaches age 80, the investor must terminate the LIF and use any remaining assets to purchase an annuity (not offered by us)
- An LRIF has no termination date and can be transferred to an annuity at any
This section applies to Trimark Funds.
A Life Income Fund (LIF) and a Locked-In Retirement Income Fund (LRIF) can be set up with the proceeds from a LIRA or LRSP. A LIF is like a Registered Retirement Income Fund (RRIF) and can hold the same investments. The LIF can receive locked-in proceeds earned in a pension while working in a province other than P.E.I., or while working in an industry governed by federal pension legislation. We also offer the LRIF for pension proceeds earned while working in Alberta, Manitoba, Newfoundland, Ontario or Saskatchewan.
A LIF and LRIF allow you to have an income without having to cash everything in. Like RRIFs, the money withdrawn is taxed as income at the investor's current rate when it's withdrawn from the plan. That rate is based on governed provincial or federal pension legislation. Administrative information
- You must withdraw a minimum amount from the LIF/LRIF each year based on the same formula as the RRIF
- The specific pension legislation governing these plans determines the annual maximum withdrawal
Special information
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