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Life Income Fund (LIF) A LIF is a vehicle into which Registered Pension Plans (RPPs), Locked-in RRSPs or Locked-in Retirement Accounts (LIRA) may be deposited. A LIF must convert to a Life Annuity by December 31 in the year you attain age 80. Spousal rights are preserved when locked-in benefits are transferred to a LIF. Some provinces require that your spouse complete a spousal pension waiver/consent form before the proceeds can be transferred to a LIF. When the LIF is converted to an annuity, the annuity must provide for a joint and survivor annuity benefit in compliance with provincial legislation, unless the spouse again completes a spousal pension waiver/consent form. A LIF cannot be cashed out in a lump sum. Contact our office for more details customer-service@dodgson-insurance.com << back to investments |
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