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Life Income Fund (LIF)
A life income fund (LIF) acts as an extension
of a locked-in
retirement account (LIRA) . It allows you to periodically
withdraw a portion of your savings accumulated in a pension fund and
receive retirement income according to your needs. A LIF is similar to
a registered
retirement income fund (RRIF), except for the source of the funds
and the payment is subject to a maximum annual income.
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Who Should Consider a LIF?
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Retirees 69 years of age or under.
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Investors wanting to retain a certain amount of
control in the management of their investments.
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Features and Advantages
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Your protection against financial market fluctuations
may attain and even exceed 100% of the capital invested. |
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You pay no surrender
fees for withdrawals made up to a maximum of 20% of the value
of your contract determined at the beginning of each year.
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You pay no annual administration fees.
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Amounts withdrawn are taxable.
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In certain provinces you can receive a temporary income before the
age of 65 years.
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You are required by law to withdraw a minimum annual amount
up to a maximum annual amount from your LIF.
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Products Available
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The LIF permits you to invest in the
following investment vehicles:
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Daily Interest Funds
For investors wishing to accumulate money to make investments and
accumulate interest on a daily basis.
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Ecoflex Investment
Funds
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A range of investment funds which offer a full guarantee of your capital and medium- to long-term growth potential. In addition, amounts generated by your investments, over and above your deposits, may also be protected.
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