A PRRIF provides people in Saskatchewan and Manitoba a flexible income that can last a lifetime.
They are only available for Saskatchewan or Manitoba regulated pension funds.
- When you’re eligible to start drawing a pension, you convert money held in a pension plan or LIRA to a PRRIF, subject to applicable legislation.
- You can work with an advisor to choose how to invest that money, which can still grow in a tax-advantaged environment.
- Withdraw the minimum amount each year, with no maximum.
- Control over income and investments
- Growth potential
- Death benefit (any money left over goes to whomever you choose)
- No maximum withdrawal amounts
- Can be held to age 100
- Requires some financial decision-making
- Legislated minimum and maximum withdrawal amounts
- Potential for market volatility
- Potential to run out of money
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.