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How Canada Life is supporting you during COVID-19. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

If you have Newfoundland and Labrador regulated locked-in pension funds, a LRIF allows you to convert those funds into retirement income while deferring taxes.

Funds can be transferred to a LRIF from a workplace pension plan when you leave employment at or before retirement. Funds can also be transferred to a LRIF from a LIRA or LIF.

  • Control over income and investments
  • Growth potential
  • Death benefit (any money left over goes to whomever you choose)
  • Requires some financial decision-making 
  • Legislated minimum and maximum withdrawal amounts
  • Potential for market volatility
  • Potential to run out of money, particularly if you unlock funds
  • Your spouse or common law partner's consent may be required

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.