Prescribed registered retirement income fund (PRRIF)
Convert your pension savings into flexible retirement income
A PRRIF provides people in Saskatchewan and Manitoba a flexible income that can last a lifetime.
Tax-efficient growth
You don’t pay tax on money in your PRRIF, including growth, as long as it stays there.
Flexible income
There's no maximum withdrawal and you decide when you’ll receive it.
Invest how you like
You can choose to invest your money in mutual funds, segregated funds and more.
How does a PRRIF work?
- 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.
Why should I keep my retirement savings in a PRRIF?
Advantages:
- 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
Considerations:
- 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.
