Locked-in retirement income funds (LRIFs) pay out the accumulated value of locked-in RSPs, LIRAs or RPPs.

LRIFs, like LIFs, have minimum and maximum payout levels. The LRIF minimums are established under Canada Revenue Agency rules. The maximums are dictated by provincial rules.

Unlike LIFs, your LRIF assets don’t have to be converted to an annuity when you turn 80. Instead you can hold your existing LRIF investments and manage them for the rest of your life.

LRIFs are offered only in:

  • Alberta
  • Manitoba
  • Newfoundland and Labrador
  • Ontario

Other provinces are expected to offer LRIFs in the near future as an alternative to a LIF.