Definitions for "Life Income Fund"
Keywords:  lira, rrif, rrsp, rpp, retire
A retirement income fund that is established by the transfer of locked-in funds from a Registered Pension Plan (RPP), Locked-in Retirement Savings Plan (LRSP), Locked-in Retirement Account (LIRA) and in some cases a Locked-in Retirement Income Fund (LRIF).
Commonly known as a LIF, this is one of the options available to locked in Registered Pension Plan (RPP) holders for income pay out as opposed to Registered Retirement Savings Plan (RRSP) holders choice of pay out through Registered Retirement Income Funds (RRIF). A LIF must be converted to a unisex annuity by the time the holder reaches age 80.
an appealing retirement income alternative for people who are liquidating their registered pension plans or locked-in retirement accounts