Locked-In Plans

Right for you if:

  • You are ready to retire
  • Your employer decides to wind up its pension plan
  • Locked-In funds originate from a Registered Pension Plan
  • Locked-In funds are not available until you retire or reach a specified age
  • Tax sheltered accounts with the ability to direct the investments inside the account
  • Even though you have investment control of the funds, the governing legislation controls the use of the funds.

PLUS:

Locked-in funds are comprised of:

  • Employer contributions to the plan on behalf of an employee.
  • Employee contributions to the pension plan.
  • A combination of the above.

Locked-In savings plans (LRSPs/LIRAs/RSLPs) must be converted to a locked-in income plan by December 31st of the year you turn 71.

Annual fee: varies according to the type of investment you choose

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Withdrawals are not allowed from an LRSP/LRIA/LRSP, except in very exceptional circumstances, and there is a maximum amount that can be withdrawn each year from a LIF/LRIF/PRIF/RLIF.

The following types of locked-in plans are available:

Savings

  • Locked-In Retirement Savings Plan (LRSP)
  • Locked-In Retirement Account (LIRA)
  • Restricted Locked-In Savings Plan (RLSP)

Income

  • Life Income Fund (LIF)
  • Locked-In Retirement Income Fund (LRIF)
  • Prescribed Retirement Income Fund (PRIF)
  • Restricted Life Income Fund (RLIF)
  • Life annuities are available from Life Insurance companies only.

Each governing jurisdiction decides which of the above plan(s) are offered.

Get Started

Need some help planning
your retirement future?

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