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
- Simplify the management of your portfolio
- Even though you have investment control of the funds, the governing legislation controls the use of the funds.
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.
Rates & Fees
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not allowed from an LRSP/LRIA/LRSP, except in very exceptional circumstances, and there is a maximum amount that can be withdrawn each year from a LIF/LRIF/PRIF/RLIF.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:
- Locked-In Retirement Savings Plan (LRSP)
- Locked-In Retirement Account (LIRA)
- Restricted Locked-In Savings Plan (RLSP)
- 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.