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allowed from an LRSP/LRIA/LRSP, except in very exceptional circumstances, and there is a maximum amount that can be withdrawn each year from a LIF/LRIF/PRIF/RLIF.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