Locked-In Plans

• 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.
  

• 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.

• 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.