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Life Income Fund

   Also found in: Acronyms, Wikipedia 0.01 sec.
Life Income Fund
In Canada, a pool of liquidity into which one may deposit pension contributions. The government sets minimum and maximum withdrawals that retirees may make from their life income funds each year. Life income funds are not mandatory.
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At retirement, pension assets provide an income through one of three options: the purchase of a guaranteed life annuity from a life insurance company; the transfer of assets to a Life Income Fund (LIF), Locked-in Retirement Income Fund (LRIF) or in some provinces a Registered Retirement Income Fund (RRIF); or, using plan assets to pay the pension directly, with any assets remaining at death passing to the spouse (or estate).
Raising the bar on retirement planning: Individual Pension Plans ... by Hood, Andrew / CMA Management
Life Income Fund (LIF) A LIF is an income vehicle which was created as an alternative to buying a life annuity.
Strategies for dealing with an early retirement package by Giroux, Therese / LawNow
The limits for this class are: * $200,000 of life insurance protection * $60,000 in cash withdrawal for policies registered under the Income Tax Act such as RRSPs, RRIFs, Life Income Funds and pension policies.
Do you understand your pension fund? by Joan Barmby-Halcro / Wind Speaker
 
 
 
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