LIF

A pension that pays, on your terms.

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Retirement income

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A Life Income Fund (LIF) is a type of Registered Retirement Income Fund (RRIF) you can dip into throughout your retirement while your savings continue to grow.

It’s used to convert a locked-in retirement plan such as a LIRA or pension fund before the end of the year you turn 71, when you want to start withdrawing income.

Why open a LIF?

Retirement income designed to last a lifetime, on your terms.

Steady income

Withdrawals range from an annual minimum to maximum amount (based on age and province) to spread income over your lifetime.

Control over investments

Unlike an annuity, you can choose your investments according to your situation and even invest in foreign securities.

No minimum age

Life income can be requested at any time for your retirement. Before age 65, you can even add supplementary income – temporary income.

How does it work?

The LIF in 4 steps

If you have a LIRA or a pension and you’re about to retire or turn 71, that’s your cue to talk to one of our advisors1 about LIFs.

Together, you map out your plan: time horizon, spreading payments throughout your retirement based on your savings, and your risk profile.
 

Learn more about risk profiles

Even if you can’t contribute to your LIF, you can still manage your investments to reflect your needs.

Your investments continue to grow tax-sheltered until withdrawn.

Your retirement plan and annual needs will determine your income. However, it must be between the minimum and maximum permitted by legislation, depending on your age and province. The amount withdrawn then becomes taxable.

See my minimum and maximum withdrawals

If your LIF still holds funds at the time of your death, the balance is paid to your spouse or heirs in a lump sum.

The scenario shown here is for demonstration purposes only2 and should not be relied upon as financial or other advice.

Beneva, a smart investment

We deliver on performance

Tap into performance-focused investment products.

Your LIF is exempt from seizure

Under certain conditions. So, you're really guaranteed an income for as long as you live.

We personalize your strategy

We take great care in proposing diversified investments suited to your profile.

We keep your money safe

Deposit coverage by Assuris of up to $100,000 per account category.3

Transfer from LIF to annuity
Annuities, your go-to for guaranteed income year after year.

Enjoy the flexibility of a Beneva LIF and convert your savings at any time to a term certain annuity or a life annuity.

What can I invest in with a LIF?

Think of the LIF as an empty box. How you fill it is up to you!

Service fee information
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Registered plan

RRIF
Registered plan

LIRA

1. On behalf of Beneva Investment Services Inc., mutual fund dealer and financial services firm or on behalf of Beneva Inc. a financial services firm or Authorized partners of Beneva Inc., a financial services firm.

2. The risk profile is balanced based on the needs analysis completed by the advisor.1 The scenario is based on a 65- to 91-year horizon, with annual withdrawals equal to the average minimum and maximum 2021 withdrawals for federal LIFs, an initial amount of $500,000, reinvestment of earnings, and an annual return increasing from 3% to 2% to adjust to the changing risk profile.

3. $100,000 for a TFSA and $100,000 for other registered contracts (RRSP, RRIF, LIRA and LIF).