Group RRIF/LIF

A seamless transition from the members group accumulation program to a RRIF or LIF is available. By December 31st on the year they turn 71, members are required to convert their registered savings into income. One of the most popular income streams is the RRIF, for assets coming from an RRSP, or LIF, for assets coming from a locked-in Retirement Account - LIRA, locked-in RRSP or Pension Plan.

Once you convert your registered accumulation assets to an income stream RRIF or LIF you will be required to withdraw a prescribed mandatory minimum payment each year. This minimum amount depends on a number of factors including whether you have a spouse and his or her age. There is no maximum annual withdrawal limit, except for money in a LIF. Withdrawals over the minimum amount are subject to a withholding tax.

Sponsor advantages

• Comfort in knowing that members will continue to be taken care of by the professionals at Standard Life.
• Simple integration into the retirement program.
• No additional costs or administrative burden.
• Competitive rate structure ensures that members hard earned retirement assets are working for them.

Member advantages

• Support by salaried Retirement Specialists to make this important transition.
• Members continue to have access to all of the tools and services they have become familiar with.
• In most cases, continuation of the same investment funds.
• A very competitive rate structure compared to individual programs.