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Life Income Fund (LIF)
A life income fund (LIF) acts as an extension of a locked-in retirement account (LIRA). It allows you to withdraw from the accumulated savings in your pension fund as needed and receive retirement income in accordance with your needs. A LIF is similar to a registered retirement income fund (RRIF), except for the source of the funds. Also, unlike a RRIF, a LIF provides for the payment of a maximum annual income.
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Who Should Consider a LIF? |
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Retirees age 71 and over |
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People wanting to retain autonomy in the management of their investments. |
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Features and Advantages |
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Your protection against financial market fluctuations may attain and even exceed 100% of the capital invested. |
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You pay no annual administration fees.
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Amounts withdrawn are taxed according to the tax tables in effect.
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You receive a life income for as long as you live.
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The law sets the minimum and maximum annual amounts you can withdraw from your LIF. However, it is now possible to withdraw a higher annual amount in exceptional situations. Talk to your advisor about a temporary income.
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Products Available |
The LIF permits you to invest in the
following investment vehicles:
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Daily Interest Funds
For persons wishing to accumulate money to make investments and
receive interest payments on a daily basis. |
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The IAG Savings and Retirement Plan includes three separate series of funds, each with its own guarantees and choice of funds.
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CLASSIC SERIES: A range of investment funds designed for those seeking long-term growth potential and low-cost capital protection.
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ECOFLEX SERIES: A range of investment funds that offer a full guarantee of your capital and medium- to long-term growth potential. In addition, you can also protect the return on your investments.
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ECOFLEXTRA SERIES: A range of investment funds that prioritize capital protection with a view to paying a guaranteed retirement income for life, which can even increase over the years.
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For More Information |
For more details, you can read:
The Who can Best Plan Your Retirement Income? brochure (PDF – 1 631 KB)
The Who can Help you Reach Your Retirement Goals? guide (PDF – 4 020 KB)
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