Life Income Fund (LIF) Sample Clauses

Life Income Fund (LIF). The Life Income Fund is a type of retirement income plan that is similar to the Registered Retirement Income Fund (RIFF). However, unlike the RRIF, it sets a maximum amount for retirement income withdrawals. Funds transferred into LIFs come from locked-in accounts, which in turn were created from amounts from pension funds.
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Life Income Fund (LIF) a retirement income arrangement, Contract No. , Plan name: with: (hereinafter known as the Issuer and/or transferee institution), registered under The Income Tax Act (Canada), and is of the kind described in section 20.1 of the Federal Pension Benefits Regulations, 1985. It is hereby understood and agreed by the Applicant and the Issuer that the full amount of funds transferred by the Co-operative Superannuation Society Pension Plan are LOCKED-IN PENSION FUNDS, and such funds and all future earnings on such funds, will be deposited to the above mentioned Locked In Registered Plan, and this plan, and any successor plan complies, or will comply with the provisions and requirements of the Federal Pension Benefits Standards Act, 1985 and the Federal Pension Benefits Standards Regulations, 1985. By signing this Agreement and on finalization of the requested transfer, the Applicant acknowledges that no further benefits are due to him/her and/or his/her beneficiary or estate from the Co-operation Superannuation Society Pension Plan with respect to these funds being transferred from the Co-operative Superannuation Society Pension Plan to the Issuer. The Issuer assumes all responsibilities and liabilities imposed under the Federal Pension Benefits Standards Act, 1985 and the Federal Pension Benefits Standards Regulations, 1985. If the Applicant is applying for a transfer to LIF the Applicant certifies that he/she (has/has not) a "spouse" or "common-law partner" within the meaning of the Federal Pension Benefits Standards Act, 1985 (see reverse).
Sample 1
Life Income Fund (LIF). You may choose to purchase a life income fund (LIF) with the value of your pension account from Sun Life Financial or another financial carrier. A LIF combines the flexibility of a registered retirement income fund (RRIF) with the security of an annuity. A LIF converts retirement savings into regular income payments. As with a RRIF, you’re able to adjust how much income you receive, how often you receive it and how it’s invested. The main difference between a LIF and a RRIF is a LIF restricts the maximum amount a person can withdraw in a year, in addition to a minimum payment requirement.
Sample 1

Related to Life Income Fund (LIF)

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