Life Income Fund (LIF)
Manage your pension savings the smart way. Open a LIF today.
When you retire, funds from your Locked-In Retirement Account (LIRA) and pension plan can be transferred to a LIF. It’s a registered account that’s designed to provide you with a predictable income during your retirement years.
Benefits of a LIF
Tax-sheltered growth
Your earnings are tax-sheltered until you withdraw them, helping you stretch out your pension savings even further.
Control over your investments
You can choose where your money is invested. LIFs can hold a variety of investment products.
Transferrable assets
When you pass away, the balance of your LIF will go to your beneficiary or estate, subject to provincial legislation.
You can transfer your savings from your LIRA or pension to an LIF at any time, but no later than December 31 of the year you turn 71.
You can boost your savings in a LIF with income-generating investment products. The types of products you choose depend on your risk tolerance and goals.
Explore our investment products
Mutual funds
Segregated funds
Minimum annual withdrawal
You’re required to make a minimum withdrawal each year. The percentage used to calculate the minimum increases with your age.
| Age | Minimum withdrawal rate | Age | Minimum withdrawal rate |
|---|---|---|---|
| 65 | 4.00% | 81 | 7.08% |
| 66 | 4.17% | 82 | 7.38% |
| 67 | 4.35% | 83 | 7.71% |
| 68 | 4.55% | 84 | 8.08% |
| 69 | 4.76% | 85 | 8.51% |
| 70 | 5.00% | 86 | 8.99% |
| 71 | 5.28% | 87 | 9.55% |
| 72 | 5.40% | 88 | 10.21% |
| 73 | 5.53% | 89 | 10.99% |
| 74 | 5.67% | 90 | 11.92% |
| 75 | 5.82% | 91 | 13.06% |
| 76 | 5.98% | 92 | 14.49% |
| 77 | 6.17% | 93 | 16.34% |
| 78 | 6.36% | 94 | 18.79% |
| 79 | 6.58% | 95+ | 20.00% |
| 80 | 6.82% |
Maximum annual withdrawal
The maximum amount you can withdraw varies depending on where you live.
*Accounts are regulated provincially to align with corresponding pension plan laws. Rules vary from province to province.
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Not all products are available in all provinces.
In the province of Quebec, the authorized representatives are Financial Security Advisors who have been duly certified by the Autorité des marchés financiers.
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Quebec and the territories. Segregated funds and annuities are underwritten and administered by Co-operators Life Insurance Company.
Co-operators Life Insurance Company and Co-operators Financial Investment Services Inc. are committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit our privacy policy for more information.
Co-operators® is a registered trademark of The Co-operators Group Limited.