LRIF - What does LRIF stand for? The Free Dictionary
References in periodicals archive
At retirement, pension assets provide an income through one of three options: the purchase of a guaranteed life annuity from a life insurance company; the transfer of assets to a Life Income Fund (LIF), Locked-in Retirement Income Fund (LRIF
) or in some provinces a Registered Retirement Income Fund (RRIF); or, using plan assets to pay the pension directly, with any assets remaining at death passing to the spouse (or estate).
You should note that as long as you are under age 69, you can roll any remaining assets in a LIF or LRIF
back to a LIRA or Locked-in RRSP (for instance, if you become reemployed and don't need the income).