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1.What is Life Income Funds?
Life Income Funds (LIFs) is a locked-in income amount, invested through an employer pension plan that can be withdrawn after your retirement. You can invest in LIF if your employment ends and your plan allows you to transfer your pension plan into a locked-in account.
2.Who should consider Life Income Funds?
If you wish to have an income after your retirement and exercise some control over the amount, LIF is recommended.
3.Benefits of Life Income Funds?
LIFs fall in two categories to benefit you:
- Locked-in Savings Accounts: Funds can’t be withdrawn regularly so your pension grows to secure your future with greater amounts.
- Locked-in Income Amounts: You receive regular payment from your pension plan so you have a regulated income after retirement.
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