Given the exceptional context of the COVID-19 outbreak, we implemented a temporary measure to allow for the easing of the rules for Life Income Fund (LIF) withdrawals in 2020.
Therefore, for 2020, any persons holding an
LIF who were under age 70 on 31 December 2019 could obtain temporary income subject to the same conditions than the persons between the ages of 54 and 64.
For persons who were under age 54 on 31 December 2019, the following changes were taken into consideration when calculating the amount of temporary income in 2020:
- income from other sources, such as employment earnings, were not taken into account;
- withdrawals could be completed in a lump sum or in several payments;
- they could have more than one
This temporary measure is extended through 2021 and will benefit persons who were under age 70 on 31 December 2020. The measure will allow them to obtain temporary income, which can reach 40% of the maximum pensionable earnings (MPE), that is, $24 640.
Please note that, when temporary income is paid, the life income is adjusted to take it into account. The adjustment depends on the amount of the temporary income that is withdrawn, the account balance and the age of the person that holds the LIF.
Taking into account the extension, the measure will be subject to specific regulatory provisions.
For additional information, consult the
questions and answers on the temporary easing measure regarding
If you are unable to find the answer to any of your questions, please contact the Direction des régimes complémentaires de retraite
by telephone or by email at