LIRAs and LIFs

This section is for professionals whose duties are related to locked-in retirement accounts (LIRAs) and life income funds (LIFs).

An LIRA is a retirement savings vehicle (accumulation), while an LIF is used to draw a retirement income (withdrawal).

The Regulation respecting supplemental pension plans resulting from the Supplemental Pension Plans Act, governs LIRAs and LIFs for which amounts are from:

  • a plan that is subject to the Supplemental Pension Plans Act;
  • a plan that is subject to another Québec legislation such as the RREGOP;
  • voluntary retirement savings plan (VRSP) locked-in account.

LIRAs and LIFs governed by the Regulation respecting supplemental pension plans are monitored by Retraite Québec. As such, Retraite Québec must:

  • ensure that the conditions relating to LIRAs and LIFs as eligible transfer instruments are fulfilled;
  • register the texts of standard LIRA and LIF contracts as well as any amendments.

Other useful information

LIF Quick Calc - Determine how much can be withdrawn from a LIF in 2023
Top of page