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LRSP Maturity Options

For federally and provincially regulated Locked-In Savings Plans (LRSPs), they are said to mature on December 31 of the year in which you turn 71 years of age. By this point in time, you are required to convert all locked-in savings accounts into locked-in income accounts and begin receiving regular withdrawals. The income account options available to you are basically the same no matter what type of locked-in savings account your currently hold.

For federally regulated LRSPs, there are three maturity options that the LRSP can be converted into, including the following:

  • a federally regulated Life Income Fund (LIF)
  • an annuity, or
  • a federally regulated Restricted Life Income Fund (RLIF)

All three maturity options require you to begin making withdrawals from your locked-in plans.

An LIF and RLIF are basically the same account type and are administered according to the same rules and guidelines. The fundamental difference, however, is that the RLIF holds the remaining assets from a LRSP that has taken advantage of the 50%-unlocking option available. The LIF has not unlocked any funds.

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