Skip to main content Home | Contact us | Site Map | Français | Sign On | CIBC.com | CIBC Websites
Financial Planning
Registered Plans

Registered Plans

Self DirectedFund PartnerLocked-in

Take Control Of Your Retirement Funds

CIBC Wood Gundy can provide you with the appropriate locked-in plan you need to transfer funds from a pension plan from a former employer. Locked-in plans offered at CIBC Wood Gundy include a Locked-In Retirement Account (LIRA)* and annuities.

*A LIRA also represents a Locked-In RRSP (LRSP) and a Federal Restricted Locked-In Savings Plan (Restricted LSP), as applicable in those provinces where these accounts are available.

Pension Plans To Meet Your Needs

A LIRA is an RRSP that is subject to restrictions under provincial or federal pension legislation. Funds transferred to a LIRA are allowed to grow tax-deferred until age 71. As with an RRSP, the plan matures when you reach age 71 and funds must be used to purchase an approved retirement income producing vehicle. A LIRA and an RRSP differ, however, in access to the funds within the account. Ordinarily, you are not allowed to withdraw funds from a LIRA; access to the funds is permitted by pension law only under very limited circumstances.

Maturity Options

The following registered vehicles were created as an alternative to buying a life annuity with matured funds from a LIRA. Maturity options vary from province to province and not all account types listed below are available in every province.

  • Life Income Fund (LIF)
  • Locked-In Retirement Income Fund (LRIF)
  • Prescribed Registered Retirement Income Fund (Prescribed RRIF)
  • Federal Restricted Life Income Fund (Restricted LIF)

A LIF, LRIF, Prescribed RRIF and Restricted LIF are similar to a RRIF. Each allows individuals to retain investment control over their funds, and a minimum annual payment is required from each account. Unlike a RRIF, LIFs, LRIFs and Restricted LIFs have a maximum annual payment. The maximum annual payment does not apply to Prescribed RRIFs. There are general differences between these plans in that in some cases remaining funds may have to be transferred to a life annuity at age 80, and the maximum annual payout formula calculations can also differ.

*Not all of these retirement income producing products are permitted in all provinces. Please speak with your Investment Advisor to find out which retirement income options are permitted under your pension legislation.

More Retirement Solutions

We also offer the following retirement solutions:

  • Self-Directed Plan
    Offers flexibility, control and broad investment choice
  • Fund Partner Plan
    Gives you a choice of more than 100 mutual funds with no annual administration fee

Your CIBC Wood Gundy Investment Advisor can help you create a retirement plan that will help you meet all of your financial goals. Use our Find An Advisor tool to locate a CIBC Wood Gundy Investment Advisor near you.

The information contained herein is considered accurate at the time of posting. CIBC and CIBC World Markets Inc. reserve the right to change any of it without prior notice. It is for general information purposes only.

Clients are advised to seek advice regarding their particular circumstances from their personal tax advisors.

IIROC. Registered by Investment Industry Regulatory Organization of CanadaCIPF