Group Registered Retirement Income Fund (RRIF)

With a group Registered Retirement Income Fund (RRIF), you can convert group Registered Retirement Savings Plan (RRSP) savings (and some other types of retirement savings) into retirement income. 

Advantages of a RRIF

• Unlike an annuity, which offers periodic fixed payments, you can vary how much you withdraw from one year to the next, based on your needs
• Investment income is tax-free until it is withdrawn
• There is no maximum withdrawal amount, but the Canada Revenue Agency (CRA) establishes a minimum amount that must be withdrawn each year

Features of a RRIF

• Investment options are generally the same as for an RRSP
• Funds in an RRSP must be transferred into a RRIF before December 31 of the year the participant turns 71
• Money transferred into a RRIF can come from RRSP investments, a Deferred Profit Sharing Plan (DPSP), another RRIF, or an Individual Pension Plan (IPP)  if the money is not locked-in
• Non-locked-in funds from a Defined Contribution Pension Plan (DCPP) or a Simplified Pension Plan (SPP) can be transferred into a RRIF
• RRIFs, much like RRSPs, are tax-sheltered until money is withdrawn
  
  

Which type of retirement income plan is right for you? Check out the Retirement income plan table.

This text is for information purposes only. Refer to your policy for all conditions, exclusions and restrictions.