Prescribed Registered Retirement Income Fund
In Manitoba and Saskatchewan, Prescribed Registered Retirement Income Funds (PRRIFs) are available and designed to provide retirees with even greater flexibility in managing their retirement savings.
In Manitoba, since May 25, 2005, if you are at least 55 years of age you can make a one-time transfer of up to 50% of the balance in your Life Income Fund (LIF) or your Locked-In Retirement Income Fund (LRIF) to a non locked-in Prescribed RRIF (PRRIF). Once transferred to a PRRIF, your funds can be cashed-out, transferred to another PRRIF or to a life annuity contract.
In Saskatchewan, subject to spousal consent, you may transfer money to a non locked-in PRRIF from a Locked-In Retirement Account (LIRA) at the earlier of age 55 or the early retirement age established by the plan where the money originated. You may also transfer money to a non locked-in PRRIF from your LIF or LRIF plans. In addition, if your pension plan provides, you may directly transfer your pension money to a PRRIF when you reach retirement age. There is no maximum withdrawal limit under the prescribed RRIF.
|
