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50% One-Time Unlocking

Effective May 8, 2008, clients holding federally regulated Life Income Funds (LIFs) and Locked-in Registered Retirement Saving Plans (Locked-in RRSPs), have the option to transfer their funds into a new federally Restricted Life Income Fund (RLIF). Policyowners of new federal RLIF's who are at least 55 years old have the option to unlock up to 50 per cent of the policy's initial value within 60 calendar days from the date the new RLIF is issued.

Establish a new RLIF
Form
  • Product Application, if required

Establish a new RLSP

Form
  • Product Application, if required
    * RLSP plans can only be funded by an existing RLSP or RLI

Unlock up to 50% of the new RLIF and transfer to a RRIF or RRSP

Owners of existing Federally regulated Pension Plans, LIFs and locked-in RRSP are able to transfer into a new RLIF and take advantage of the 50% unlocking provision. There are no cash withdrawal options available directly from an RLIF or RLSP. The one-time unlocking option allows for RLIF policyowners to transfer 50% of the RLIF funds to a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF) within 60 calendar days of establishing the RLIF if they are 55 years of age or older. RLIF funds may not be transferred to a LIF or locked-in RRSP. However, should the holder of an RLIF wish to transfer back to a savings product, a new savings vehicle has been created to accept transfers from an RLIF. The new savings plan is a Restricted Locked-in Savings Plan (RLSP). Funds held in an RLSP cannot be transferred to a LIF or locked-in RRSP. Clients will receive a new RLIF or RLSP endorsement, as applicable, that incorporates all of the options that were contained in the updated legislation. Aside from the new unlocking options, an RLIF will be subject to the normal rules that govern annual minimum and maximum withdrawals from a LIF. When 60 calendar days have elapsed from the date of issue of an RLIF, no further unlocking under the one-time 50% unlocking option is available for funds held in the RLIF. However, the legislation does not restrict the number of RLIF's a policyholder may establish and the one-time unlocking option is available for each RLIF owned, assuming the funds held in a plan have not been unlocked under this option previously in another RLIF.

Form
· Product Application, if required
· Redemption Form, if required by Financial Institution
· Form 2 - Attestation(s) Regarding Spouse/Common-law Partner
· RRIF or RRSP Application, if required
* The applications are only required if client does not have an existing RRSP or RRIF.
* Assets can only be unlocked after an RLIF is established

 

 

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