Thursday, March 22, 2012

Unlocking Old Ontario LIFs and LRIFs

April 30, 2012 is the deadline for Ontario Old Life Income Fund (LIF) and Locked-in Retirement Income Fund (LRIF) clients to take advantage of the one time 50% unlocking opportunity available to them.

In June 2009, Regulation 909 under the Pension Benefits Act of Ontario was amended to include changes to the rules governing Ontario locked-in accounts including Old LIFs* and LRIFs. Until April 30, 2012, owners of an Old LIF or LRIF will have a one-time opportunity to withdraw or transfer 50% of the total market value of the assets of the fund to an RRSP or RRIF.

The request to withdraw or transfer must be made on a form approved by the Superintendent of Financial Services and be submitted to us by April 30, 2012.

No applications for any withdrawal or transfer may be made after April 30, 2012.

Effective May 1, 2012, owners of Old LIFs and LRIFs will no longer be able to
withdraw or transfer 50% of the assets in their account.

For more information check out the information on the FSCO web site

* Old LIFs are Life Income Funds issued on or before December 31, 2007 and locked-in under the Pension Benefits Act of Ontario.

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