LRIF
Another retirement option is a Locked-In Retirement Income Fund. A LRIF functions like a RRIF except the plan must provide payments for life. The key difference between a LIF and LRIF is that you do not need to convert the plan to a life annuity at age 80. Sources of funds for a LRIF can come from the following type of plans: registered pension plan, locked-in retirement account. Check with your pension plan administrator to ensure your pension can be converted to a LRIF. You can choose the same investment options available for RRIFs.