Life Income Fund (LIFs)
LIFs combine the features of Life Annuity and a RRIF. Until age 80 your LIF acts as a RRIF, at which time it must be converted to a Life Annuity. Three sources of funds for your LIF are registered pension plan (RPP), locked-in RRSP and Locked-In Retirement Account (LIRA). Check with your pension plan administrator to ensure your pension can be converted to a LIF. You can choose the same investment options available for RRIFs.