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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

If you’ve reached retirement, and you have a pension you would like to receive income from, you can convert it to a LIF.

Or, if you were part of a workplace pension plan, and left before retirement, your savings may have been placed in a Locked-in retirement account (LIRA). Once you retire, that LIRA can convert to a life income fund (LIF).

Unlike a Registered retirement savings plan this money can be used only for retirement income.

  • Control over income and investments
  • Growth potential
  • Death benefit
  • No requirement to buy an annuity
  • One-time unlocking up to 50% in some provinces
  • Requires some financial decision-making
  • Legislated minimum and maximum withdrawal amounts
  • Potential for market volatility
  • Potential to run out of money, particularly if you unlock funds
  • Your spouse or common-law partner’s consent may be required 

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

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