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Pensions Division |
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Registered Retirement Income Fund |
Under certain
circumstances, pension money may be transferred to a Registered Retirement Income Fund
(RRIF) that complies with the requirements of section 29.1 of The Pension Benefits
Regulations, 1993. There is no limit on the amount of money that may be withdrawn from
a prescribed RRIF.
An individual may transfer money to a prescribed RRIF from
a LIRA or from a pension plan, if the pension plan permits such a transfer. Money cannot
be transferred to a prescribed RRIF prior to attaining age 55, unless the pension plan
from where the money originated provides for retirement at an earlier age. As well,
legislation requires the consent of the spouse of the individual before money can be
transferred.
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