On May 31, 2010 the Government of Manitoba announced certain changes to the rules for Manitoba locked-in accounts.
The highlights of the changes to Locked-In Retirement Income Funds (LRIFs) are as follows:
- Effective December 2010, all LRIF accounts will be converted to a Life Income Fund (LIF).
- A new method for calculating the maximum withdrawal amount will come into effect on January 1, 2011.
- A new withdrawal option is now available for annuitants who no longer live in Canada.
The process for applying for a prescribed transfer of up to 50% of the plan’s assets has been revised.
The Application for a Prescribed Transfer must be submitted directly to your Investment Advisor.
Please contact us for more information.