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Retirement Income Options

Locked-in Retirement Plans


All locked-in RSPs originate from Registered Pension Plans (RPP). RPPs are plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires.

Under pension laws, after a period of time (usually between two and five years after joining the plan), all money in the plan becomes fully vested in the employee. This means that the employee has an unconditional entitlement to the money as and when any age or service requirements are met.

If you were a member of a Registered Pension Plan (RPP), your employment was terminated, and your plan was fully vested, the proceeds of that RPP would be considered 'locked-in'. These locked-in funds can only be transferred into certain 'Locked-in Plans' which include the following Locked-in RSPs and Locked-in Retirement Income Options:

Retirement Savings Plans

Locked-in Retirement Account (LIRA)
Locked-in Retirement Savings Plan (LRSP)

Retirement Income Options

Life Income Fund (LIF)
Locked-in Retirement Income Fund (LRIF)
Prescribed Retirement Income Fund (PRIF)

We'll help you choose

TD Canada Trust offers a wide variety of locked-in RSP options. A qualified Investment Consultant can help you choose the right one for you.

For help in setting your retirement goals and understanding your retirement income options, feel free to visit any TD Canada Trust branch or call 1-800-560-6377 any time for more information.