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LIRAs and LIFs
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Superintendent’s List of Financial InstitutionsPermanent link to this section
Offering Locked-in Pension ProductsPermanent link to this section
All banks, credit unions, trust companies and insurance companies offering LIRAs and LIFs to customers must be on the Superintendent’s List of Financial Institutions offering locked-in pension products, in order to accept transfers of locked-in funds.
The process for being acknowledged on the list requires that a Financial Institution file, with the Superintendent’s Office, a prescribed certification form, (Application for Inclusion on a List of Acknowledged Financial Institutions). Once authorized to offer British Columbia LIF and LIRA contracts, a copy of the appropriate LIRA or LIF addendum as provided under Schedule 1 and Schedule 2 of the PBSR must be provided to LIRA and LIF owners.
Superintendent’s List of Financial Institutions offering locked-in pension products
Life Income Fund (“LIF”) Maximum Annual WithdrawalPermanent link to this section
This section describes the maximum amounts payable from a LIF.
Life Income Fund (“LIF”) Interest Rate & Withdrawal CalculationsPermanent link to this section
Long Term (10+ Years) Marketable Government of Canada Bonds (Average Yields) CANSIM Series V122487 — November of Prior Year.
| Year | Rate |
|---|---|
| 2007 | 4.03% |
| 2008 | 4.22% |
| 2009 | 4.00% |
| 2010 | 3.84% |
| 2011 | 3.60% |
| 2012 | 2.61% |
| 2013 | 2.20% |
| 2014 | 3.01% |
| 2015 | 2.36% |
| 2016 | 2.17% |
| 2017 | 2.06% |
| 2018 | 2.16% |
| 2019 | 2.39% |
| 2020 | 1.57% |
| 2021 | 1.06% |
| 2022 | 2.03% |
| 2023 | 3.02% |
| 2024 | 3.39% |
Calculate the BC LIF Maximum Withdrawal Factors using the following formulas:
T = [90 minus the Owner’s age] and;
R = the greater of the rate shown above and 6.00%
The factor “F” refers to the value on the first day of the fiscal year (which after the initial year will always be January 1) of a $1/year term certain annuity to age 90.
(a) Use this formula to calculate “F” for all ages less than 75:
(b) Use this formula to calculate F for all ages 75 and older:
The maximum withdrawal amount is calculated as the greater of:
- The preceding year’s investment return in the LIF; and
- The amount determined by taking the LIF balance at the beginning of the year and multiplying it by the BC Maximum Percentage shown in the table below.
NOTE: When a LIF is first established, A is 0 and B is the LIF balance on the day the LIF is created.
| Age | F | BC Maximum Percentage (1/F) | Age | F | BC Maximum Percentage (1/F) |
| 50 | 15.9491 | 6.27% | 70 | 12.1581 | 8.22% |
| 51 | 15.8460 | 6.31% | 71 | 11.8276 | 8.45% |
| 52 | 15.7368 | 6.35% | 72 | 11.4773 | 8.71% |
| 53 | 15.6210 | 6.40% | 73 | 11.1059 | 9.00% |
| 54 | 15.4982 | 6.45% | 74 | 10.7122 | 9.34% |
| 55 | 15.3681 | 6.51% | 75 | 10.2950 | 9.71% |
| 56 | 15.2302 | 6.57% | 76 | 9.8527 | 10.15% |
| 57 | 15.0840 | 6.63% | 77 | 9.3838 | 10.66% |
| 58 | 14.9291 | 6.70% | 78 | 8.8869 | 11.25% |
| 59 | 14.7648 | 6.77% | 79 | 8.3601 | 11.96% |
| 60 | 14.5907 | 6.85% | 80 | 7.8017 | 12.82% |
| 61 | 14.4062 | 6.94% | 81 | 7.2098 | 13.87% |
| 62 | 14.2105 | 7.04% | 82 | 6.5824 | 15.19% |
| 63 | 14.0032 | 7.14% | 83 | 5.9173 | 16.90% |
| 64 | 13.7834 | 7.26% | 84 | 5.2124 | 19.19% |
| 65 | 13.5504 | 7.38% | 85 | 4.4651 | 22.40% |
| 66 | 13.3034 | 7.52% | 86 | 3.6730 | 27.23% |
| 67 | 13.0416 | 7.67% | 87 | 2.8334 | 35.29% |
| 68 | 12.7641 | 7.83% | 88 | 1.9434 | 51.46% |
| 69 | 12.4699 | 8.02% | 89+ | 1.0000 | 100.00% |
For information on minimum withdrawal factors for Registered Retirement Income Funds, please contact the Canada Revenue Agency.