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This document provides additional terms and conditions applicable to the BMO Investorline Retirement Income Fund, specifically for the handling of locked-in pension assets under the Pension Benefits
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How to fill out addendum for locked-in life

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How to fill out ADDENDUM FOR LOCKED-IN LIFE INCOME FUND (LIF)

01
Start by entering your personal information at the top of the addendum, including your name, address, and social insurance number.
02
Provide the details of the locked-in retirement account from which the income will be derived.
03
Indicate the amount of money to be transferred into the LIF.
04
Specify the selected financial institution where the LIF will be held.
05
Review the investment options available within the LIF and indicate your choices.
06
Fill out any required beneficiary information, ensuring you name beneficiaries as necessary.
07
Sign and date the addendum to validate your application.
08
Submit the completed addendum to your financial institution for processing.

Who needs ADDENDUM FOR LOCKED-IN LIFE INCOME FUND (LIF)?

01
Individuals who have accumulated retirement savings in a Registered Retirement Savings Plan (RRSP) or a Locked-in Retirement Account (LIRA) and wish to convert those funds into a LIF for regular income during retirement.
02
Those who have received pension benefits from their employer and are looking to transfer those benefits into a LIF due to job changes or early retirement.
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People Also Ask about

In general, money transferred from a registered pension plan into a locked-in account, such as a locked-in retirement account (LIRA), life income fund (LIF) or locked-in retirement income fund (LRIF), can only be used to provide income after retirement.
As of January 1, 2025, LIF can no longer be transferred to an RRSP or RRIF. Please note that from the age of 55: You are no longer subject to a maximum withdrawal, allowing you to withdraw any amount you want. You can now request payment of all or part of the balance of your LIF in one or more installments.
LIF eligibility and general rules Have participated in an employer pension plan and you've reached retirement age or early retirement age as specified by your pension legislation. Have a spouse or common-law partner,* you must get their consent before setting up a LIF as withdrawals can affect their future benefits.
Regardless of the option you choose, you need to convert your LIRA or locked-in RRSP into a LIF or life annuity no later than December 31 of the year in which you turn 71.

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The ADDENDUM FOR LOCKED-IN LIFE INCOME FUND (LIF) is a document that provides additional information and details related to a Locked-In Life Income Fund. It outlines the specific terms, conditions, and regulations governing the management and withdrawals from the LIF.
Individuals who are establishing or managing a Locked-In Life Income Fund (LIF) are typically required to file the ADDENDUM. This includes plan holders who have funds that need to be converted into a LIF and financial institutions administering the funds.
To fill out the ADDENDUM FOR LOCKED-IN LIFE INCOME FUND (LIF), individuals must provide essential information such as personal identification details, fund allocation, investment instructions, and any applicable signatures. It is crucial to follow the guidelines provided by the financial institution managing the LIF.
The purpose of the ADDENDUM FOR LOCKED-IN LIFE INCOME FUND (LIF) is to ensure compliance with legal and regulatory requirements related to locked-in pension funds. It serves to clarify the rights and obligations of both the fund holder and the financial institution, allowing for a transparent and lawful management of retirement funds.
The ADDENDUM FOR LOCKED-IN LIFE INCOME FUND (LIF) must report several key pieces of information, including the account holder's identification details, the origin of the locked-in funds, investment choices, withdrawal options, and any restrictions or conditions that apply to the LIF.
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