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Superintendent's list of financial institutions
In British Columbia, Locked‑in Retirement Accounts (LIRAs) and Life Income Funds (LIFs) can only be issued by authorized financial institutions that are included on the Superintendent’s List of Financial Institutions Offering Locked‑In Pension Products.
This list helps protect pension plan members by ensuring that only qualified banks, credit unions, trust companies, and insurance companies may hold and administer locked‑in pension money.
These institutions have been reviewed and approved to offer locked‑in pension products and must provide account holders with the correct LIRA or LIF addendum. The addendum explains their rights, responsibilities, and how their locked‑in money must be managed.
To be included on the Superintendent’s List, a financial institution must:
- Submit a completed Application for Inclusion on a List of Acknowledged Financial Institutions to the Office of the Superintendent.
- Meet all regulatory requirements for offering locked‑in pension products in British Columbia.
- Provide members with the appropriate LIRA or LIF addendum once approved. These documents outline the rules that govern the member’s funds.
Institutions may only offer LIRA or LIF products once they have received approval and are listed.