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LIRAs and LIFs
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Superintendent’s List of Financial Institutions
Offering Locked-in Pension Products
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 Withdrawal
This section describes the maximum amounts payable from a LIF.
Life Income Fund (“LIF”) Interest Rate & Withdrawal Calculations
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% |
| 2025 | 3.26% |
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.