Quebec LIF rule changes

Members who have Life Income Funds (LIFs) from a Quebec-regulated pension plan, may be affected by a number of rule changes coming into effect January 1, 2025.

What’s changing for Quebec account holders?

  • LIF members aged 55 and older can withdraw any amount from their account. There’s no longer a maximum withdrawal limit, but there is still a minimum.
  • LIF members under 55 will have a new calculation affecting their maximum withdrawal limit. There’s no changes to their minimum withdrawal limit.
  • If a member is a nonresident for two years, the member can still unlock Locked-in Retirement Account (LIRA) funds, but this option no longer exists for a LIF. However, QC LIF members under 55 may choose to transfer to a LIRA to exercise this unlocking.
  • LIF members can no longer transfer any money from a LIF to a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), or a not locked-in account of a Voluntary Retirement Savings Plan (VRSP).

To learn more about what these changes mean for members, read the full Viewpoint article.