Ontario has changed the rules governing life income funds ("LIFs") and other locked-in accounts. Some of the changes are effective immediately and other changes will be effective January 1, 2008. The new rules provide for partial unlocking and remove the requirement on owners of LIFs to purchase an annuity on reaching age 80. This alert outlines some key changes.

type Pension Alert - September 2007 - Changes to Rules Relating to LIFs and other Locked-in Accounts