Prescribed RIF – Manitoba RRIF

Effective May 25, 2005, amendments were made to the Manitoba Pension Regulations allowing Manitoba lock-in plan holders, 55 years or greater, to transfer up to 50 percent of their funds to a “Prescribed RIF”.

Investment Options

• Variable (floating interest rate)
• 6 months to 5 years Fixed—Minimum deposit of $500

Features

• Once-in-a-lifetime transfer – including all MB lock-in’s at any financial institution.
• Only valid for members 55 years or greater.
• Lock-in must be MANITOBA jurisdiction.
• All applicable forms must be submitted by the applicant to the Superintendent of Pensions within 30 days of receiving the paperwork from the financial institution.
• The member must file approved documents with the credit union within 75 days of receiving the paperwork from the credit union
• The financial institution must transfer funds within 30 days or receiving the approved documents from the applicant.
• No minimum or maximum amount to qualify.
• Accrued interest is included in the calculation.
• The RIF minimum payment requirements still apply.
• It is creditor proof (some exceptions apply).

Interest

• Interest is compounded annually on the anniversary date for fixed rate RRIFs.
• Interest must be compounded, as it cannot leave the plan it is sheltered.

Pricing

• No administration fees, however a transfer-out fee may apply.