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A life income fund (LIF) is a specific type of registered retirement income fund (RRIF) from which you can draw a retirement income (payment). The amounts in an LIF originate from supplemental pension plans like the MUPP. Unlike an RRIF, which has no withdrawal ceiling, you cannot withdraw from an LIF more than the maximum authorized for the year. The maximum is calculated on the basis of your age, the balance in your LIF and the reference rate set for LIFs. You must withdraw the minimum required under tax rules, but you are not required to make a withdrawal during the year in which the LIF is opened. 

Effective January 1, 2025, there is no upper limit for withdrawals for members aged 55 or more.

At the beginning of each year, your financial institution will calculate the minimum and maximum withdrawals you can make for the year in question. You will then receive the amount you request in the number of payments provided for in the contract you signed with your financial institution. The amount you withdraw are subject to income tax.

There are two life-income fund options at McGill: the Ï㽶ÊÓƵ – Group Life Income Fund and the Ï㽶ÊÓƵ Pension Plan – Variable Benefit.

The Retraite Québec website provides general information on as well as a .