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A LIF is a RRIF that holds locked-in pension funds, funds that came from a registered pension plan Locked-In RRSP, or a Locked-In Retirement Account.
LIFs pay out the annual RRIF minimum. But, they also have maximum annual payments and other features based on the pension law for the locked-in funds.
A LIF is also known as a Locked-In Retirement Income Fund (LRIF) in Newfoundland and Labrador.