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Retire the right way


Complete Employment Solutions

Retiree Solutions

Retirees today are younger and more active than the previous generations. Part of retirement is planning around your finances but it’s also about planning a lifestyle. We want you to focus on your life so let us focus on the health.

We are happy to introduce a smarter, more affordable way to address your health care needs.

Plan Design Options
Single Coverage
Couples Coverage can find the right solution for you. Get in touch with us!

Life income funds (LIFs) and Locked in retirement income funds (LRIFs)

When you leave a job where you had a pension plan, you’ll have a choice between leaving your money in the pension plan or transferring it to a locked-in retirement account (LIRA) or locked-in RRSP. You will control your investments until it’s time to retire. The money may be locked-in until your retire.

After a minimum age (set by your province) you can start to receive income from this pension money by converting it into a LIF. (Difference provinces may have different types of accounts and governing rule.) As an experienced pension consulting firm, we can address any questions.

The LIF or LRIF pays you an income

LIF or LRIF have a maximum you can withdraw each year. This is intended to ensure that your money will last through your retirement.

You can hold many types of investments in LIFs and LRIFs, such as GICs, mutual funds, or segregated funds. You decide where to invest and can perform transactions within the plan.

You have some control over how much tax is withheld from the payments.

You can name a beneficiary to receive your money after you die.

There’s a minimum income you’re required to take out of the plan every year and a maximum you’re allowed to take from your plan. The maximums for LIFs are a bit different than for LRIFs.

You can use money remaining in a LIF to purchase a secure guaranteed income in a life annuity. Depending on the pension rules in your province, you may be required to do this at a certain age.

LIFs are available across the country. LRIFs are available in some provinces.

How LIF and LRIF can fit into a financial plan

People who have locked-in pension money invested in a LIRA or a locked-in RSP and want to start to receive an income from it must roll the money into one of:



Buy a Life Annuity

The money received as income from any of these plans should be considered when planning income. can find the right solution for you. Get in touch with us!

Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is a continuation of your RRSP. Your RRIF is tax-deferred. The difference between an RRSP and a RRIF is that you must take out an minimum amount each year. As your health benefits consultant, we can answer any of your questions.

Money is only permitted to be deposited in a RRSP if directly transferred from your RRSP. RRSPs must be converted to either a RRIF or an annuity no later than the end of the year in which you reach age 69.

Your RRIF has not limitation to the amount of money that may be withdrawn, because that your maintain the amount of money in your RRIF lasts the rest of your life.

With an RRIF you have a choice in how you invest your money.  You can choose from:

Segregated funds

Guaranteed investment certificates (GICs)

Mutual funds

Other options based on your financial plan and risk tolerance

How can an RRIF fit into your financial plan?

Do you want to use the money in your RRSP as income? RRIFs are great options for that.

Control your investments – Invest your money in a way that grows and works for you.

Control your income – You have a minimum withdraw requirement, but, you can take as much money out as you want at any time. Just be careful with the amount and number of withdrawals because you could hurt your future income.

Maximize your tax deferral – Like you’re your RRSP your RRIF is tax-free until you withdraw funds.

It can be passed to your spouse tax-free – your beneficiaries will receive your assets tax-free when you pass away.

Want something more secure? Convert to guaranteed income at any time.

Questions? Need to Contact Us?

Our team of consultants are happy to customize a holistic plan at a moments notice.


A Few Of Our Satisfied Clients

Easily one of the best in the business. You're really getting the whole package with BP. They're not just brokers... they're consultants with deep expertise. Not a lot of firms offer the communication, policy and review services as well and these guys have it all. Strongly recommend!

Louis Selmeci

BP consulting was extremely helpful in handling my insurance needs and providing me with advice to find the right type of coverage as a new home buyer.

Valerie Winder

Excellent support and service, above and beyond. Helped with HR and recently, Union negotiations. Would refer!

Chad Doiron

Were I not in the industry I would not hesitate to go to BP for any need in benefit or retirement planning, or individual life insurance. Heck I'd even act as a reference. Coming from a competitor, that should speak volumes.

Ryan Geerts

We took on one of their hybrid solutions. Our staff loves it and my cost are better under control. We had specific problems that required out of the box thinking, I would definitely recommend.

Adriano Martorano

Very knowledgeable. Would recommend.

Matthew Aceto

We are here to help

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Ready to get started? Submit our form to request a call back and we will get back to you as soon as possible. You can also give us a call at +1 877 228 3388 or email us.

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