McGill University Group LIF/RIF

A life-income fund (LIF) is a decumulation phase settlement option available for the direct transfer of locked-in retirement funds from a pension plan or LIRA (Locked-In Retirement Account). A LIF allows you to withdraw a lifetime income subject to annual minimum and maximum withdrawal limits. A retirement income fund (RIF) is similar to a LIF but is a settlement option for the direct transfer from RSPs (Retirement Savings Plans) or other non-locked-in pension accounts.


Active and inactive McGill University Pension Plan (MUPP) members:

  • inactive members who are 55 years or over;
  • active, non-contributing members, who are age 65 or over;
  • active and inactive members who are age 71 and must convert their pension holdings into a retirement income;
  • members (retired or terminated who are 55 years or more) who have recently settled their holdings with an external financial institution and whose funds continue to be administered under Quebec legislation.

Transfers and withdrawals

Transferring funds

If you haven't already settled your MUPP holdings, you can transfer your balance online. Login to the McGill University Savings Program website using your McGill Username (firstname.lastname [at] and Password. If you have already settled your holdings or do not have access to the site, contact the Call Centre for the McGill University Savings Program at 1-855-687-2111 to request the appropriate forms.

  1. Once logged in, access the Manage Tab -> "Convert Retirement Savings into a Retirement Income" and follow the on-screen steps which include: selecting the plan to transfer from/to as well as selecting your fund allocation.
  2. Review your information and submit.
  3. On the "Submission Pending" screen: print, complete, sign and return the LIF/RIF application to Morneau Shepell, 895 Don Mills Road, Tower One, Suite 700, Toronto, ON M3C 1W3 - Attention: McGill Administrators.
  4. Once the application form has been received by Morneau Shepell and the transfer completed, you will receive a confirmation letter advising you to re-access the McGill University Savings Program website to set up withdrawals.
  5. On the Manage Tab -> "Withdraw Income from LIF or RIF": Select the plan to withdraw from, select the payment amount for the year, the payment frequency (annually, semi-annually, quarterly or monthly) and the payment delivery method (cheque or direct deposit). Review and submit. You will be notified annually to resubmit your instructions.

Transferring in personal LIF/RIF funds

If you would like to transfer amounts from a personal LIF and/or RRIF held under Quebec pension legislation into the Group LIF/RIF arrangement for McGill Faculty & Staff, please contact the Call Centre for the McGill University Savings Programs at 1-855-687-2111 and request the appropriate transfer forms. Your financial institution may restrict transfers from LIF/LIRA/RRIF/RRSP accounts whose investments have not yet matured or levy transfer fees and/or penalties. You are encouraged to consult with your financial institution prior to completing a transfer request.

You will not be permitted to make a withdrawal from a personal LIF that has been transferred to the Group LIF until the beginning of the following year (e.g. if you make a transfer to the Group LIF/RRIF in 2017, you will only be able to make a withdrawal from it in 2018. Prior to requesting a transfer from a personal LIF/RRIF, you should withdraw all the amounts you will need for the rest of the year in which the transfer is being made.

Suspending withdrawals from the GLIF

Prior to attaining age 71, you may suspend the required withdrawals from your Group LIF/RIF and transfer your GLIF/RIF balance to a LIRA/RSP.

Investment options

You may invest your savings in any combination of the available investment options. There are two methods when selecting investments: (1) you can construct a personalized portfolio using one or a combination of the investment options offered, or (2) you can select to invest in one of three risk-target balanced options.

Investment Fund Options

Money Market Fund Option: TD Asset Management - TD Emerald Canadian Short-Term Investment Fund

Equity Fund Options: TD Asset Management:

Fixed Income Pool: Phillips, Hager & North:

Risk Target Options

Asset allocation or investment mix that is based on your risk tolerance.

 Asset Class


Conservative Risk Profile

Moderate Risk Profile

Aggressive Risk Profile


TD Emerald Low Volatility Canadian Equity





TD Emerald US Market Index Fund





TD Emerald International Index Fund




Fixed Income 

PH & N Bond Fund




Money Market

TD Emerald Canadian Short-Term




If you do not make an investment selection, your holdings will be invested in the Moderate Risk Profile.


In Quebec, it is not possible to designate a beneficiary for a LIF/RIF. Instead these assets are payable to your spouse, if you have one, unless they have waived their entitlement. If you do not have a spouse, the LIF/RIF balance will be paid to your estate.

The term "spouse" is defined as the person who, on the day preceding your death:

  1. is married or in a civil union with you; or
  2. has been living in a conjugal relationship with you and you are neither married nor in a civil union whether the person is of the opposite or same sex, for a period of not less than three years, or for a period of not less than one year if:
  • at least one child is born, or is to be born, of your union; or;
  • hrefyou have adopted jointly at least one child while living together in a conjugal relationship, or;
  • one of you has adopted at least one child of the other, while living together in a conjugal relationship.

For the purpose of item (2), the birth or adoption of a child prior to a period of conjugal relationship existing on the day preceding your death may qualify a person as a spouse.

Members are urged to consult their legal advisor with respect to any questions regarding their spousal status and beneficiary designation.


Record keeping fee: $51.59/per annum (2018) for each LIF and/or RIF account including tax plus annual indexation.

Management Expense Ratio (MER): 0.20% - 0.30% - significant saving relative to similar retail fund offerings which are in the range of 1% - 2.5%. For illustrative purposes only, the table below provides the estimated fees based on a net rate of return of 5.5% and maximum LIF payment stream over a 25-year period:


Management Expense Ratio (MER)

Initial Investment ($)

at age 65

Estimated Management Fees

(in today’s dollars - over 25 years)



$  6,340













Cheque issuance fee for withdrawals: Effective September 1, 2015: $10 per cheque. This fee is applied by CIBC Mellon and is netted from the payment amount.

The GLIF record keeper

The GLIF record keeper is Morneau Shepell

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