PRRIF definition

PRRIF means a RRIF which meets the requirements of Division 4 of Part 10 of the Manitoba Pension Benefits Regulation;
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Examples of PRRIF in a sentence

  • No amendment, however, will disqualify your Plan as a RIF, LIF, LRIF, Saskatchewan PRRIF, Manitoba PRRIF or Federal RLIF, as applicable.

  • If the death of the contractholder occurs before conversion of the value of the contract associated with the SSQ PRRIF to a life annuity, the payments of income will cease and the death benefit will be the proceeds of the SSQ PRRIF at the date of the contractholder’s death.

  • However, if applicable pension legislation permits the contractholder to request the redemption of the SSQ PRRIF in a case where the contractholder has chosen, as an investment vehicle related to this plan, a non-redeemable GIA, then SSQ shall proceed with the redemption and apply the redemption fees that it determines at its own discretion.

  • From your MD Manitoba PRRIF to: • another Manitoba PRRIF; or • a life annuity contract.

  • Payments from your MDFM RIF, Saskatchewan PRRIF or Manitoba PRRIF will always fall between the minimum amount required to be withdrawn under the Tax Act and the total value of your Plan immediately before the payment.

  • In Saskatchewan, the automatic transfer of your Scotia LIRA funds referred to in the first paragraph of Section 11 of the main LIRA Agreement will be made to a Scotia Saskatchewan PRRIF instead of to a Scotia LIF.

  • If the monthly payments are less than the minimum in force at SSQ, then SSQ reserves the right to reduce the frequency of payments to attain this minimum or to settle, in a lump sum, the redemption value of the SSQ PRRIF instead of allocating this value toward the payment of an annuity, and this, in conformity with the Income Tax Act (Canada) and applicable pension legislation.

  • Before proceeding to transfer contributions from an SSQ PRRIF to another financial institution, SSQ must first ensure, if stipulated under applicable pension legislation, that the name and specimen number of the destination plan of the other institution is included on the list of the regulatory body monitoring your plan.

  • According to applicable pension legislation, the contractholder’s spouse may cease to be entitled to the death benefit, upon separation from bed and board, divorce or annulment of marriage or, in the case of unmarried spouses, on the date cessation of the conjugal relationship occurs, whether or not the dissolution of the conjugal relationship occurs before or after conversion of the value of the contract associated with the SSQ PRRIF to an annuity.

  • For other situations, SSQ ensures that requirements regarding the prescribed age for the purchase of an SSQ PRRIF are respected.