Group retirement income plans
Learn what they are and how they can help you maximize your savings throughout your retirement.
Moving your money from group savings plans to group income plans
Retiring from work means leaving your organization’s group retirement program. For some plans, turning your retirement savings into retirement income means moving it to a retirement income plan. Moving it to a group retirement income plan (GRIP) means you can continue with many of the features you've enjoyed with your group savings plan. Moving it to a Manulife GRIP means continuing with many of the same features, and maybe discovering a few more.
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Registered Retirement Income Fund (RRIF)
- Use an RRIF for non-locked-in money coming from an RPP, RRSP, or DPSP.
- There’s a minimum you have to take out each year.
- You don't pay tax until you take money out—and then you pay tax only on the amount that’s over the minimum.
- Use an RRIF for non-locked-in money coming from an RPP, RRSP, or DPSP.
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Life Income Fund (LIF)
- Use a LIF for locked-in money coming from an RPP, a Locked-in Retirement Account (LIRA), or another LIF.
- There’s a minimum (and sometimes maximum) you can take out each year.
- You don't pay tax until you take money out—and then you pay tax only on the amount that's over the minimum.
- Whether you have a LIF, a Locked-in Retirement Income Fund (LRIF), a Restricted Life Income Fund (RLIF), or a prescribed Registered Retirement Income Fund (PRIF) depends on where you worked when you saved the money.
- Use a LIF for locked-in money coming from an RPP, a Locked-in Retirement Account (LIRA), or another LIF.
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Life or fixed-term annuity
- Use a life or fixed-term annuity for money coming from an RPP, RRSP, or DPSP.
- These annuities give you guaranteed income for life or for a certain number of years.
- The income amount is based on the amount you put in, interest rate, age, length of term, and whether you include your spouse.
- You don't pay tax until you take money out.
- You can delay the start date.
- You can also move tax-free savings account (TFSA), Employee Profit-Sharing Plan (EPSP), and non-registered savings plan (NRSP) money into an annuity. Different tax rules apply.
- Use a life or fixed-term annuity for money coming from an RPP, RRSP, or DPSP.
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Wondering what to do with the money in your TFSA, EPSP, or NRSP?
Consider moving it into a TFSA or NRSP in The Manulife Personal Plan™.
An easy and rewarding way to save more
If you move your money into a Manulife group RRIF or LIF, you’ll continue to enjoy many of the same benefits as your group retirement savings plan, and more—helping you make the most of your savings and manage your retirement.

Guidance and support
Manulife’s professionals can help you look after your savings and manage your retirement.

Member Reward Program
Enjoy a yearly savings bonus and maintain your reward level as long as you’re invested in the plan.

So many investment choices
Enjoy a wide range of savings options and over 200 funds you might not get access to on your own.
Make the most of your group retirement income plan
It’s easier to make smart decisions with easy-to-understand information, tools, and guidance—right where you need them.
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Read the viewpoint
How much money do you need to retire in Canada?
Retirement happens sooner than you think. Answer five questions to start picturing your retirement and how much you’ll need to save.
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Try our retirement income calculator
What will your income be?
Find out how long a certain amount of money in a certain kind of retirement income plan is likely to last.
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Learn how our advisors can help
Supercharge your group retirement income plans
Partner with one of our advisors to learn what makes our group retirement income plans great and why it may be great for you.