-
[...]
-
(d) provides that for any calendar year before the calendar year in which the holder of the restricted life income fund reaches 90 years of age, the amount of income paid out of the life income fund shall not exceed the amount determined by the formula
C/F
where
- F
- is the value, at the beginning of the calendar year, of an annual $1 payment, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the holder reaches 90 years of age, established using an interest rate that is
-
(a) for each of the first 15 years, not more than the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the month of November before the beginning of each calendar year, and
-
(e) provides that, for the calendar year in which the contract or arrangement was entered into, the amount determined under paragraph (d) shall be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month;
-
[...]
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(i) provides that, subject to subsection 53(3) of the Act, the funds, or any interest or right in those funds, shall not be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null;
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(j) provides that, in the calendar year in which the holder of the restricted life income fund reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if the holder
-
(i) certifies that the total value of all assets in all locked-in RRSPs, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer, a transfer under the Pension Benefits Standards Act, 1985 or a transfer from another PRPP is not more than 50% of the Year’s Maximum Pensionable Earnings, and
-
[...]
-
(l) provides that, if the restricted life income fund is established in the calendar year in which the holder of the fund reaches 55 years of age or in any subsequent calendar year, the holder of the fund may transfer 50% of the funds in that fund to a registered retirement savings plan or a registered retirement income fund within 60 days after the day on which the restricted life income fund is established if
-
(i) the restricted life income fund was created as the result of the transfer, a transfer under the Pension Benefits Standards Act, 1985, a transfer from another PRPP or a transfer from a locked-in RRSP or a life income fund, and