The Retirement Income Fund Application panel collects essential personal details about (RIF/LIF/LRIF/PRIF/RLIF). This information is critical for identity verification, compliance, and client communication. Displays when opening retirement income accounts, including RIFs, LIFs, PRIFs, and related account types.
If the client’s details already exist within the CRM, the information in this panel will auto-populate. You must still open the panel to review, verify accuracy, and click Save to mark it complete.
Filling Out Retirement Income Funds (RIF/LIF/LRIF/PRIF/RLIF) Specific Information Details
Enter the client's Retirement Income Funds details into the provided fields:
- Age to Calculate minimum: Select either Annuitant or Spouse
- Annuitant First Name: Enter the client's first name.
- Annuitant Last Name: Enter the client's last name.
- Date of Birth: Enter in YYYY-MM-DD format exactly as shown on the client’s ID.
Note: When calculating the minimum annual amount for a Retirement Income Fund (RIF), it’s important to select whose age will be used for the calculation: either the Annuitant (the person receiving the retirement income) or the Spouse.
Annuitant
If the Annuitant's age is selected, the minimum annual withdrawal will be based on the Annuitant's life expectancy, which typically results in higher annual withdrawals, as the minimum withdrawal is adjusted according to the Annuitant's age.
Spouse
If the Spouse’s age is chosen, the calculation will be based on the younger individual's life expectancy. This generally leads to a lower minimum annual withdrawal amount, as the withdrawals are spread over a longer expected lifespan.
Saving the Panel
After completing all required fields:
- Click Save to lock in the provided details.
- The panel status will update from Incomplete (yellow) to Complete (green) upon successful saving.
Example of Completed Retirement Income Funds (RIF/LIF/LRIF/PRIF/RLIF) Specific Information Panel
