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How to Submit a Manage Life Income Fund (LIF) Plan

Learn how to manage a Life Income Fund (LIF) to adjust withdrawal amounts, frequencies, or banking details for a client's Optimize Account.

Applies To: 

  • All Portfolio Managers, Advisors, Wealth Planners, and support staff.
  • Eligible account types: LIF Accounts

You can manage a client’s LIF plan from their CRM Contact Record to withdrawal amounts, frequencies, or banking details. Use the instructions below to modify LIF Plans effectively and ensure they meet client needs and regulatory requirements.

When to Manage a Life Income Fund (RIF) Plan

  • A client needs to adjust their withdrawal amount or frequency for their LIF.
  • A client’s LIF account requires an update to the banking details.
  • A client requires assistance with meeting minimum withdrawal requirements or managing tax implications.
  • A client needs to review or adjust the annuity structure of their LIF.

How to Submit a Manage LIF Plan Request

To submit a LIF plan request, you'll use the Service Extension on the client's CRM Contact Record. 

How to Submit a Manage Plan Request 

  1. Navigate to the Client's CRM Contact Record
  2. Go to the Servicing Tab
  3. Select Plans → Manage Plans
  4. Select "LIF" as your request type. 


  5. Select the Target Plan.
    • (Only active plans will be displayed)
  6. Choose the modifications you want to make and update the details using the corresponding drop-down menus:
  • Payment Destination (EFT to banking on file / Trading account)
  • Banking Details / Trading Account (The option here will depend on your choice for the Payment Destination)
  • Frequency (Monthly / Quarterly / Semi - Annually / Annually)
  • Amount (Elected Amount / Minimum Amount / Maximum Amount). If modifying the amount, you’ll also need to update the tax information:
    • Elected Amount (Tax on total amount / Tax difference between the minimum and elected)
    • Minimum Amount (Taxable / Tax Free).
    • Maximum Amount (Tax on total amount / Tax difference between the minimum and elected)

     7.   Review & Submit

  • Once you confirm the details, click Submit to create the service request ticket.

Important:

  • If the Elected Amount is selected, enter the Gross Amount.
  • If the Minimum amount is taxable, you have to enter the Total withholding tax.
  • For Elected and Maximum amounts, you have an option to enter additional withholding tax which will be applied on top of the calculated withholding tax on the Gross Amount.

Important: 

  • Payment modifications can only be submitted after the most recent withdrawal has been processed.
  • For example, if withdrawals are scheduled for the 1st of each month (e.g., October 1st, November 1st), you must wait until October 2nd to modify the November 1st payment - after the October payment has been processed.

After Submitting the Request

A new service request ticket will be created. You can locate it:

  • In the Right-Side Panel of the client's CRM Contact Record under Tickets.
  • In the Plans Pipeline, where you can track the progress and confirm when the request is completed.

Processing Times

  • Typically 3 business days after the ticket has been submitted and completed any applicable review.