iA CONNECTED

An important moment is approaching for some of your clients. It's time to use your advisory role to establish a payment strategy that meets the needs of your clients.
As you know, clients who hold an RRSP, Locked-in RRSP or LIRA are legally required to convert their contract to retirement income (RRIF or LIF) before the end of the year in which they turn 71 in order to start their pension payments.

List availability

To help you manage these contracts, the list of your clients who will have reached the age of 71 by December 31, 2020, is available in the Advisor Centre, in the Obtain your clients’ investment data section.

The data in the list is as of June 30, 2020 and is updated every six months.

Automatic conversion

Take this opportunity to contact your clients and complete their conversion request before November 27, 2020. After this date, RRSP, Locked-in RRSP and LIRA contracts will be automatically converted to a RRIF or LIF with the annual payment option on December 15:

• Annual minimum; or
• Lifetime Surrender Amount (LSA) for contracts with funds invested in the Ecoflextra Series; or
• FORLIFE Income for contracts with funds invested in the Income stage of the FORLIFE Series.

Commission

IMPORTANT: The 1% commission will not be paid for contracts that are automatically converted after November 27, 2020.

Please note that RRSP contracts with a balance of less than $3,000 will be redeemed after November 27, 2020 and a cheque will be sent to clients.

Conversion request

The following two documents must be attached to the application form for conversion to a RRIF or LIF (F12A):

1. Proof of age, such as a copy of one of the following documents:

• Driver's license;
• Provincial health insurance card;
• Passport;
• Birth certificate.

Important: If the age of the Annuitant's spouse is to be used to calculate the minimum, a copy of one of the above documents is also required for the spouse.

The conversion process is the time to showcase your advisory role to your clients! Take advantage of this opportunity to establish a winning strategy!

For more information

Please contact one of our Client Relations Specialists by phone at 1 844 442-4636 or by email at savings@ia.ca.