If you have a retirement retirement savings plan (RRSP) and or a spousal retirement savings plan, you have the following options:
- Total surrender of the contract.
- A life annuity, with or without a guarantee period, on your life alone or a joint and last survivor annuity on your life and spouse or common-law partner.
- Transfer to a Registered Retirement Income Fund (RRIF). You then have the option to determine the amount of the income based on your age or your partner’s age.
- A fixed-term annuity payable until your 90th birthday.