You can hold your GMWB funds in non-registered or registered plans such as a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF).
If your GMWB funds are in a RRIF you will always receive the greater of your RRIF minimum or your 5% guaranteed retirement income without affecting your future guaranteed income.
If you need income before the year you turn 65, you have the flexibility to withdraw up to 5% of your Income Base every year with the Maximum Withdrawal Allowance feature. Those withdrawals, however, reduce your Income Base. Talk to us to learn more about Maximum Withdrawal Allowance feature.