CPI
The Consumer Price Index (CPI) is a statistical device that measures the change in the cost of living for consumers.  It is used to illustrate the amount of inflation that has taken place.

CPP
The Canada Pension Plan (CPP) is a government pension plan that provides for benefits to workers and their families in the event of retirement, disability or death.  CPP applies everywhere in Canada, with the exception of Quebec.

Flexible Pension Plan
A Flexible Pension Plan is a defined benefit plan which allows plan members to make Optional Ancillary Contributions in order to acquire Optional Ancillary Benefits.

LIF
A Life Income Fund (LIF) is a type of RRIF under which the owner of the LIF must withdraw, each year, a minimum amount prescribed by the Income Tax Act (Canada), up to the maximum amount prescribed by the pension legislation. The owner must use the balance of the funds when he/she reaches the age of 80 to purchase a life annuity; in British Columbia, Manitoba, Quebec, New Brunswick and Nova Scotia this last requirement has been eliminated.  The LIF is available in all jurisdictions (except Saskatchewan and PEI).

LIRA
A locked-In Retirement Account (LIRA) is a type of RRSP where the funds are subject to pension legislation.  These funds must be used to purchase a life annuity or be transferred to a LIF, an LRIF or a prescribed RRIF (Saskatchewan only) by the end of the year during which the owner of LIRS reaches age 69, at the latest.  The LIRA is available in all jurisdictions with the exception of British Columbia, Nova Scotia and under the federal PBSA.  These three jurisdictions provide allow for the locked-in RRSP that is very similar to the LIRA.

Locked-in RRSP
A locked-in Registered Retirement Savings Plan is a type of RRSP where the funds are subject to pension legislation.  These funds must be used to purchase a life annuity or be transferred to a LIF by the end of the year during which the owner of the locked-in RRSP reaches age 69, at the latest.  The locked-in RRSP is available in British Columbia, Nova Scotia and under the federal PBSA.

Locking-in
A member cannot withdraw in cash the employer's contributions and his/her contributions with interest.  These contributions with interest must be used to provide a pension at retirement.

LRIF
A Locked-in Retirement Income Fund (LRIF) is a type of RRIF under which the owner of the LRIF must be withdrawn, each year, a minimum amount up to a maximum amount prescribed by the pension legislation. As opposed to a LIF, the purchase of annuity at age 80 is not required. The LRIF is only available in Alberta, Manitoba and Ontario as well as in Newfoundland and Labrador.

OAS
Old age Security (OAS) is a monthly pension paid to Canadians who are age 65 or over.

OSFI
The office  of the Superintendent of Financial Institutions (OSFI) is the entity making sure pension plans governed by the Pension Benefits Standards Act, 1985 (PBSA_ comply with this act and are administered in accordance with its requirements.

Portability
The legislated right to transfer vested and locked-in benefits to another registered retirement plan when the member leaves the service of his/her employer.

QPP
The Quebec Pension Plan (QPP) is a government pension plan that provides for benefits to workers and their families in the event of retirement, disability or death.  QPP applies in Quebec.  The QPP is similar to CPP.

RRIF
A registered Retirement Income Fund (RRIF) is an arrangement under which the owner of the RRIF must withdraw, each year, a minimum amount prescribed by the Income Tax Act (Canada).  A prescribed RRIF (Manitoba and Saskatchewan only) is similar to a RRIF with the exception that certain minimum pension legislation standards are retained, such as protection of spousal rights and creditor protection.

Vesting
A member is entitled to a deferred pension under the pension plan after the completion of a certain period of employment or of membership under the plan, and sometimes the attainment of a certain age.

If a member is entitled to a deferred pension, he/she will be entitled to receive the deferred pension at retirement. If a member is not entitled to a deferred pension at termination of membership, he/she will be entitled to the refund of his/her contributions, if any, with interest.

YMPE
The Year's Maximum Pensionable Earnings (YPME) correspond to the maximum amount of earnings of an individual that is used to determine the maximum amount of contributions and of benefits that must be paid to or from the Canada Pension Plan or the Quebec Pension Plan. The YMPE is revised annually.