Unlike in a registered pension plan, this plan offers flexibility when you can start receiving retirement income because it is composed of a RRSP/TFSA/RRIF. For example, you can start payments even as you are working part-time later in your career. You must convert your RRSP to a RRIF no later than the end of the year they turn 71, at which time minimum payments must be made. The TFSA is flexible, and you can start receiving retirement income at an age that accommodates your needs. The plan will provide you with planning tools to assist with developing a retirement income plan – converting savings to income in retirement and integrating various income sources, such as government benefits. Processing fees do not apply during the drawdown phase in retirement.