Loss of retirement income (LRI) benefit
If you are under 64 years of age on the date of injury and have received loss of earnings (LOE) benefits for 12 continuous months, the WSIB sets aside an amount equal to 5% of all subsequent LOE benefits to pay for a loss of retirement income (LRI) benefit. (This 5% is over and above your regular payments, but will not be paid to you until you turn 65.)
You can also choose to make additional contributions yourself by having the WSIB deduct 5% from your payments.
When you reach age 65, the WSIB pays you an LRI benefit based on:
- the amount it set aside for you, plus
- any amount you contributed, plus
- any investment income that the contributions earned
Depending on the amount of the total, your LRI benefit may be given to you all at once, or in monthly payments. (If you are eligible for monthly payments, you can decide how to distribute the total over the life of the benefit.)
If you die of natural causes before you turn 65, your dependants will receive a benefit based on
- any money you contributed, plus
- the money that the WSIB set aside, plus
- any investment income that had accumulated on those amounts
Note: If you die before age 65 but your death comes as a result of your injury, your dependants will receive survivors' benefits (instead of the amount that the WSIB had set aside and the investment income earned on that portion).
If you have no dependants, your estate will receive any money that you contributed and its investment income.
Your LRI benefit does not affect any retirement income you may receive from other plans (such as the Canada Pension Plan or an employer pension plan).
Learn more by checking out Turning 65: What you Need to Know (PDF) to help you prepare to receive your Loss of Retirement Income Benefit.