Locked In Retirement Account (LIRA)
Locked-In Retirement Account (LIRA)
A Locked-In Retirement Account (LIRA) is a specialized type of registered retirement savings plan (RRSP) designed to hold funds transferred from a pension plan. Unlike a standard RRSP, the funds in a LIRA are “locked-in” and can only be accessed for retirement purposes. Withdrawals are generally not permitted, except under specific circumstances where a refund may be allowed.
You can hold a LIRA until December 31 of the year you turn 71, at which point it must be converted into a Life Income Fund (LIF) to provide retirement income.
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