Locked In Retirement Account (LIRA)
Locked in Retirement Account
A locked-in retirement account (LIRA) is a special type of registered retirement savings plan (RRSP) into which a person can transfer the amounts that are in a supplemental pension plan or a life income fund (LIF).
Unlike a regular RRSP, the amounts in a LIRA are locked-in and can only be used for retirement income. Amounts cannot be withdrawn from an LIRA, except under certain circumstances in which a refund is allowed.
A person can hold a LIRA until 31 December of the year in which he or she reaches age 71, at which point the LIRA must be converted into a Life Income Fund (LIF).
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