Locked-in retirement account (LIRA)
Planning your retirement
Retirement
You are entitled to your former employer's pension fund
- No additional contributions allowed
- No withdrawal of licence before retirement, except in exceptional circumstances
- Tax-sheltered invested capital
The basics
- Amounts transferred from your former employer’s pension plan.
- Upon death, the balance of the Locked-In Retirement Account (LIRA) is paid to the spouse or, under certain conditions, to the heirs.
- Elusive sums.
- Possibility of converting all or part of the LIRA into an annuity or LIF at any time, no later than age 71