Locked-in retirement account (LIRA)

Your share of your former employer's pension fund is yours

  • No further contributions can be made
  • Withdrawals before retirement are permitted only under exceptional circumstances
  • Capital is placed in a tax-sheltered investment

Key features

  • Funds are transferred from your former employer's retirement plan
  • At death, a LIRA balance is transferred to your surviving spouse or, in certain conditions, to your estate
  • Funds in LIRAs cannot be seized
  • You can convert all or part of your LIRA to an annuity or a LIF at any time up to the last day of the year you turn 71