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Locked-in Retirement Accounts (LIRAs)

Safeguard your pension fund until retirement

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LIRAs at a glance

What is a Locked-in Retirement Account (LIRA)?

A LIRA allows you to transfer the funds accumulated in a former employer’s pension plan to an individual, tax-sheltered plan. Generally speaking, you can't make contributions to this account or withdraw money from it before retirement.

Useful if you're looking to:

  • Transfer your pension after you leave a job
  • Hold funds tax-free

Age limit

71 years

You can hold a LIRA until December 31 of the year in which you reach age 71. After this, your LIRA must be converted to a life income fund (LIF)1.

No withdrawals allowed

With some exceptions

Unlike RRSPs, it is not possible to withdraw funds from a LIRA. The exceptions to this are death, reduced life expectancy and non-residence in Canada for two years. To withdraw funds, you must convert your LIRA to a life income fund (LIF) or life annuity.

In the event of death

Transfer to spouse

When you die, your LIRA is automatically transferred to your spouse,2 unlike an RRSP, where you can choose the beneficiary.

Speak to an advisor to get help and answers to your questions.

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Tip

Approaching retirement? It's time to max out your RRSP and use up any remaining contribution room!

Little details that matter

Legal disclaimers

1. LIFs are subject to applicable federal and provincial legislation depending on the jurisdiction of the retirement plan from which the funds originated.

2. To see the definition of “spouse” that applies to LIRAs, visit the Retraite Québec website.

Other solutions that might interest you

TFSA

Earn tax-free interest on your savings and access your funds any time.

See our TFSAs

Life Income Funds (LIFs)

Continue enjoying the benefits of tax deferral by converting your LIRA to a LIF.

Learn more about LIFs

See all plans

Ready to talk about retirement?

Speak to an Investment and Retirement Development Manager to find the solution that's right for you.

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