Locked-in retirement account (LIRA)

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What is a LIRA?

If you leave or lose your job, a LIRA allows you to transfer the funds accumulated under a retirement savings plan or your ex-employer’s pension plan to an individual plan. With the help of an advisor, you can put this money into investment funds and enjoy greater control over your investments.

Characteristics and advantages of a LIRA

  • Your savings grow tax-free.
  • You may not contribute nor withdraw money invested in a LIRA except under certain conditions.
  • Upon retirement or, at the latest, the year you turn 71 years of age, you must convert your LIRA to a Life income fund (LIF).