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Investments

Locked-In Retirement Account (LIRA)

Changing jobs or leaving an employer pension plan? A LIRA protects and grows your pension savings in a tax-sheltered environment while keeping them locked in for retirement.

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Tax-deferred Growth on all investments
Pension funds Preserved from former employer
Converts to LIF At retirement for income
Creditor Protected in most provinces
How it works
Getting covered is simple
1

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2

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3

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Meet Sri on Zoom or in person to submit your application. Many plans are approved within 24–72 hours—often with no medical exam required.

About this coverage
Preserve and Grow Your Pension Savings

A LIRA is a registered retirement account used to hold pension funds when you leave an employer with a defined benefit or defined contribution pension plan. Funds transferred into a LIRA remain locked in — meaning they cannot be withdrawn as cash and are intended strictly for retirement income. Like an RRSP, investments in a LIRA grow tax-deferred until retirement.

You cannot make new contributions to a LIRA — funds come only from transfers from an employer pension plan. At retirement age (typically between 55 and 71, depending on provincial or federal legislation), LIRA funds must be converted into a Life Income Fund (LIF), a Locked-In Retirement Income Fund (LRIF), or used to purchase an annuity. Withdrawals are subject to minimum and maximum limits set by pension legislation.

Key benefits
Why a LIRA is an Essential Retirement Tool

Preserves pension value

Transfer your full pension commuted value and continue growing it tax-deferred in retirement investments.

Investment control

Choose how pension funds are invested — stocks, ETFs, bonds, GICs, mutual funds, or segregated funds.

Creditor protection

LIRA assets are protected from creditors in most Canadian provinces — an important estate planning benefit.

Converts to LIF at retirement

At retirement, convert your LIRA to a Life Income Fund for regular, structured retirement income.

Common questions
Frequently asked questions
LIRAs have strict withdrawal restrictions by design. Limited unlocking provisions may exist for financial hardship, small account balances (below a specified threshold), shortened life expectancy, or non-residency — specific rules vary by province and federal jurisdiction.
Review your investment mix regularly as you approach retirement. Understand your provincial or federal locking-in rules. Coordinate your LIRA strategy with your RRSP and TFSA. Plan early for conversion to a LIF to manage retirement income efficiently and minimize tax.
Both are tax-deferred registered investment accounts, but a LIRA holds locked-in pension funds with legislated withdrawal restrictions. An RRSP has no withdrawal restrictions — you can access RRSP funds at any time for any reason (subject to tax). A LIRA cannot receive new personal contributions.

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Licensed in BC, Alberta, Ontario & Nova Scotia • Powered by Experior Financial Group