Locked-in Retirement Account (LIRA)

If you leave an employer prior to retirement, you may be entitled to pension credits from contributions made to a registered company pension plan while you were employed. You may choose to transfer your pension credits to a Locked-in Retirement Account (LIRA), also known as a Locked-in RRSP. A LIRA is similar to an RRSP, but is locked-in until retirement. Once the plan is converted to a Locked-In Retirement Account, you cannot make further contributions to it, and you are not allowed to make withdrawals from the account.


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