Locked In Retirement Account (LIRA)

A Locked In Retirement Account (LIRA) is better known as a locked-in RRSP. Surprisingly enough during your career, you may find yourself working for more than one employer. If this happens you may need to look at the options that are available to you with regards to your accumulated pension benefits. One option may be to consolidate these funds into a Locked in Retirement Account (LIRA). Under a LIRA generally no withdrawals are permitted. Exceptions are made based on various provincial rules. To withdraw from a plan you must convert your LIRA to a LIF or an Annuity.