Locked-In Retirement Account
A Locked-In Retirement Account (LIRA) is a special type of Registered Retirement Savings Plan in which you can transfer funds from a supplemental pension plan. If you prefer not to leave the funds in the existing plan you can transfer them to a LIRA in accordance with provincial or federal legislation governing the plan.
Unlike the RRSP, funds in a LIRA are locked in and can only be used to provide retirement income. The amounts cannot be withdrawn except under certain circumstances. Like the RRSP, you can hold a LIRA until December 31st of the year in which you turn 71. Before that date you can transfer your LIRA to another investment such as Fisgard. You can also transfer your Life Income Fund (LIF) to a LIRA, particularly if you want to postpone payment of a retirement income.
You can transfer your LIRA to Fisgard anytime. Just call, and we'll do it for you.
Start small if you wish. Open an account with just $1,000.
Click here for our Retirement Calculators.