Locked-In Retirement Account (LIRA)

A Locked-In Retirement Account (LIRA) is an investment account designed specifically to hold “locked-in” pension funds from a previous employer. At the time of termination of membership in a company pension plan that precedes retirement, death before retirement (whereby funds become property of surviving spouse or partner), or the breakup of marriage or common-law relationship, holders must transfer their funds into a LIRA. (FSCO)

For more information on LIRA accounts please review the following options:

  • Withdrawals from a LIRA account [http://www.fin.gov.on.ca/en/publications/1998/98pens.html#Locked-in_Retirement_Accounts]
  • Maturing a LIRA account [http://www.fsco.gov.on.ca/en/pensions/Documents/L200-200.pdf]