LIRA

On a mission to grow your pension

Financial goal
Retirement

Horizon
Long term

A Locked-in Retirement Account (LIRA) is a type of registered pension fund used to hold your pension savings with a former employer. Even if you can’t continue to save with a LIRA, you can still manage your investments to reflect your retirement goals.

Why open a LIRA?

Sheltered today.
Pays off tomorrow.

You’re in the driver’s seat

You control your investments, so your strategy reflects your needs, not those of employees at your former job.

Tax-sheltered growth

Your funds continue to grow in the plan and are tax-sheltered until they are withdrawn after being transferred to a LIF or annuity.

Savings safely locked away

LIRA funds aren’t meant to be unlocked. You could say it keeps your money safe from yourself, so it’s there when you need it at retirement.

How does it work?

LIRA: Investing in 4 easy steps

If you have a pension fund with a former employer or a LIF that you would like to lock-in again, that’s your cue to get in touch with one of our advisors about a LIRA.¹

Together, we map out a plan for the retirement you want based on the funds you have in your LIRA, including investment horizon and your risk profile.

A specific feature of the LIRA is that you cannot contribute to it over the years. But, unlike a pension, you control 100% of your investments and you can change them as your needs change.

You can't withdraw early from a LIRA, save for specific exceptions. This makes it perfect for discipline. Watch your investment earnings grow tax-sheltered until withdrawn. With this account, you’re playing the long game for the win!

You can’t technically withdraw from your LIRA, you first have to move your money to a LIF or annuity to receive payments.

In all cases, whether retired or not, and regardless of the maturity of the investments, this transfer must take place before the end of the year you turn 71.

The scenario shown here is for demonstration purposes only and should not be relied upon as financial or other advice.²