Keep pension money invested for retirement
A Locked-In Retirement Account, or LIRA, holds eligible pension money after you leave a workplace pension plan. Your money stays registered, invested, and set aside for retirement, while you choose options that fit your timeline, comfort with risk, and future income plans.
Hold former pension money- Keep it invested
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What is a LIRA?
A LIRA is a registered retirement account for locked-in pension money from a former employer plan. It is similar to an RRSP because it can hold retirement savings and grow tax-deferred, but the money is locked in and generally cannot be withdrawn whenever you want. A LIRA is meant to help keep pension money set aside until it can be used for retirement income.1
Savings
Hold locked-in retirement money in a savings option when you want stability, lower risk, and easier planning as retirement gets closer. Access is still restricted by LIRA rules.2
GICs
Lock in a guaranteed rate for a set term inside your LIRA, so your former pension money earns predictable interest. Choose a term that fits your retirement timeline.3
Investments
Hold eligible investments, such as mutual funds, bonds, money market funds, stocks, or ETFs, depending on the provider and account type. A fit for longer timelines.4
LIRA, RRSP, and LIF: what's the difference?
These accounts can all support retirement planning, but each one has a different job. A LIRA holds locked-in pension money, an RRSP helps you build personal retirement savings, and a LIF is used later to turn locked-in money into retirement income.
Locked-inLIRA
Locked-in pension savings
A Locked-In Retirement Account (LIRA) holds eligible money from a former workplace pension plan. It keeps those funds registered and invested for retirement, but withdrawals are restricted because the money is meant for future income.
Tax-deferredRRSP
Personal retirement savings
A Registered Retirement Savings Plan holds retirement money you contribute yourself, based on your available RRSP room. It can help you save for the future while giving your money room to grow tax-deferred.
IncomeLIF
Retirement income from locked-in money
A Life Income Fund is used when you are ready to draw income from locked-in retirement savings. It turns pension money into payments, with minimum and maximum withdrawal rules that apply each year.
How to transfer a LIRA to YNCIU
Review your pension documents
Step 1
Check whether your former pension funds are eligible to move into a LIRA.Talk to an advisor
Step 2
We’ll help you understand the transfer process, investment options, and locked-in rules.Premium Chequing
Step 3
Pick savings, GICs, or investment options that fit your retirement plan.Complete the transfer
Step 4
We’ll help with the paperwork to move eligible locked-in pension money to YNCU.
So, LIRA or RRSP?
Commonly asked questions
A LIRA holds eligible pension money in a registered account until it can be used for retirement income. You choose how the money is held or invested based on your options and retirement plan.
Usually, no. A LIRA is generally funded by transferring locked-in pension money from a former employer pension plan or another locked-in account.
LIRA withdrawals are restricted because the money is meant for retirement. Some unlocking exceptions may apply depending on the rules that govern your account.
No. A LIRA and RRSP can both hold retirement savings, but a LIRA holds locked-in pension money and has stricter withdrawal rules.
When you are ready for retirement income, you may be able to transfer your LIRA to a Life Income Fund, or LIF, or use another permitted retirement income option.
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¹ Locked-in funds and withdrawal restrictions
A LIRA holds eligible funds transferred from a pension plan and is generally not available for regular cash withdrawals. Transfers, retirement income options and any unlocking provisions depend on the pension legislation governing the funds, which may differ from the province where you currently live. Unlocking is available only where permitted and subject to qualifying conditions and documentation. Permitted cash withdrawals are generally taxable.
² Savings and deposit insurance
Savings rates are variable and may change without notice. Access to funds is subject to the account terms and applicable registered-plan rules. Eligible Canadian-dollar deposits held in a TFSA, RESP, LIRA, RRIF or FHSA at YNCU have unlimited deposit insurance coverage through the Financial Services Regulatory Authority of Ontario (FSRA), subject to its rules. Mutual funds, stocks, ETFs and bonds are not covered by this deposit insurance.
³ GIC terms and guarantees
GIC rates, terms, minimum deposits and interest payment options vary by product. Rates may change before purchase or renewal. Fixed-rate guarantees and access to funds are governed by the investment agreement. Non-redeemable GICs generally cannot be cashed before maturity. Early redemption of cashable or redeemable GICs may affect interest payable. Registered-plan withdrawal restrictions also apply.
⁴ Investment risks and availability
Available investments and services vary by provider and account type. Mutual funds, stocks, ETFs and bonds involve risk and may lose value. Returns are not guaranteed, and past performance does not indicate future results. Fees and expenses may apply. Investments must meet the applicable registered-plan requirements. Review the relevant investment and account disclosures before investing.
General information
This page provides general information and does not constitute individualized investment, tax or legal advice. Eligibility requirements, account agreements and applicable tax or pension legislation apply. Tax treatment depends on your circumstances, and rules may change. Speak with a qualified advisor before making a decision.