LIRA: Locked-in retirement account
The LIRA is an account that allows you to transfer the assets of the retirement plan or pension fund accumulated with your employer, when you change jobs.
Main characteristics of LIRA
The LIRA is an account that allows you to transfer the assets of the retirement plan or pension fund accumulated with your former employer, to a tax-sheltered individual plan, when you change jobs.
You can hold a LIRA until December, 31 of the year you turn 71. Next, you must convert your LIRA to a life income fund (LIF)1.
In general, the sums are immobilized until retirement: no additional contributions, no withdrawals, except in exceptional circumstances (death, reduced life expectancy or non-residence in the country for two years). If you wish to withdraw sums, you must convert your LIRA into a LIF or a life annuity
Unlike the RRSP for which you can choose your beneficiary upon your death, your LIRA is automatically transferred to your spouse2.
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1. LIFs are subject to the provincial and federal laws applicable to the jurisdiction under which the Income Fund is incorporated.
2. To find out the definition of spouse that applies to the LIRA, consult the Retraite Québec website.