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Locked-In Retirement Account (LIRA)

Funds in a Locked-in RRSP/LIRA must be converted to a Life Income Fund (LIF), a Locked-In Retirement Income Fund (LRIF), PRRIF or a Life Annuity by the end of the year in which you turn age 71.

A simple outline of your LIRA/Locked-in RRSP investment options.

Life annuity

Allowed at age 55.*

Annuity certain

Not an option.

Registered retirement income fund (RRIF)

Not an option.

Life income fund (LIF)**

An option at age 55 or later.*

Locked-in retirement income fund (LRIF)***

An option at age 55 or later.*

Prescribed RRIF
(PRRIF)****

An option at age 55 or later.*

*Plan provisions and applicable legislation may vary.

** Available in all provinces except Prince Edward Island and Saskatchewan.

*** Available only in Alberta, Manitoba, Ontario, and Newfoundland and Labrador.

****Available only in Saskatchewan and Manitoba.

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