Locked-in retirement account (LIRA) / locked-in RRSP
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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