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What is a LIRA? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
A locked-in retirement account (LIRA) is a pension-related savings account that is locked in until you reach retirement age. If you have a pension plan at your company and you leave the company, some or all of your pension can be rolled into a LIRA. The funds in a LIRA must be transferred to a life income fund (LIF) or used to purchase a life annuity by the end of the year you turn 71.
Example: “I have a LIRA from my former employer’s company pension, and I can’t touch it because it’s locked in until I retire.”
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