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LIRA & LRSP

The Locked-In Retirement Account (LIRA) and Locked-In Retirement Savings Plan (LRSP) enable you, as an employee to maintain the tax-deferred status of pension plan proceeds received when you leave a company. These plans lock in your money, but not your investment options. These plans are governed by federal or provincial pension legislation.

In the year in which the planholder is turning 71, the investor has the option to purchase an annuity (not offered by us) or transfer the asset to a LIF or LRIF, depending on the pension legislation governing the LIRA or LRSP.

Administrative information

  • The LIRA can receive pension proceeds if the planholder earned the pension while working in a province other than British Columbia
  • For pensions earned in British Columbia or while working in an industry governed by federal pension legislation, Invesco Trimark offers the LRSP
  • P.E.I. has not yet established its own pension legislation, therefore we are unable to administer pension proceeds governed by this province
  • All money in locked-in plans must come from your Registered Pension Plan (RPP) or from another locked-in plan. You can't make additional contributions, but you can decide how your money is invested

Special information for locked-in account planholders

  • The Manitoba Locked-In Retirement Account addendum is now available.