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Planning makes perfect.

When you leave a job, you often have to decide what will happen to your pension plan. Consider transferring your pension funds to Laurentian Bank and let us help you come up with the perfect plan for your retirement.

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What’s a LIRA?

Retirement account with a twist.

A LIRA or Locked-in RRSP are special registered retirement savings plans designed so you can transfer the funds from a pension plan. You can transfer them to a Locked-in RRSP or a LIRA, depending on the legislation governing the plan.

LIRA vs. Locked-in RRSP.

The only real difference is legislation. If your former employer is provincially legislated, you need to transfer the funds to a LIRA. If your former employer falls under federal jurisdiction, such as train and air transportation, radio and television, and banks, you’ll need to open a Locked-in RRSP.

Why invest in a LIRA?

Grow your money tax-free.

Like a regular RRSP, a LIRA lets your investments grow tax-free. Pay no taxes on all returns, such as interest, dividends and capital gains, as long as the funds remain in the plan.

Flexible investment options.

Invest in a wide range of eligible investment products. You can hold any investments that are RRSP-eligible. That means the potential for higher returns on your investment.

Just retirement savings.

Unlike RRSPs, once you’ve transferred in your pension funds, you can’t make contributions to or withdraw funds from your LIRA.


Investment account type

Capital from pension funds set up by companies under provincial jurisdiction


Capital from pension funds set up by companies under federal jurisdiction

Locked-in RRSP

LIRA lowdown.


The details

Who’s eligible

Canadian citizens aged 71 or less who have funds in a pension plan.


GIC, term deposit, ActionGIC, mutual funds.


You can’t deposit funds. You can only transfer funds from another LIRA or Locked-in RRSP, or directly from a pension fund.

Access to funds

You can’t withdraw funds. There are a few conditions that will let you unlock a LIRA, like shortened life expectancy due to physical or mental disability. Rules vary by jurisdiction.

Converting a LIRA or Locked-in RRSP

You can have a LIRA or Locked-in RRSP until the end of the year when you turn 71. At that point, it must be converted to a Life Income Fund (LIF) or used to buy an annuity. With a LIF, you’re required to take an annual payment.

Helpful tips and resources.

Your questions answered.

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More time for what matters most.

Whatever you’re saving for, a Laurentian Bank GIC can help get you there sooner. So just focus on what you love.

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