Locked-in Retirement Accounts (LIRAs)

Safeguard your pension fund until retirement

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LIRAs at a glance

What is a Locked-in Retirement Account (LIRA)?

A LIRA allows you to transfer the funds accumulated in a former employer’s pension plan to an individual, tax-sheltered plan. Generally speaking, you can't make contributions to this account or withdraw money from it before retirement.

Useful if you're looking to:

  • Transfer your pension after you leave a job
  • Hold funds tax-free

Age limit

71 years

You can hold a LIRA until December 31 of the year in which you reach age 71. After this, your LIRA must be converted to a life income fund (LIF)1.

No withdrawals allowed

With some exceptions

Unlike RRSPs, it is not possible to withdraw funds from a LIRA. The exceptions to this are death, reduced life expectancy and non-residence in Canada for two years. To withdraw funds, you must convert your LIRA to a life income fund (LIF) or life annuity.

In the event of death

Transfer to spouse

When you die, your LIRA is automatically transferred to your spouse,2 unlike an RRSP, where you can choose the beneficiary.

How to open a LIRA account at National Bank

If you’d like to start investing, there are two solutions available to you.

Visit a branch

If you need support, speak with one of our advisors to find the solution that best suits your needs.

Make an appointment

Open an online brokerage account

Are you a self-directed investor? Fill out the secure online form to start contributing to your LIRA account.

Open an account

Learn more about National Bank Direct Brokerage

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Tip

Approaching retirement? It's time to max out your RRSP and use up any remaining contribution room!

Our investment products for your LIRA

Grow your LIRA by investing your money in investment products that match your goals.

Guaranteed Investment Certificate (GIC)

Ideal if you’re looking for a secure investment that offers a pre-determined return.

Discover our GIC

Portfolio Solutions

Ideal for investing in a full, diverse ronge of mutual funds.

Discover our portfolios

Funds

Ideal for selecting one or more funds based on your investment strategy and targeted returns.

Discover our funds

Other solutions that might interest you

TFSA

Earn tax-free interest on your savings and access your funds any time.

See our TFSAs

Life Income Funds (LIFs)

Continue enjoying the benefits of tax deferral by converting your LIRA to a LIF.

Learn more about LIFs

See all plans

Ready to talk about retirement?

Speak to an Investment and Retirement Specialist to find the solution that's right for you.

Make an appointment
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1-888-270-3941

Monday to Thursday,8 a.m. to 6 p.m. (ET)
Friday, 8 a.m. to 5 p.m. (ET)

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