What Are Locked-in Retirement Plans?

All locked-in retirement plans (LIRA) originate from Registered Pension Plans (RPP).

• RPPs are plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires.
• Under pension laws, after a period of time (usually between 2 and 5 years after joining the plan), all money in the plan becomes fully vested in the employee. This means that, while you own all the money in the plan, you can only access it under predetermined circumstances (e.g. when you reach retirement age).

  If you were a member of a Registered Pension Plan (RPP), terminated your employment, and your plan was fully vested, the proceeds of that RPP are considered 'locked-in'. These locked-in funds can only be transferred into certain 'Locked-in Plans' which include:

Retirement Savings Plans (before you retire)

• Locked-in Retirement Accounts (LIRA)
• Locked-in Retirement Savings Plans (LRSP)

Retirement Income Options (after you retire)

• Life Income Funds (LIF)
• Locked-in Retirement Income Funds (LRIF)
• Life Annuities

TD Canada Trust offers a full range of Locked-in Retirement plan options.

Locked-in plans are governed by provincial legislation, which aren't covered in full here. For specific questions about your situation, please contact your local branch.