Locked-in Retirement Accounts (LIRAs) and Locked-in RSPs (LRSPs)
are registered retirement savings plans which are established by
the transfer of locked-in pension fund assets from a Registered
Pension Plan (RPP) or another locked-in retirement savings or
income plan such as a LIRA, LRSP, Life Income Fund (LIF),
Prescribed Retirement Income Fund (PRIF) or Locked-in Retirement
Income Fund (LRIF). - Tax on the interest you earn in the plan is deferred until you
withdraw the funds
- A wide range of investments are available within a LIRA or LRSP
plan with TD Canada Trust
- The funds can only be accessed before retirement age under
certain conditions
- Upon reaching retirement age (55 in most jurisdictions), you
can transfer the plan to one or more eligible Retirement Income
Options
- Like a regular RSP, LIRAs and LRSPs must be converted to a
Retirement Income Option (such as an LRIF, PRIF or LIF) before
December 31st of the year you turn 71
For help in setting your retirement goals and understanding your
retirement income options, feel free to visit any TD Canada Trust
branch or call
any time for more information.
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