Locked-in retirement plans

Locked-in retirement plans are generated upon the rollover of a Registered Pension Plan (RPP).

RPPs are plans where funds are set aside by an employer, an employee or both parties to provide a pension when the employee retires or terminates his or her employment.

Types of Locked-in Plans Include:

  • Locked-in Retirement Account (LIRA) is a registered account that holds funds tax deferred. These funds are transferred from a provincially regulated employer-sponsored pension plan.
  • Locked-In Retirement Savings Account (LRSP) is a registered account similar to a LIRA but is subject to federal legislation.
  • Life Income Fund (LIF) is a registered account that holds funds being transferred from a LIRA or your employer pension plan. The purpose of the account is to hold and pay out pension funds upon retirement. There are minimum and  maximum annual withdrawal amounts, and regulations vary by province.
  • Locked-in Retirement Income Fund (LRIF) is available in some provinces to pay out pension funds upon retirement. Similar to a LIF but with different maximum withdrawal amounts, an LRIF enables you to convert your retirement savings into retirement income.
  • Prescribed Retirement Income Fund (PRIF) is a registered plan available only in Saskatchewan and Manitoba. This account provides for greater flexibility upon retirement than a LIF. 

We can help

At Edward Jones, we can help you achieve your financial goals. Contact your local Edward Jones financial advisor to talk about a financial strategy that makes sense for you.