Locked-in Retirement Account (LIRA)
When leaving a job with a company pension, you may decide to move that pension into your own registered account. But due to government regulations, you can't turn your pension into cash.
The alternative is to convert your pension into a locked-in RRSP or LIRA until you retire. A locked-in RRSP or LIRA offers the same flexibility in investing vehicles as an RRSP. When you are ready to retire, you can then convert the LIRA into a LIF or LRIF or purchase a LIF annuity.
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Click here for information on how to open or transfer in your LIRA account to GP Wealth Management