Explore options for your pension funds, Locked-in Retirement Account (LIRA), now that you are ready to retire


How a LIRA works:

  • LIRAs are typically established when you leave an organization and want to take the pension money you've accumulated as part of the pension plan with you.
  • Unlike an RRSP, you cannot contribute /add new money to a LIRA.
  • Depending on the jurisdiction the pension was registered in , LIRAs can be managed federally or under provincially regulated pension laws. 
  • Like an RRSP, a LIRA can hold your various investment products or securities such as GICs, cash, bonds, stocks, mutual funds & more for long term tax-deferred growth.
  • You can't make withdrawals from a LIRA, first it must be converted into a LIF. LIRA's can be converted to a LIF as soon as you reach age 55 and must be converted to a LIF by the end of the year you turn 71.
  • Once a LIRA is converted to a LIF there is very little flexibility on annual withdrawals; there is a minimum and maximum  withdrawal based on your age and the size of the portfolio at the beginning of the year.

Unlocking a LIRA

LIRAs can be unlocked in some circumstances.

  • If it's under Alberta legislation, up to 50% of the LIRA can be unlocked after age 50.
  • Up to 100% can be unlocked if facing financial hardship or a shortened life expectancy.  This can increase the flexibility on the timing of withdrawals.  

Converting to LIF or RLIF

If you have a Locked-In Retirement Account (LIRA) or Locked-In RRSP, you can convert to a Life Income Fund (LIF), or Locked-In Retirement Income Fund (LRIF), depending on the province you live in.

  • After a minimum age (set by your province) you can start to receive income from this pension money by converting it into a LIF, LRIF/RLIF or buying a life annuity. 
  • While there are rules governing minimum and maximum withdrawals every year, a LIF/LRIF/RLIF keeps you in control of how your money is invested, letting you choose from GIC's, mutual funds, segregated funds or other options that reflect your risk tolerance and your overall financial plan. 


You can't make withdrawals
from a LIRA.

  • First it must be converted into a LIF. 
  • LIRAs can be converted to a LIF as soon as you reach age 55 and must be converted to a LIF by the end of the year you turn 71. 

Mutual Fund

Investment Options 

We know your financial needs go beyond traditional banking products. Choose to invest your money in Mutual Funds or other securities. Through Credential Asset Management Investment Inc. professionals at Rocky Credit Union, we can provide access to a comprehensive line of investments, including a variety of mutual fund companies. 


Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential is a registered mark owned by Aviso Wealth Inc.

This website uses cookies to improve your user experience. By continuing to browse the site you are agreeing to our use of cookies.