LIRA & LIF - Locked In Retirement Account Life Income Fund 

A registered investment account created from funds transferred from pension plans.  These provide income in retirement through government regulated minimum and maximum annual withdrawals. 

• LIRA's and LIFS's are similar to RRIF's but funds come from pension plans instead of RRSP's. 
• If you are changing jobs and are part of a vested registered pension plan you will likely receive a few options as to what to do with your pension.  
• There are two types of plans: Defined Benefit and Defined Contribution 
• You must consider guarantees associated with plans and even medical benefit coverage. 
• Unlocking 50% of your money is available in the first 60 days after the transfer occurs.