LIRAs and LIFs

Locked-in retirement accounts (LIRAs) and life income funds (LIFs) are transfer instruments used to transfer amounts that have accrued in supplemental pension plans (also called pension funds or pension plans) subject to the Supplemental Pension Plans Act or other Québec legislation such as RREGOP, or voluntary retirement savings plan (VRSP) locked-in accounts.

An LIRA is a retirement savings vehicule (accumulation), while an LIF is used to draw a retirement income (withdrawal).

LIRAs and LIFs governed by the Supplemental Pension Plans Act are under the supervision of Retraite Québec.

For more information about LIRAs and LIFs:

• Characteristics of a locked-in retirement account (LIRA)

• Characteristics of a life income fund (LIF)

  • Two types of possible income (life or temporary income)
  • Terms for withdrawal from an LIF (based on the holder's age)
  • Terms for transfer from a life income fund (LIF) (transfer from an LIF into another LIF, transfer from an LIF into an LIRA, transfer from an LIF into an RRSP or RRIF)
• Refunding LIRAs or LIFs
• LIRA and LIF schedules prescribed by Regulation

Other useful information

• Frequently asked questions – LIRAs and LIFs
• Are you familiar with LIRAs and LIFs?
• LIF Quick Calc
• Financial Institutions Offering LIRAs or LIFs