A locked-in retirement account (LIRA) is a plan designed to transfer sums out of a registered pension plan.

Major Advantages

• LIRAs allow the proceeds of former employers' pension funds to be transferred, enabling the investors to manage the capitalized value of their registered pension plans (RPP) themselves and keep their capital and accumulated interest sheltered from tax.

• Generally speaking, sums invested in an LIRA are exempt from seizure because they come from an RPP. However, they are 50% seizable for married couples who divorce and split family assets.

• Since 2005, your LIRA can hold up to 100% foreign content.
   

Main Features

• The sums held in an LIRA are locked in because they must be used to provide pension income.

• An LIRA must be converted into a life income fund (LIF) or life annuity by December 31 of the year the planholder turns 69. However, there is no minimum-age restriction for LIF conversions.

• At Desjardins Financial Security, investments transferred from an LIRA to an LIF maintain the same terms and conditions (i.e., amounts, maturity dates, etc.).

• All investments available from Desjardins Financial Security are LIRA eligible:

• guaranteed investment certificates
• multistrategy investments 
• segregated funds
• mutual funds
• securities
   

Saving Up for a Special Project

Want to save for a major purchase, a special project, a better education for your children? Assess how much you need to save up to carry out your projects.

Getting Advice

To find out more about this product, Desjardins Financial Security offers you various possibilities :   Call us at 1-866-838-7553 or e-mail us. Complete the form Please Have a Representative Contact Me