Many people leave a job in which they had a pension plan. In these cases, they can choose to transfer the money into a locked-in retirement account (LIRA). After a certain age, they can transfer their funds into a life income fund (LIFs) or a locked-in retirement income fund (LRIFs). LIFs and LRIFs pay income within a certain range per year in order to ensure that funds are spread out through retirement.

Locked-in Retirement Plans A Locked-in Retirement Account (LIRA) is a type of retirement account that lets you transfer your job’s pension in the case that you leave your job. You can use the funds within this account to purchase LIFs or LRIFs, which provide you with an income during your retirement.

Life income Funds (LIF) and Locked-in Retirement Income Funds (LRIF) are retirement accounts that pay out your (LIRA) during your retirement.

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