Transfer the assets of your pension fund when you change jobs
A LIRA is an account that enables you to transfer the assets in the pension fund you have accumulated with your employer, when you change jobs.
- The amounts are locked in until retirement.
- You make no additional contributions and you may not make withdrawals unless there are exceptional circumstances.
- You may hold a LIRA until December 31 of the year in which you turn 71. At that time, you must transfer it to a Life Income Fund (LIF) or a life annuity.