An LRSP and an LIRA allow you to invest your RPP savings if you leave your job.
If you leave your job and you are under 55, you have the option to transfer your Registered Pension Plan (RPP) into a Locked-in Retirement Savings Plan (LRSP) or a Locked-In Retirement Account (LIRA). The choice depends on whether your RPP is subject to federal or provincial regulations.
Please note that you cannot contribute to an LRSP or an LIRA. Moreover, funds can only be withdrawn from these accounts by transferring them to a Life Income Fund (LIF) or a life annuity.
Finally, all these plans are protected from creditors.
It is important to take into account the following elements:
- Minimum and maximum annual withdrawal amounts
- Best time to start making withdrawals
- Amount that can be “unlocked” each year
- Transfer options for the RPP
Thinking of opening an LRSP? Talk to one of our financial security advisors! They will inform you on the best strategies for your situation and advise you to help you maximize your income sources in retirement.
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