What is a LIRA?

A LIRA (Locked-In Retirement Account) is a type of registered retirement savings account that is used to hold locked-in pension funds.  These funds are typically transferred from a pension plan when an individual leaves their employer before retirement age.  The purpose of a LIRA is to ensure that the pension funds are preserved for retirement income and cannot be withdrawn before a certain age or without certain restrictions.  The specific rules and regulations governing LIRAs may vary depending on the province or territory in which they are held.