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Locked-in Retirement Plan

If you were a member of a pension plan with your employer and your plan was wound up, or you decided to leave your employment, you may be able to transfer the money in the pension plan to a Locked-In Retirement Plan Account (LIRA), Locked-In RRSP (L-RSP), Life Income Fund (LIF), or Locked-In Retirement Income Fund (L-RIF).

Locked-In Retirement Plans are just like RRSPs with some additional restrictions. You are generally unable to withdraw your funds before retirement unless you meet the requirements to unlock the plan due to a particular circumstance.