Locked-in retirement account (LIRA)
Tax-sheltered investment growth for your pension funds
If you leave or lose a job where you had a pension plan that requires or gives you the option to transfer your funds out of the plan, maintaining the tax-deferred status of your hard-earned savings is the key to living the life you want in retirement. With a locked-in retirement account (LIRA) from Manulife, any growth in your pension plan money continues to be tax-deferred after you leave a company.
Choosing to set up an LIRA provides you with tax-sheltered investment growth:
Any growth will continue to be tax free until you withdraw the money
Control your investments—you decide how you invest your money
Name a beneficiary to receive your money after you're gone—if you have a spouse, they may have priority as a beneficiary
Convert your LIRA to a Life Income Fund (LIF) or life annuity for your retirement income as allowed by the pension rules that govern your locked-in money
Ready to invest?
Speak to your advisor to discuss investment options to help meet your needs. If you don’t have an advisor, we can help you find one.