Locked-In Funds

A Locked-in Retirement Account (LIRA) functions in the same way as a regular RRSP except that it is locked-in until the retirement of the holder when it must be used to provide retirement income. No cash withdrawals can be made from a LIRA.
Product Type
Variable No minimum balance required
Fixed Minimum deposit of $500 Preferred Shares

Investment Options

  • Variable (floating interest rate)
  • 1 year to 5 years Fixed (see interest rate sheet for details)


  • Three sources of funds for a LIRA are Registered Pension Plans, another Locked-in RRSP, or a LIF
  • Cannot be combined with “Non Locked-in” funds
  • Can only be transferred out to institutions approved to handle funds of the jurisdiction of the pension plan from which the funds came
  • Until the member retires, the LIRA functions like an RRSP continuing to compound interest and providing flexibility in investment decisions
  • The LIRA must be converted to a LIF or annuity (depending on the pension jurisdiction) no later than December 31st of the year the member turns 71
  • Funds are fully guaranteed by the Deposit Guarantee Corporation of Manitoba 


  • Interest is paid in accordance with length of term and applicable rate
  • Variable RRSP interest is accrued daily and paid monthly
  • Interest is compounded annually on the anniversary date for fixed rate RRIFs
  • Interest must be compounded, as it cannot leave the plan in which it is sheltered
  • No administration fees, however a transfer-out fee may apply



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