Skip Header Navigation

Have a locked-in RRSP or LIRA? We Can Explain Your Options.

If you have a locked-in RRSP or LIRA with funds from an employer-sponsored Registered Pension Plan (RPP) and you’re newly retired or about to retire, you may be ready to start enjoying your hard-earned money as retirement income.

An RBC® advisor can help you make the most of your locked-in plan, by explaining:

  • How you receive income from a locked-in Registered Retirement Savings Plan (RRSP) or Locked-In Retirement Account (LIRA)
  • When your locked-in plan matures and what options are available to you for transferring your funds
  • The minimum and maximum amounts you can withdraw as income each year
  • Your ability to “unlock” a portion of your funds

Take a few minutes to book an appointment with an RBC advisor. An advisor can answer your questions and help you choose an option that fits with your overall retirement plan.

Quick Facts about Locked-In RRSPs and LIRAs

  • The most common transfer options include Life Income Funds (LIFs) and annuities
  • Your specific income fund options vary depending on the province in which you worked
  • Assets in these plans are protected from creditors
  • No contributions can be made to these accounts

Talk to an RBC advisor

An RBC advisor can answer your questions about your locked-in RRSP/LIRA and provide the right strategies for your retirement.


Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.


Maximize your retirement incomeMaximize your retirement income.

Download our free guide to explore your options for converting a locked-in RRSP/LIRA
into a:

  • LIF or RLIF
  • LRIF
  • Prescribed RRIF

Get a Free Locked-In
RRSP Guide Get a Free Locked-In RRSP Guide