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What is a Locked in Retirement Account (LIRA)?

account lira locked retirement

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A LIRA is an investment that allows your money (locked-in pension benefits) to keep growing and collecting interest until you retire. LIRAs replace locked-in Registered Retirement Savings Plans (RRSPs), although they operate in the same way. The Office of the Superintendent – Pension Commission (the Superintendent) has a list of financial institutions permitted to offer LIRAs.

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