You must mature your LIRA account to a LIF no later than the year you turn the age of 71. If you do not wish to have a LIF account, you may opt to use the proceeds of your LIRA to purchase a life annuity from an insurance company instead.
LIRAs are registered either federally or provincially at the time of transfer from the company pension plan to the LIRA. Though some accounts are registered federally, the bulk of locked-in accounts are registered under the pension legislation of a specific province. The primary differences which exist from province to province involve the minimum age required for withdrawal and the special provisions by which locked-in funds may be unlocked early. Contact us for details specific to your provincial legislation.