A Locked-In Retirement Account (LIRA) is a Canadian investment that is structured specifically to hold locked-in pension funds for former plan members, former spouses or common-law partners, or surviving spouses or partners. The funds held within this type of account will only be available upon retirement, which is a specific age outlined in the applicable pension legislation (may vary within provinces).

In addition, when the funds are transferred from the company pension plan to a LIRA, no future contributions are allowed. At retirement, this account will be converted into a Life Income Funds (LIF) account or purchase a life annuity, which will provide the income during retirement.