When you leave a job with a pension, you can transfer the commuted value to a LIRA (Locked-In Retirement Account). It grows tax-deferred. At 55-71, convert to a LIF (Life Income Fund) for retirement income. The unlock rules vary by province.
50% unlocking at age 55 (transfer to RRSP)
50% unlocking at age 55
50% unlocking + hardship withdrawals
50% unlocking via LIRA/LIF transfer
CRI/FRV (Quebec equivalents) · 100% locked
25% unlocking at age 55
50% unlocking + small balance ($25k)
50% unlocking via LIF
Full unlock to PRIF at 55 (most flexible!)
Federally-regulated · transfer anytime