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Answer» What is Life Income Fund mean? A locked-in retirement account (LIRA) or locked-in retirement savings plan (LRSP) is a Canadian investment account designed specifically to hold locked-in pension funds for former registered pension plan (RPP) members, former spouses or common-law partners, or surviving spouses or partners. Funds held inside LIRAs / LRSPs normally only become available (or "unlocked") to holders upon retirement or upon conversion to another style of pension instrument (e.g. LIF, RLIF, annuity). reference
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