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Our response:

Typically, you can select the investments in your locked-in retirement account (LIRA), but there may be some restrictions. A LIRA is an account that holds money moved out of a pension plan. You may use one if you are changing companies and can take your pension savings with you. It works like a Registered Retirement Savings Plan (RRSP), but your money is locked in. You cannot withdraw the funds until you retire.

Be careful if people are contacting you to withdraw money from a LIRA. This is a common type of pension scam which you can read more about in this article.

If you are moving money from a defined contribution pension plan, learn more about options when leaving a defined contribution pension plan before retirement.

You should speak to your registered financial advisor to find out more about options for a LIRA.