Generally, there is not a way to transfer a LIF back to a LIRA. However, in some instances, funds can be withdrawn in cases of financial hardship, or other circumstances. In Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) regulates pensions, LIRAs, and LIFs. You can learn more about the rules surrounding these insurance products on FSRA’s website.
For more information about LIRAs, contact FSRA.