When I convert my LIRA to an LRIF at the end of the year I turn 71, can I withdraw more than the prescribed amount?
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Our response:
If you are ready to convert your Locked-in Retirement Account (LIRA) to a Locked-in Retirement Income Fund (LRIF), speak to a financial representative as you consider your options.
In Ontario, LIRAs and LRIFs are regulated by the Financial Services Regulatory Authority of Ontario (FSRA). You can learn about pension unlocking on FSRA’s website, and read their guides on locked-in accounts for more information.