LOCKED-IN RETIREMENT INCOME FUND. This is a special kind of Registered Retirement Income Fund (RRIF) that is set up to hold locked-in pension funds. Both a minimum and maximum withdrawal amount are set each year to make sure that (i) the fund is used for retirement income, and (ii) provides a retirement income for the individual's lifetime.
Locked-in retirement income fund. This is a tax-deferred retirement savings arrangement for locked-in funds transferred out of a pension plan upon terminating from the Plan. It has different withdrawal rules than a LIRA.