A "locked-in” RRSP may also be called a “locked-in retirement account (LIRA)”, depending on the jurisdiction in which your money is registered. But whatever the account is called, locked-in money originally came from an employer or association pension plan and has rules attached.
“Locked-in” money is treated differently than money in a regular RRSP, because the government wants to ensure that money in a registered pension plan will only be used for retirement income. If you put your locked-in money into a LIF or LRIF, there is a minimum amount that you must take out and a maximum amount that you can take out from the plan each year. These rules vary by province.
Locked-in money can be put into an annuity or any of the following income products that offer LIF or LRIF registration: