Funds held inside LIRAs / LRSPs normally only become available (or "unlocked") to holders upon retirement or upon conversion to another style of pension instrument (e.g. LIF, RLIF, annuity).
Instead, the investment held in the LIRA / LRSP is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).
Instead of converting to a LIF / RLIF, holders may opt to use the proceeds of their LIRA / LRSP to purchase a life annuity from an insurance company.
Newfoundland and Labrador offers a locked-in retirement income fund (LRIF), though other provinces also did in the past, which is available starting at age 55 and never needs to be converted to an annuity.
The Newfoundland and Labrador locked-in retirement income fund (LRIF) has more generous maximum withdrawal limits per year than for a corresponding LIF.