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IFSE Institute Life License Qualification Program (LLQP) LLQP Question # 15 Topic 2 Discussion

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IFSE Institute Life License Qualification Program (LLQP) LLQP Question # 15 Topic 2 Discussion

LLQP Exam Topic 2 Question 15 Discussion:
Question #: 15
Topic #: 2

Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?
A.

Transfer this sum into an RRSP and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

B.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

C.

Transfer this sum into a RRIF and start withdrawing annuity payments no later than the end of the following calendar year

D.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or LIF no later than December 31 of the year she turns 71

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Actual exam question for IFSE Institute LLQP exam by Lyric4570 at Feb 2, 2026, 1:25:26 PM

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