DB Pension Plan Transfers
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Awareness
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify potential reasons why an individual may choose to transfer capital property into a defined benefit pension plan.
- Voluntary or involuntary termination of employment
- Death of the plan member’s current (or former) spouse
- Termination of pension plan membership
- Termination of pension plan
- Voluntary choice by the plan member
- Identify potential reasons why an individual may choose to transfer capital property out of a defined benefit pension plan.
- Voluntary or involuntary termination of employment
- Retirement
- Death of the plan member
- Termination of pension plan membership
- Termination of pension plan
- Identify the types of plans from which capital property may be transferred tax-deferred into a defined benefit pension plan.1, 2
- Identify the types of plans to which capital property may be transferred tax-deferred out of a defined benefit pension plan.3
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify potential reasons why an individual may choose to transfer capital property into a defined benefit pension plan.
- Voluntary or involuntary termination of employment
- Death of the plan member’s current (or former) spouse
- Termination of pension plan membership
- Termination of pension plan
- Voluntary choice by the plan member
- Identify potential reasons why an individual may choose to transfer capital property out of a defined benefit pension plan.
- Voluntary or involuntary termination of employment
- Retirement
- Death of the plan member
- Termination of pension plan membership
- Termination of pension plan
- Identify the types of plans from which capital property may be transferred tax-deferred into a defined benefit pension plan.1, 2
- Identify the types of plans to which capital property may be transferred tax-deferred out of a defined benefit pension plan.3
Additional Knowledge Expected of CFP Professionals
- Explain the Canada Revenue Agency’s requirements related to tax-deferred transfers of capital property to or from a defined benefit pension plan upon the breakdown of a relationship between spouses.4
- Identify potential reasons why an individual may choose to transfer capital property into a defined benefit pension plan.
- Breakdown of the plan member’s relationship
- Identify potential reasons why an individual may choose to transfer capital property out of a defined benefit pension plan.
- Breakdown of the plan member’s relationship
previous / DB Pension Plan Contributions