Death of a Locked-In Retirement Savings Vehicle Annuitant
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Awareness
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Identify that the treatment of locked-in retirement savings property upon the death of an annuitant differs across jurisdictions.
- Identify that in some jurisdictions pension legislation may override the designation of a beneficiary on the locked-in retirement savings vehicle or in a will if a spouse survives the annuitant of a locked-in retirement savings vehicle and was not named as the beneficiary under the plan.
- Identify that there may be a tax impact resulting from the death of a deferred profit-sharing plan member
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Application
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 that the treatment of locked-in retirement savings property upon the death of an annuitant differs across jurisdictions.
- Identify that in some jurisdictions pension legislation may override the designation of a beneficiary on the locked-in retirement savings vehicle or in a will if a spouse survives the annuitant of a locked-in retirement savings vehicle and was not named as the beneficiary under the plan.
Additional Knowledge Expected of CFP Professionals
- Identify how locked-in retirement savings property will be treated upon the death of an annuitant (subject to jurisdiction).
- Identify potential outcomes that may occur due to the death of a locked-in retirement savings vehicle annuitant.
- Direct transfer of property to a locked-in retirement savings vehicle belonging to the current or former spouse of the deceased annuitant
- Direct transfer of property to a locked-in retirement income vehicle belonging to the current or former spouse of the deceased annuitant
- Direct transfer of property to a registered retirement savings plan† belonging to the current or former spouse of the deceased annuitant
- Direct transfer of property to a registered retirement income fund
- Direct transfer of property to an insurance company to purchase a life annuity payable to the current or former spouse of the deceased annuitant
- Cash payment to the current or former spouse of the deceased annuitant
- Cash payment to the beneficiary of the locked-in retirement savings vehicle
- Cash payment to the estate of the deceased annuitant
- Identify that a spouse who has waived their right in writing to the spousal death benefit associated with a locked-in retirement savings vehicle may not receive the residual value of the locked-in retirement savings vehicle upon the death of the annuitant.
- Determine the tax impact resulting from of the death of a locked-in retirement savings vehicle annuitant.
† Registered retirement savings plan in this context relates to any plan that is permitted to accept a transfer from the locked-in retirement income vehicle. Examples may include registered pension plans, Registered Retirement Savings Plans, Pooled Registered Pension Plans and Specified Pension Plans.
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