Question: 30 Li Ming, a 64-year-old controller with J-M Manufacturing Inc., has contributed to his employer's defined contribution pension plan (DCPP) since he started working there

30 Li Ming, a 64-year-old controller with J-M Manufacturing Inc., has contributed to his employer's defined contribution pension plan (DCPP) since he started working there 25 years ago. Li Ming plans to retire next year. He has no need to draw income from his pension plan and would like to know what he can do with his pension plan savings at retirement. Which of the options below is CORRECT? Select one correct answer from the list 1 He may be able to leave the value of the pension in his former employer's plan 2. He may transfer the value of the pension to a Tax-Free Savings Account (TFSA) 3. He must exercise the life annuity option when the contributions terminate at retirement. 4. He must transfer his pension plan savings to a locked-in account

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