Felix, age 53, has recently left his job where he had a defined benefit pension plan (DBPP). Felix's employer tells him that the funds from his pension must be invested in a Locked-In Retirement Account (LIRA). Which of the following statements about Felix's LIRA is CORRECT?

a)Felix must convert the LIRA into a Life Income Fund (LIF) or life annuity by age 65

.b)The locking-in provision will not apply if Felix is a non-resident of Canada for at least 2 years.

c)Felix can withdraw funds from his LIRA at any time.

d)Withdrawals from the LIRA that are below the annual minimum threshold are non-taxable.