CF pension reform and terms of service changes

[MJP]

(2nd?) BE

The CO can authorize a IE at any point in the first few years but it must be justified.  After 48 months of service a member can be offered an IE without needing exceptional circumstances.

After that date, people will be offered the new terms of service as soon as they are implemented.

I'll ask tomorrow.  When my Pl commander told me about the delay in implementation, he seem relieved that the unit was given some more time to sort out the whole IE thing. So I think there might be some leeway.  I wouldn't be surprised to see all pers nowing entering or CT'ing to the Reg Force told that they are under the TOS

 

[a_majoor]

As for a time line, 31 CBG pers will receive briefings 16 and 17 Feb 05 in Hamilton and London. Best guess is the pension will not kick off prior to 01 Apr 05, and may still be delayed.

In my opinion they would have been better off going with a group RRSP plan, faster to implement (could have been done a long time ago), cheaper to administer (most financial institutions would eat the cost to gain so many potential new clients), very flexible in terms of investment options (you are investing my pension in What!!!) and totally man portable; when you get out, all the money is vested with you wether you serve five years (typical minimum for plans) or 25 years. I wrote a letter to the project office in 1998 or 99 on this very topic and got a polite "we have input your concerns into our (circular) database", the time line should give you some idea of how much of an admin burden this will be, particularly for reservists.

 

[McG]

Someone seems to have seen the error in putting the cut-off for the old TOS prior to the pension details being finalized.   You should now have until Apr to sign a new contract under the old TOS.

 

[Spr.Earl]

For those of you in the Reg.'s I have seen your pension plan change what? Twice,three times now in regards to your benefits,terms of service since 76.
I feel sorry for you as now you have to serve longer to get a pension.
This is the Gov. answer too retention,which explains it all

Now for us long service members in the Reserve,Army etc..this 5 yr given prior to 99 is crap.
In 95 when I volunteered for Bosnia,they calculated my time in for pay was equal to 13 yrs Reg.time,I was paid Cpl 4.
That was with out the 2yrs plus after the fact.

A Militia Pension Plan has been over due for years now, as few do serve a long time as I have done and still do,but I hate being a guinea pig and just hope I don't have to adopt the postion.

 

[aesop081]

A Militia Pension Plan has been over due for years now, as few do serve a long time as I have done and still do,but I hate being a guinea pig and just hope I don't have to adopt the postion.

............BOHICA   

 

[NavyGunner]

I have heard through reliable sources that upcoming changes to the pension act will have us see a 72% pension after 25 years of service vice the 50% we get now. Any truth to this?

 

[MJP]

Not true....

read through this thread, it covers the topic.

http://army.ca/forums/threads/22704.0.html

 

[CFPMP]

For the latest information on Pension modernization please go to the CF Pension Modernization Project Website at

http://hr3.ottawa-hull.mil.ca/dgcb/dpsp/engraph/modernization_e.asp?sidesection=5&sidecat=17

 

[CFPMP]

Please refer to the CF Pension Modernization Project website for information on pension modernization

http://hr3.ottawa-hull.mil.ca/dgcb/dpsp/engraph/modernization_e.asp?sidesection=5&sidecat=17

 

[NMPeters]

Thanks for the link but the website isn't answering any of the questions that people are posting on here. Perhaps the site needs to be updated? The last CANFORGEN that is listed on there is dated 2003. Surely there is more information that can be passed on to people seeing as this is an important aspect to their lives.

 

[McG]

Intranet (DWAN):
http://hr.dwan.dnd.ca/dgcb/cfpmp/engraph/home_e.asp?sidesection=5&sidecat=17

Internet (not recently updated):
http://www.forces.gc.ca/dgcb/dpsp/engraph/modernization_e.asp?sidesection=5&sidecat=17


I'm still waiting to hear how this will affect people currently buying back time served in the reserves.

 

[aesop081]

CFPMP.....thats a clever user name...almost as clever as aesop081  ;D

 

[logie]

I am wondering whether anyone out there knows anything about buy back for the new reserve pension.....I have heard you can only buy back to 99 but I have also heard that Treasury Board is considering letting us buy back to 86 (?)  Would greatly appreciate any information anyone has about where Treasury Board is going with this.  Thanks in advance

 

[Gunner]

I have a powerpoint presentation on the pension plan, changes to TOS, and some details on the Reserve Pension.  It doesn't answer specific questions that are raised here but if you would like a copy I can email it to you.

 

[redsquadone]

Hi. This is my first post here. I have been in the military for 17 years now. I know my pension plan, but I hear the rules have changed. My wife is considering signing up. She is 31 years old. WHat are the new terms of the pension plan. How long must one serve before a pension is available. I heard it is alot longer than 20 years now. Any links that cut through the beaurocratic B.S. or any straight answers are appreciated. She is going Reg. Force. NCO.

 

[kincanucks]

Hi. This is my first post here. I have been in the military for 17 years now. I know my pension plan, but I hear the rules have changed. My wife is considering signing up. She is 31 years old. WHat are the new terms of the pension plan. How long must one serve before a pension is available. I heard it is alot longer than 20 years now. Any links that cut through the beaurocratic B.S. or any straight answers are appreciated. She is going Reg. Force. NCO.

25 years of service is now required.

 

[geo]

ayup.... 25 years....
freedom 55 will be @ 56 for your true love....

 

[dapaterson]

It is still 20 years; it appears the changw to 25 years will be in March '07.

However, those enrolled prior should be protected and still covered under the old rules, unless they choose otherwise.

 

[kincanucks]

It is still 20 years; it appears the changw to 25 years will be in March '07.

However, those enrolled prior should be protected and still covered under the old rules, unless they choose otherwise.

Hmmmm, are we talking about the Reserve Pension Modernization or the Reg F pension modernization which I was sure had been in effect for over a year?

No one being enrolled is being offered any choice and are being signed up with the new VIE which are in line with a 25 year service plan.

 

[geo]

Part 1 (Reg) has been put into place eff 06
Part 1.1 (Res) scheduled to be put into place eff March 07