Regualr force retirement,AFTER an OT.(Reg force)

[X-mo-1979]

Hi I did do a search on Pension plans etc.However I did not find the answer to my question.
I recently heard the pension plan had changed to your best 1 year instead of your best 3.
However I do not have proof of this and currently do not have a DIN account at my new job.

My main question would be:

If I continued in my current job and was promoted to Sgt,remained in that rank for a year the O.T'ed to another trade would my pension reflect that of a Sgt?

I understand that yes this does waste army money,by them wasting so much money per course on me etc.However I'm just wondering if anyone had a concrete answer on this.

Thank you
x-mo-1979

 

[Lazarus**]

I too am wondering about what kind of benefits the CF offers to its members when its time to retire, or after the contract is finished.
This is goin to sound absurd but my parents wont let me sign any papers until they know with certainty that I'm "going to be looked after" when retirement comes. Leave it to parents I guess...

 

[Roy Harding]

... Leave it to parents I guess...

They've got your best interests at heart - ya' gotta love 'em.

Speaking AS a retiree (under different rules than you folks are currently serving under) with 25 years of (broken - took me 27 years to do it) service, pension benefits are quite good (at least in comparison to my civilian friends).

I'm not going to attempt to get into specifics - experience here has taught me that being four years out of date is significant when it comes to how policy works.  I would think, however, that specifics can be easily obtained from your CFRC or local unit recruiter (if it's reserve service you are contemplating).

 

[ModlrMike]

The CFSA is calculated on your highest paid consecutive five years. There are a number of variables you have to assess in your question. For example, will you at the end of your service make more as a Cpl than you did as a Sgt? It is conceivable that given economic increases between now and your retirement, your best five years could be as a Cpl. Only you can determine if the ends justify the means.

To reiterate: the CF pension is calculated on the "best" 5 years of pay. There is no direct correlation to rank, so one year as a Sgt may not make a great deal of difference in the long run.

 

[X-mo-1979]

I thought it changed to your highest paid year instead of the 5 year?

 

[ModlrMike]

No, still best five.

Go here and read carefully. Scroll down to  "What is the annuity formula?" and click on the definition for "average earnings".

 

[X-mo-1979]

Thanks for that.
I posted this topic a while back and no one had an answer.
planning on reading through this.

funny to see immediate annuity at 25 years.I'm still good at 20 right?

 

[X-mo-1979]

Nevermind...
http://www.forces.gc.ca/dgcb/cfpmp/engraph/grandfather_rules_e.asp?sidesection=5

 

[X-mo-1979]

"have completed an IE20 that started before 1 March 2007"

So this means you had to have signed a IE20 prior to this date.What about all those people who signed on for the 25 prior to this?Does this mean they could have been on the IE20?

I know there was huge confusion on the issue when it first arose.We had a switched on troop warrant at the time and asked us which we wanted to do,and suggested we take the IE20.Glad I actually granfathered into something...its a first!

 

[Lazarus**]

Well, as I stated in another post, I'm joining for the long run. I know that I have to pay my dues as a private, just as everyone else does. And work my way up according to leadership, merit, and work ethic.
I'll be researching all the links to put myself up to date with the policies, but if there are any recent retirees who have more words of wisdom to spare, please do.

 

[ModlrMike]

"have completed an IE20 that started before 1 March 2007"

So this means you had to have signed a IE20 prior to this date.What about all those people who signed on for the 25 prior to this?Does this mean they could have been on the IE20?

I know there was huge confusion on the issue when it first arose.We had a switched on troop warrant at the time and asked us which we wanted to do,and suggested we take the IE20.Glad I actually granfathered into something...its a first!

My understanding of things is that unless a person on IE20 specifically converted to IE25, they stayed on their original plan. The only folks put into IE25 were those on a BE or VIE. From my reading, it would be more advantageous for an IE20 to stay with that option and move to IPS, rather than to convert to IE25. The early retirement penalties are much greater on the IE25 plan.

I'm not a clerk, nor pension or TOE expert, so I could still be mistaken.

 

[Greymatters]

Same here, not an expert on the contract, but heard the same thing...

 

[tomahawk6]

If you retire at 20 your pension is 40% or 50% ?

 

[ModlrMike]

All completed TOS after BE (IE20, IE25, IPS) are calculated at 2% per completed year. So 40% for 20 years. The maximum pension available is 70% for 35 years service (IPS).

 

[Long in the tooth]

I have mixed service as well, signed my IPS two years ago and now am in my 22nd year of 'real' Reg F time.  I also have 2yr 288 days pensionable from my reserve years.  Trying to get an answer about whether 25 total year gives me max benefits is like pulling teeth.  My only goal now is to stick it out one day at a time....

 

[tomahawk6]

All completed TOS after BE (IE20, IE25, IPS) are calculated at 2% per completed year. So 40% for 20 years. The maximum pension available is 70% for 35 years service (IPS).

Thx

 

[PMedMoe]

Stupid question time:  Why is this in Radio Chatter?  ???