George Wallace
Army.ca Dinosaur
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Teeps74 said:Just thought I would point out, the pension (like a Reg F pension) means SFA without several years to back it up. So those that go on contract for a spell wind up getting a return of contributions, or a couple of dollars towards beer at the end of a career. For a PRes person to bank on the pension, they, like you are looking at min 20 years service. For those of us that can not afford the buy back of service, that means the clock started with contributions start date. Meaning nineteen years from now (I'll be 55 years young at that point).
A CL A reservist might have an opportunity to get two pensions...
After twenty years of service they can expect a monthly check of what?
$150? That's something I suppose. Money is better put in RRSPs at that point though (tax shelter now, with a much greater potential for growth on investments).
Then why bring on the pension? It is a taxable thing, which most of us will just likely take a return of contributions on, at which point in time we will get taxed again. The pension should be an option... There is no ability for us to opt out, with little in the way of short term benefit. Those that stick it out for 20 years on CL B service are in for a very nice little pension (though not as nice as a Reg F pension). Short term Bs, not so much, and CL A can expect to put the money down as payments for a nice new TV.
Now, not saying that we should or should not have a pension, just bringing up the realities of the Res pension plan (which is a nightmare to figure out by the way).
Teeps74 said:I give up. :brickwall:
So you don't have any idea of what you have said wrong, do you?
First off - A Reservist can not have the opportunity of receiving two pensions from the CF. (I am sure that is what you were implying.)
Second - A pension is a great deal more than $150 a month after 20 years Reg Force Service. $2,000 would probably be the minimum.
Third - A smart Service Member would have his/her SISIP coverage continue after Service and fees deducted from their Pension. The same can be said for their Public Service Dental and Health Plans.
Forth - A smart Reservist, on joining the Reg Force, would buy back their Reserve time as quickly as possible, as it works towards their Pensionable benefits at the end of their career. The buy back is like paying a bank loan payments; the quicker you pay them back, the less it costs you.
Fifth - An Annuitant would be a fool to give up his/her Reg Force Pension and Benefits to buy into the Reserve Force Pension and less benefits.