Pension Statement

[hauger]

Does anyone know if there's an easy, convenient way to gain pension information.  By that I mean, every pay cycle I put money into this pension in the belief that one day said money will come back in the form of a retirement income.  Having said that, in 6 years I've not ever rec'd a statement on the state of my pension.  I know I'm quite a way away from drawing on my pension, but I'd sure like to know what amount I've put in, my current predicted benefit, and options available.  Most employers provide such a statement annually (and used to really bum me out, getting statements saying I only had 36 years left till retirement).

I know the orderly room can help me with this, but I was hoping for some on line way to grab a statement without having to bother the clerks with something mundane like this.

So, does anyone know if (1) it's possible to obtain such a statement, and (2) an easy, non-painful way to get said statement?

Thanks.

 

[old fart]

As you indicate, you can get a pension printout at the Base Orderly Room which will show your contributions to date; contributions which could be returned to you if you got out before the 10 year point. 

If you are light years from becoming an annuitant I would not worry to much, but there is a pension calculator available on the DWAN if you want to play a guessing game on said pension benefits.

If you are near release you can get a hard copy of your projected entitlements, but if you are not then you would be wasting your time.

Yours aye, Old Fart....

 

[hauger]

Thanks for the reply.  I'm looking for more than just a return of contributions amount though.  Really what it's for is for a financial plan, and it requires an understanding of what the defined benefit at retirement will be, as well as the annuitant value re: cashing out.  I am years away from retirement, but this is the sort of thing I want sorted out now instead of trying to get a handle on it in the dwindling years.

Hence, why I'm looking for an official statement which details out the value of contributions, predicted future value, etc...  I don't suspect the gov't has such statements, mostly because it's very normal in the "real" world and of course if there's a way to make things difficult (like getting accurate pension info), the gov't will do it.

Maybe I'll go into the WOR and see if they have something for me or a phone number to call.  Thing is, I'm on leave now and really didn't want to go in.

 

[old fart]

I think you have the wrong end of the stick...the pension calculator available on line is very good but only as good as the figures you input.  It gives a pretty reasonable estimation including any penalties that may apply.

If you are within 1-5 years of retiring as annuitant then go for the hard copy and pay a visit to release section or send the pension folks in Ottawa an e-mail asking for for a printout.

The release section can also tell you how much taxes would be payable and other deductions such as medical.  But if you are years away from pulling pole you are just wasting everyones time, and very likely won't get far.

But if you want pie in the sky stuff (if you are years from retirement)....play with the calculator to your hearts content, predicting what rank you think you will achieve and what pay you may be on at some future date when you hit 20 or 25 (as applicable).  You can even predict pay by looking at the historical pay data (again avail online) and swag what you think will be earning in the future at retirement.

No need to knock the system here....it provides all you need.  My 2%....out.

 

[BinRat55]

This is true. As old fart stated, you can guess all you want about what rank you retire at, if in fact you serve your full 25 - the truth is your amounts paid in has very little to do with what's paid out - your financial planning data will be out the window in a few years much less 20... You are paid based on your best 5 years (someone correct me if i'm wrong here - I recently heard it went to 4...) so if you serve your full 25 and never pass the rank of Cpl your pension will look alot different that if you serve 30 and attain the lofty heights of CWO. What if you decide to LOTEP or CFR in 5 years and happen to retire a 6 or 7 year Capt? Again, different pension. Our careers are very fluid and it's difficult to control certain aspects of it. This my friend is one of 'em!

For Canada Pension payment information, you can request it through the CPP website and you receive a statement within 2 weeks. I do it every couple of years just for shits and giggles.

 

[hauger]

Agreed, and what I didn't want to do was go wasting people's time, hence the post here.  I am knocking the system a little bit though, mostly because it exists of the "just trust us" basis, as in, don't worry, put in your time, and "just trust us" that things will work out.  Statements here are useful to a degree.  It's very valid though to say the projections are tricky at best owing to the fluid nature of the career and somewhat useless in that the plan is defined benefit and not defined contribution.

Anyway, I think the take away here is the calculator is good enough for what I'm looking for, which is  a rough projection.  So you know, the reason I'm looking for the info is for a financial plan which attempts to define how much money I should put in my RSPs, wife's RSPs, TFSA's, savings accounts, on my mortgage, etc, all to try and figure out how to get the retirement I want.

BinRat, I'm doing the CPP thing as well for this plan, hopefully I'll get the statement soon-ish.  Again it's not useful information for day to day living, but it's good for future planning.

Thanks for all the replies guys, I appreciate it.

 

[combatbuddha]

want the easy way?
before penalties take your best averaged monthly wage over 5 years and multiply it by 2%. the multiply that number by how many years you have served. that will give you an estimate of your pension before penalties. very rough, very crude, but works. remember...2% a year and you will be fine. i'm on the old plan and am not to savvy on the new way of doing business.
Go to this web site for your answers
http://www.cmp-cpm.forces.gc.ca/dgcb-dgras/ps/pen/index-eng.asp

 

[dapaterson]

The initial benefit is 2% per year, but at age 65 it is reduced because you begin to draw CPP.  The CPP amount may or may not be equal to the amount of that reduction.  That reduction is significant, so be sure to include it in your calculations and estimates.  I believe the online calculator will provide that information to you.

 

[hauger]

Thanks again.  Looks like it's time to sharpen the pencil and break out the $2.99 Staples calculator for this guy.