Pension Transfer Value / Lump Sum Pymt [Merged]

[rnkelly]

The two year salary benefit is just an extension of the SDB though and the percentage that spouse/dependants are entitled to are quite low (assuming that the member even has a spouse/dependant).

Also, the SDB benefit could be small compared to a transfer value of a pension.  As in the example stated above.

 

[j-rex]

Good day,

I am currently a member serving in the Reg Force of the Canadian Forces.

I couldn't seem to find any threads for the answers that I'm looking for, perhaps I'm searching with the wrong keywords... Anyhow, I was curious as to the following:

Signing the IE 25, I am aware that if I release prior to the full 25 years being completed, I will receive my return to contributions and no pension. I hear some members saying that if you want to wait until you have at least 10 years in, you'll have some sort of pension and return to contributions, but they couldn't give me any specifics.

Could I get some clarification on this? What is the pension they are talking about after the 10 year mark? Anything else I should know?

Thank you.

 

[dapaterson]

There is a reasonably good pension website for serving members, that should be only a Google search away.

In brief, though, a RoC is only in play if you serve less than two years; anything beyond that which does not qualify for an immediate annuity will get you a deferred annuity or the commuted vue of your pension.  You could also be able to transfer your accumulated benefits to another plan.

Pensions are complex;  best to get informed early about them and understand what they do and do not provide.

 

[mariomike]

For reference, perhaps,

Pension Questions

will be merged with,

Pension (merged)
http://army.ca/forums/threads/106617.75
4 pages.

See also,

Active member—Canadian Armed Forces pensions
Find information about your Canadian Armed Forces pension plan as an active member,
http://www.tpsgc-pwgsc.gc.ca/fac-caf/act/pa-am-eng.html

Contact information,

Telephone
Toll free: 1‑800‑267‑0325
Monday to Friday
8 am to 4 pm (your local time)

Facsimile

418‑566‑2865

Note: Always include your pension number or Service number when providing information by Facsimile.

On-line or by email
Emailensioncentrecaf.centredespensionsfac@tpsgc-pwgsc.gc.ca

In writing

Public Works and Government Services Canada
Government of Canada Pension Centre – Mail Facility
PO Box 9500
Matane QC  G4W 0H3

Note: Always include your pension number or Service number when writing.



































 

[gryphonv]

Got one quick question. I had a deposit today from CF Superannuation. It is more than I was expecting from my pension return(transfer value) or my severance.

I was wondering if they combine the two into one deposit or if it is 2 separate deposits.

 

[dapaterson]

Got one quick question. I had a deposit today from CF Superannuation. It is more than I was expecting from my pension return(transfer value) or my severance.

I was wondering if they combine the two into one deposit or if it is 2 separate deposits.

It should be two separate deposits, as the source of funds is different.

Try calling the pension office and asking.

 

[gryphonv]

Thanks. I'll do that when I get a chance.

On a side note it only took 2 months and 3 days from release to get part of my transfer value deposited. (the amount I couldn't shelter)

 

[thehare]

Hello, sorry if this has already been answered, but I tried to use the search function on the site but it was down at the time I wrote this.

I recently released from the reserves, and I received information in regards to my pension. I was just looking to clarify something in terms of the two transfer values that I am seeing. There is a within tax limit portion (lets call this value 1,000 - not the real number) and an outside tax limit portion (lets call this 2,500). I know the within tax limit portion needs to go into a RRSP or some sort of locked in retirement vehicle, and that the outside tax limit portion is something I can have sent straight to my bank, but I'm not sure about the details.

If I choose to have the outside tax limit portion sent to my account, would I receive the full 2,500? Or would that value be subtracted by the within tax limit and I would receive 1,500 with the remaining amount heading to an RRSP? I tried calling the toll free number provided, but sadly I found it difficult to understand the lady due to her thick french accent (no fault of her own, she tried her best) and I went to a financial adviser but she didn't really understand it either.

Any assistance or a point in the right direction would be greatly appreciated.

 

[dapaterson]

The outside tax limits portion will have tax withheld at source.

However, if you have unused RRSP contribution room, you should be able to transfer it directly - the pension office should have the necessary documentation.

 

[Jay_N3000]

Hi guys I am going through a lot of stress right now.

So I was medically released (3b) back in Nov 2016.

I just recently found out that I am still on my unit's payroll and system  o  O

Finally got in contact with RPPO, and they told me I have to sort this issue out with my unit before I can get my severance deposited into my account.

Besides RPPO, this is potentially messing me up in other ways that effect my future career goals and schooling.

Just wanted to know, how common is it for your unit to not mail out your release paper work, and keep you on their payroll system??

Thanks again all!!!

 

[mariomike]

Finally got in contact with RPPO, and they told me I have to sort this issue out with my unit before I can get my severance deposited into my account.

For reference, see also,

OP: Jay_N3000
Question regarding RPPO 

 

[dapaterson]

I'm guessing you are Reserve Force.  Your (former) unit has not properly completed your release, otherwise your pay account would be with the RPPO.  (It's part of the release process; your pay file gets transferred in RPSR from your unit to the RPPO).

I'd suggest contacting your former unit and asking when the release will be completed, pointing out that your benefits are being delayed until they finish their work.  (I'd probably send something in writing so you can follow up more easily).

 

[Fishbone Jones]

They sent me zero sum pay statements for a year after I released.

 

[Jay_N3000]

I'm guessing you are Reserve Force.  Your (former) unit has not properly completed your release, otherwise your pay account would be with the RPPO.  (It's part of the release process; your pay file gets transferred in RPSR from your unit to the RPPO).

I'd suggest contacting your former unit and asking when the release will be completed, pointing out that your benefits are being delayed until they finish their work.  (I'd probably send something in writing so you can follow up more easily).

Hi dapaterson.

You are correct, it is a PRes unit. 

I actually contacted the BOR's Release Clerk, and he told me that they still need to process my Record Of Employment.
He said he didn't have any clerk qualified to do Record Of Employments for the release paperwork.

^ Now I will give him the benefit of the doubt, and wait out another week or so.  But still, deep down I am really wondering if it is supposed to take this long, even if they are having "issues" with the Record Of Employment portion of the release paperwork.

Not sure, but I do feel a bit overwhelmed having to deal with multiple issues regarding my recent 3B release. 
So far the I am very disappointed with the "transition" process.  It feels like I am a dog chasing my own tail, day by day, week by week, and month by month lol.

I apologize, just venting a bit.

 

[dapaterson]

You have every right to be upset.  Ask the clerk if they can't get help from their Bde HQ.  How long have you been waiting?

 

[Jay_N3000]

You have every right to be upset.  Ask the clerk if they can't get help from their Bde HQ.  How long have you been waiting?

About 3 months. 

Is this the norm, with release paperwork??

 

[dapaterson]

Seems a little long, but there can sometimes be issues - as the release file is being finalized, errors get discovered and need to be corrected.  But I would hope that a CO would push the OR staff a bit to expedite a release in the case of a 3B release.

 

[Jay_N3000]

Seems a little long, but there can sometimes be issues - as the release file is being finalized, errors get discovered and need to be corrected.  But I would hope that a CO would push the OR staff a bit to expedite a release in the case of a 3B release.

Hi dapaterson.

Just curious, what sort of issues can come up regarding the "record of employment" portion of the release paper work??
Does it have anything to do with updating it or printing it out??

Thanks, Jay.

 

[Jay_N3000]

They sent me zero sum pay statements for a year after I released.

Hi recceguy, care to elaborate??

 

[Gunner98]

Hi recceguy, care to elaborate??

Normally until the end of the fiscal year in which you retire and the messes and other financial organizations (supply, benefits, claims etc.) close their fiscal accounts you continue to receive a zero sum pay statement in case there are outstanding recoveries.  The end of fiscal year is not 31 Mar but April/May when year-end SAs are normally completed.