- Reaction score
- 3,425
- Points
- 1,160
Rifleman62 said:
Sounds like the status quo.
Reserve Pension- Merged
- Thread starter Spr.Earl
- Start date
Sounds like the status quo.
- Reaction score
- 146
- Points
- 580
Based on the last few posts, your going to love this. I checked the Pension website again today. Still down. I sent the fol email:
"Hello,
Any word on when this site will be back up?
If the time in unknown how do I submit my forms so that the interest clock stops ticking?"
I received this:
"We are hoping the calculator will be back by the end of the month, but we cannot guarantee.
What you can do right now is send us the following forms:
1. Past-Service Election form
2. Pre-authorized debit form
3. Voided cheque.
We require a minimum monthly installment of 5$, but it can be higher.
Please make sure that if there are two names on the cheque, that both parties need to sign the Pre-Authorized debit form.
Once we receive those forms, and we need to have them within 7 days of the signed date, the interest will stop building on the account.
Once the calculator comes back online, you will then be able to enter all the information required with the new revised amounts.
The forms can be found at the following link:
http://www.admfincs-smafinsm.forces.gc.ca/dcf-dsp/rfp-rpf/for/forms-formulai-eng.asp
Should you require any further assistance, please contact our information center at
1-800-267-0325 and press option #1 or send an email to priorpensionableservicearrears@forces.gc.ca
Thank you
Prior Pensionable Information Center
NOTE: If there is any discrepancy between this e-mail and the corresponding Legislation, the Legislation will be held true."
So it was supposed to be up by now and is delayed at least another month with no guarantee it that time line either. If it were a civilian company heads would roll I suspect.
I asked them about the fields that needed info from the calculator and they told me to leave them blank and when the calculator was back up I could submit another form with the correct info.
"Hello,
Any word on when this site will be back up?
If the time in unknown how do I submit my forms so that the interest clock stops ticking?"
I received this:
"We are hoping the calculator will be back by the end of the month, but we cannot guarantee.
What you can do right now is send us the following forms:
1. Past-Service Election form
2. Pre-authorized debit form
3. Voided cheque.
We require a minimum monthly installment of 5$, but it can be higher.
Please make sure that if there are two names on the cheque, that both parties need to sign the Pre-Authorized debit form.
Once we receive those forms, and we need to have them within 7 days of the signed date, the interest will stop building on the account.
Once the calculator comes back online, you will then be able to enter all the information required with the new revised amounts.
The forms can be found at the following link:
http://www.admfincs-smafinsm.forces.gc.ca/dcf-dsp/rfp-rpf/for/forms-formulai-eng.asp
Should you require any further assistance, please contact our information center at
1-800-267-0325 and press option #1 or send an email to priorpensionableservicearrears@forces.gc.ca
Thank you
Prior Pensionable Information Center
NOTE: If there is any discrepancy between this e-mail and the corresponding Legislation, the Legislation will be held true."
So it was supposed to be up by now and is delayed at least another month with no guarantee it that time line either. If it were a civilian company heads would roll I suspect.
I asked them about the fields that needed info from the calculator and they told me to leave them blank and when the calculator was back up I could submit another form with the correct info.
- Reaction score
- 22,079
- Points
- 1,090
I was given the final amount. Sold investments to free up that cash in the RSP account, and sent off the form to permit them to take the funds.
Day after I sent the form "Oh, we found a mistake, it will be $XXXXX" instead (more than originally cited). And would I like to buy back the full amount?
Yes, I want to buy back the full amount. And now, because the amount is greater, I have to make another transaction, and pay more fees to make sure there's enough unencumbered cash to cover the buyback.
...and I'm still waiting for the summary of service, so I can check their information...
Day after I sent the form "Oh, we found a mistake, it will be $XXXXX" instead (more than originally cited). And would I like to buy back the full amount?
Yes, I want to buy back the full amount. And now, because the amount is greater, I have to make another transaction, and pay more fees to make sure there's enough unencumbered cash to cover the buyback.
...and I'm still waiting for the summary of service, so I can check their information...
- Reaction score
- 68
- Points
- 680
Dumb question time as I don't use cheques would a copy of the account/tranist/institution number suffice.
- Reaction score
- 1,003
- Points
- 1,160
I have repeated this so many times. You pay compound interest on your buyback until the total amount owing is paid in full.
First you pay 7% compound interest, compounded annually, on the total buy back amount you owe until you make your election. Then you pay 4% compound interest, compounded annually, plus a mortality (insurance) charge on everything you have not paid back. So, if you are buying back 20 years, every year the actual amount you were paid is converted to "updated pensionable earnings", which is the amount you are buying back x the contribution rate plus 7% CI is charged to that amount every year from the date you earning it to the date of election.
The updated pensionable earnings really makes a difference for example my best five years were incredibly, 1988 to 1992 and retired in 2007.
First you pay 7% compound interest, compounded annually, on the total buy back amount you owe until you make your election. Then you pay 4% compound interest, compounded annually, plus a mortality (insurance) charge on everything you have not paid back. So, if you are buying back 20 years, every year the actual amount you were paid is converted to "updated pensionable earnings", which is the amount you are buying back x the contribution rate plus 7% CI is charged to that amount every year from the date you earning it to the date of election.
The updated pensionable earnings really makes a difference for example my best five years were incredibly, 1988 to 1992 and retired in 2007.
- Reaction score
- 1,003
- Points
- 1,160
Further to the above, and due to the current situation where Pension Services is unable to provide current info, lets say you are buying back 20 years. As the calculator is down, and Pension Services cannot provide the "service", you don't know and they don't know how much you owe. You may have a rough idea as you used the calculator before it went down. You are paying 7 % CI for all 20 years on an unknown amount. Do not forget that the government is increasing the contribution rate every year.
You make the election (blind) and send your paperwork in plus $5.00. The 7% CI stops effective the election date. You now start paying 4% CI and a mortality charge on everything you owe, but you don't, and Pension Services does not know how much you owe. Consequently you cannot make a lump sum payment cause no one knows how much you owe, and 4% CI, plus the mortality charge continues to accumulate, adding to what you owe.
That's the Regulations.
You make the election (blind) and send your paperwork in plus $5.00. The 7% CI stops effective the election date. You now start paying 4% CI and a mortality charge on everything you owe, but you don't, and Pension Services does not know how much you owe. Consequently you cannot make a lump sum payment cause no one knows how much you owe, and 4% CI, plus the mortality charge continues to accumulate, adding to what you owe.
That's the Regulations.
- Reaction score
- 1,003
- Points
- 1,160
begbie, I do not have all the emails I sent to pension services on this laptop. As I was about to retire (Aug 07) shortly after the CIF date (Mar 07), they prioritized my file. Additionally, I did contact Pension Services constantly by phone/email. On several occasions, I pushed them, as at the time I was very angry. They had my RRSP funds, etc, etc; I was by now retired/no income coming in. It took from 14 Apr 07 to Jan 08.
CRA and The Office of The Superintendent of Financial Institutions (OSFI) Canada were involved for a Past Service Adjustment and because I still owed money (due to the compound interest).
Pension Services has a complex task to perform as each CF member who applies is different, and other agencies are involved. My first regular pension cheque was 7 months after retirement (Aug 07 to Feb 08).
What is very disturbing is the letter from Peter MacKay, in reply to Peter Stoffer letter re oldtimer's enquiry concerning the cost of buy back. Almost half a year to get a response!! 27 May 08 to 7 Nov 08 - 163 days!! If that is not absolute contempt for a citizen of Canada, who is a Reservist, I do not know what is.
When I was serving, 48 hours was the turn around time to reply to a "Ministerial".
CRA and The Office of The Superintendent of Financial Institutions (OSFI) Canada were involved for a Past Service Adjustment and because I still owed money (due to the compound interest).
Pension Services has a complex task to perform as each CF member who applies is different, and other agencies are involved. My first regular pension cheque was 7 months after retirement (Aug 07 to Feb 08).
What is very disturbing is the letter from Peter MacKay, in reply to Peter Stoffer letter re oldtimer's enquiry concerning the cost of buy back. Almost half a year to get a response!! 27 May 08 to 7 Nov 08 - 163 days!! If that is not absolute contempt for a citizen of Canada, who is a Reservist, I do not know what is.
When I was serving, 48 hours was the turn around time to reply to a "Ministerial".
- Reaction score
- 0
- Points
- 10
begbie, I was waiting to answer your inquiry about the timeframe for pension buyback because I was hoping for some positive news for you. Unfortunately, there is no news at all. I was also given the cost of my buyback in Oct 08. I wasted another month trying to get a statement of my benefits which I finally got in Nov 08. I sent in the authorization for transfer of RRSP funds on the 20 Nov and the funds were transferred on 17 Dec. On 7 Jan 09 I phoned to check on things and found oiut that the RRSP fund cheque had been lost. They messed around until the 20 Jan when they conceded that it was lost and the bank sent a new one on 20 Jan 09. I received confirmation that the funds were received on 26 Jan and that my file was being sent to benefit and that it was to be considered a priority. I was told that the normal time from this point was 6-8 weeks until the first pension check and that everything was completed and finished and that only admin things remained to complete. Since then 2 things have happened:
1. 4 weeks have passed - NO PENSION CHEQUE. So much for priority!
2. I had a message left on my phone today (Friday) from someone at Pension Services (no name) asking me to phone them. The message was left at 1455 Ottawa time along with the information that the office closed at 1500. Not really much time for me to get back to them....5 minutes before closing on a Friday afternoon! So now I can wait and sweat and worry all weekend wondering if this is good news or bad, or another mess up or just ...who knows?
I also notice the calculator is still not back up. I am starting to wonder if major changes are required or if the removal was simply a way of halting the flood of election claims. If they are over their heads now, maybe it's their way of slowing things down. I hate to think they would be so devious but it's just a mite suspicious.
1. 4 weeks have passed - NO PENSION CHEQUE. So much for priority!
2. I had a message left on my phone today (Friday) from someone at Pension Services (no name) asking me to phone them. The message was left at 1455 Ottawa time along with the information that the office closed at 1500. Not really much time for me to get back to them....5 minutes before closing on a Friday afternoon! So now I can wait and sweat and worry all weekend wondering if this is good news or bad, or another mess up or just ...who knows?
I also notice the calculator is still not back up. I am starting to wonder if major changes are required or if the removal was simply a way of halting the flood of election claims. If they are over their heads now, maybe it's their way of slowing things down. I hate to think they would be so devious but it's just a mite suspicious.
- Reaction score
- 22,079
- Points
- 1,090
From today's Toronto Star:
http://www.thestar.com/News/Canada/article/595526
Ottawa makes heroes wait for pensions
Backlog means former Canadian Forces members forced to wait 12 weeks or longer
...
The backlog in retirement paperwork prompted the defence department last fall to increase the average wait for the start of pension cheques to 12 weeks from the normal four to six weeks.
...
Even Rick Hillier, Canada's former chief of defence staff, was affected by the backlog.
"It took eight weeks, which is what I was led to expect," the retired general said in an email last night.
Senator Colin Kenny, Liberal chair of the Senate defence committee, said the situation highlights the inability of the military to adapt to problems, in this case the situation in which a large number of military personnel are retiring at the same time.
"Surely to God, somebody should have the discretion to say, `Here's a partial payment.' This guy's got a mortgage and other responsibilities," he said. "I just shake my head at it. It is disgraceful."
http://www.thestar.com/News/Canada/article/595526
Ottawa makes heroes wait for pensions
Backlog means former Canadian Forces members forced to wait 12 weeks or longer
...
The backlog in retirement paperwork prompted the defence department last fall to increase the average wait for the start of pension cheques to 12 weeks from the normal four to six weeks.
...
Even Rick Hillier, Canada's former chief of defence staff, was affected by the backlog.
"It took eight weeks, which is what I was led to expect," the retired general said in an email last night.
Senator Colin Kenny, Liberal chair of the Senate defence committee, said the situation highlights the inability of the military to adapt to problems, in this case the situation in which a large number of military personnel are retiring at the same time.
"Surely to God, somebody should have the discretion to say, `Here's a partial payment.' This guy's got a mortgage and other responsibilities," he said. "I just shake my head at it. It is disgraceful."
CountDC
Army.ca Veteran
- Reaction score
- 321
- Points
- 930
dapaterson said:
which of course increases work load which in turn creates more delays so we will increase the wait time to 16 weeks and the merry go round goes round and round.
Instead of handing out partial payments they should increase the staff to deal with the files. Don't know the process but I always wonder if there is room to stream line the process too.
- Reaction score
- 25
- Points
- 430
CountDC said:
A great idea. In this time of Recession, we should be giving people jobs. While we are at it, perhaps DPM Secur could do some hiring too.
- Reaction score
- 1,003
- Points
- 1,160
Date Modified: 2009-03-04
The calculator you are attempting to access is temporarily unavailable. It is anticipated the calculator will be available mid to end March 2009. Unless your situation is urgent, please do not contact DCFPS as the calculator will be made available before your request is processed.
The calculator you are attempting to access is temporarily unavailable. It is anticipated the calculator will be available mid to end March 2009. Unless your situation is urgent, please do not contact DCFPS as the calculator will be made available before your request is processed.
- Reaction score
- 3,425
- Points
- 1,160
By the time the calculator is back up, there will be such a rush of people using it, the site will crash and we'll be back waiting again for pensions buybacks.
- Reaction score
- 5
- Points
- 430
dapaterson said:
I started retirement leave 21 June 2008.
Final release date 24 Sep 2008.
Received severance cheque within a week.
Received pension back-pay in two cheques in Feb 2009.
STILL WAITING to see a pension deposit to my bank account.
This is week 23.
- Reaction score
- 1,003
- Points
- 1,160
Disgraceful.
Why doesn't the senior leadership of DND do something, and do it publically instead of hiding? Of course the former CDS got his pension in 8 weeks. It was walked through. Hillier did not ask for that service but that's what he got for his service to Canada. For some of us, our service to Canada means nothing to DND and it's leadership.
Why doesn't the senior leadership of DND do something, and do it publically instead of hiding? Of course the former CDS got his pension in 8 weeks. It was walked through. Hillier did not ask for that service but that's what he got for his service to Canada. For some of us, our service to Canada means nothing to DND and it's leadership.
CountDC
Army.ca Veteran
- Reaction score
- 321
- Points
- 930
took this from DGCB site on pensions. Is it me or does the section I bolded seem odd? Also does anyone know for sure that this means a member with 6 years credited reserve time could do 19 years reg f and receive the IA? Have tried confirming with the pension gods but months later and still waiting.
CF service:
Service for which a Regular or Reserve Force member is paid and which underpins entitlement to an immediate pension on release having accrued 25 cumulative years of paid service. It includes:
days of service in the Regular Force for which pay was authorized, and authorized maternity and parental leaves;
days of service in the Reserve Force for which pay was authorized, and authorized maternity and parental leaves:
days of training or duty of less than 6 hours = half-day
days of Class “A” service = 1.4 days
periods before 1 April 1999 (when duration of period is verifiable but not the number of days) = quarter time
during maternity and parental leaves, days of CF service are based on service in previous 12 months
CF service:
Service for which a Regular or Reserve Force member is paid and which underpins entitlement to an immediate pension on release having accrued 25 cumulative years of paid service. It includes:
days of service in the Regular Force for which pay was authorized, and authorized maternity and parental leaves;
days of service in the Reserve Force for which pay was authorized, and authorized maternity and parental leaves:
days of training or duty of less than 6 hours = half-day
days of Class “A” service = 1.4 days
periods before 1 April 1999 (when duration of period is verifiable but not the number of days) = quarter time
during maternity and parental leaves, days of CF service are based on service in previous 12 months
- Reaction score
- 22,079
- Points
- 1,090
If you are full-time Reserev or Reg F, you get paid 24/7. Meaning that you generally work 5, get 2 off, all paid.
To translate days paid class A into full-time equivalent, you multiply by 1.4 to compensate for the theoretical weekend days off.
This is for all paid class A days, not for all periods of time on class A service. Thus:
In Feb 2009 a member on class B service would get credit for 28 days of service.
A member on class A who paraded 7 half days and two full days would get credit for (7/2 + 2)*1.4 = 7.7 days. Calculations are made over a career, then rounded up.
To translate days paid class A into full-time equivalent, you multiply by 1.4 to compensate for the theoretical weekend days off.
This is for all paid class A days, not for all periods of time on class A service. Thus:
In Feb 2009 a member on class B service would get credit for 28 days of service.
A member on class A who paraded 7 half days and two full days would get credit for (7/2 + 2)*1.4 = 7.7 days. Calculations are made over a career, then rounded up.
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