Reserve Pension- Merged

[CountDC]

ok:

point 2 - this is not a reserve issue, it is a total force issue. In the Reg F getting responses out of pensions is very difficult too.

point 3 - when you say "join the forces" do you mean join pres? reg? are you saying "if you transferred to the reg f before Mar 07 you buy back at 4% - if you remained with the pres and elected at Apr 07 then you pay 7%" ?  My lack of understanding could be that it is Friday afternoon.

point 5 - I agree

point 6 - hopefully I did.

 

[54/102 CEF]

The 7% in your thread could be seen as "you had a choice" --- which was never the case.

The rate changed without anyone being advised of it.

DND was told to provide pension - they or TB determined that they'd get the indiv to pay 7 % compound after Mar 07.

This looks to me - to be bad for DND. These rates were never in place prior - so if you built up time prior - what would you have paid if you'd gone into the regs - ?

What logical link is there that says NOW you pay 7%

 

[FoldedWings]

Rifleman,
  You asked me to let you know how I made out with my letter to the Toronto Star re: the article “Ottawa Makes Heroes Wait For Pensions”.  I sent it to the editorial department as well as to the author of the article.  The result?  Nothing!  Not a word!  I guess they are interested in the big splash rather than digging beneath the surface.  Who knows.  Maybe not exciting enough. :'(

 

[FoldedWings]

By the way, forgot to mention -  I’m still waiting for my pension.  They’ve had my payment since the end of January and told me that my file went to Public Works at the beginning of March (delayed by them AGAIN losing part of my paperwork).  It’s now been 17 months since I retired and 21 months since I submitted my election papers. 

But then again, why should I expect them to hurry for me?  They can’t even get the calculator back online.  What will they do next week?  Change the rude message on the site to say, “mid to end April”?  Does anybody know what’s really going on with that?

 

[Rifleman62]

As I said in the PM to you, I did not think the story would have legs. Just a cheap shot by the Toronto Star at the CPC. Now that would be a headline/story:

                                                  Big newspaper feints interest in soldiers
                                      Story was ruse to sell newspapers and embarrass government

Typical Canadian "journalism" = sensationalism. Repeaters writing anything so they can be printed.
I wonder what the media people who lurk here think of this lack of ethics by those in their industry?

 

[gcros]

---Re-Edited Post----

There is another Reserve Pension Buyback Calculator on line. However, I called Pension Services, and they informed me that it should not be there, and it should not be used. The person I spoke to was aware of it, and they are getting a number of calls.

I have re-edited my earlier version of this post.

For those interested, here is the link:

http://www.fincsmips-finsmspmi.forces.gc.ca/

Remember, according to the contact at Pension Services, this is not the official or final calculator.

 

[Nfld Sapper]

The Reserve Pension Buyback Calculator seems to be back up. However, it is in a different location than it was before (the old link http://www.admfincs.forces.gc.ca/dcf-dsp/notice-avis-eng.asp still gives the error message)

Here is the new link:

http://www.fincsmips-finsmspmi.forces.gc.ca/

To set up an account, put your email in the USER ID field and click NEW USER. A password will be generated which you use to log in, then you can put your own password in. The help manual seems to refer to an earlier version of the program, and has some dead links, but follows the new program more or less. Still working my way through it.

Good Luck

It still remembers your old ID if you had one before.

 

[gcros]

Having tried it, and called Pension Services, I re edited my post above.

Pension Services informed me that this calculator should not be out there, and it should not be used. The person I spoke to was aware of it, and they are getting a number of calls. He did not know why this version was still on-line.

Sorry if I caused any premature excitement...

 

[Nfld Sapper]

Sounds like the left hand not knowing about the right hand and the brain for not dealing with it.

;D

 

[Rifleman62]

I believe this is the Reg F pension calculator. It is not the RFPP calculator. Anywho, it is almost mid April, and the RFPP calculator revised , revised re posting date has come and gone AGAIN.

Is there someone with authority in Ottawa who gives a darn to do something about the RFPP?

 

[FoldedWings]

Finally, some good news!!  I got a check in my bank account just before the Easter weekend for all my back pension pay - 17 months worth.  I was also told via phone that I will start receiving my regular monthly checks at the end of this months.  So I guess the deal is finally done, nearly 2 years from the time I sent in my election and 17 months from  my retirement date.  Now that the $$ has started flowing I am going to take a short rest and then move to the next stage, namely fighting with them about that 7%CI on the Reg Force portion of my buyback.  Maybe a lost cause but hey, everyone needs a hobby.

About that online calculator, I couldn't resist checking it out.  I entered in my password and user name and was surprised to see that all my info was in there along with the same final figures I calculated for my benefits and cost of buyback.  I was only $7,000 out on the cost of my buyback and $200 out on the final total of my benefits so whatever may be wrong with that calculator, it at least gives you a close estimate.  At least it did in my case.  I don't want to encourage anyone to go down the wrong garden path but if you are willing to take it with a grain of salt  - go for it.  I still have to wonder though, what is going on with the "official" calculator?
Anyway, I'm off to the big city tomorrow - going shopping!  YES!!!!- but if anyone posts any questions on here for me I will keep be happy to help.

 

[dapaterson]

Just got my PSPA - that's the Revenue Canada letter that indicates how much RRSP contribution room is required to be given up to buy back your time.

I've been talking via email with the pension office for two years, asking for information.  Naturally, after making a large contribution last year (since there was little progress from the DND/CF side) I'm not in a situation where I don't have enough contribution room and will therefore be forced to make a withdrawal (paying tax on it, of course, and having to declare it as income next year) to be able to buy back all my service.

Tomorrow I shall be making three phone calls: First, to DND/CF Pension Services, for some clarification and an indication of why they were unable to provide me with the PSPA amount in advance so I could adequately plan (they had two years to sort it out).  Second to Revenue Canada, much more polite, to get some clarification on the PSPA and to look for a mitigation strategy.  Finally, I'll call my bank, and arrange an appointment to make the withdrawal and get the paperwork signed off.

Thus far, ignoring my time, bank fees and postage have cost me over $200 for the buy-back.  I'm considering asking the pension office for a class A pay fin code, as it's taking a considerable amount of my time to administer their 10 years late program...

 

[begbie]

http://www.fincsmips-finsmspmi.forces.gc.ca/

The calculator is now back online... and it takes you to this web address.

 

[Nfld Sapper]

Hmm....

Something about that calculator doesn't seem right. Last time I calculated my buyback it was near $10K and now with the "new calculator" my buyback dropped to $3k

 

[Rifleman62]

They probably are only charging you 4 % Simple interest!


Huge Joke

 

[begbie]

Hmm....

Something about that calculator doesn't seem right. Last time I calculated my buyback it was near $10K and now with the "new calculator" my buyback dropped to $3k

My backback figure is still the same...

 

[dapaterson]

Without going into too much detail:

The clusterfuckery continues.  Repeated errors by the pension office, in communications to me and to CRA (who then took that erroneous data and sent it to me), incurring additional costs to me.

 

[Stoker]

Without going into too much detail:

The clusterfuckery continues.  Repeated errors by the pension office, in communications to me and to CRA (who then took that erroneous data and sent it to me), incurring additional costs to me.

All these problems don't exactly give me a warm and fuzzy feeling. I was talked to a senior chief last week and he told well over half the naval reserves who are qualified to do a buy back haven't even elected yet! I think mostly because the pension authorities intentionally haven't made it easy. I had so much trouble getting the info for mine I had to get a clerk to do help(calculations) and they were told not to help anybody else. Is there anyone out there looking out for us?, sounds to me we have to look out for ourselves and hope the best.

 

[54/102 CEF]

Ain't no one but us looking out for us - If I'm still in when they invoke full time service when Pakistan Craters - whoever gives me the email gets a taxi ride to the MIR and soon to be followed by the finance clerks who run through the questions like --- OK - when did you join? Sorry to asks these questions but reserves are a bit different. Bang! And thats only 3 taxi chits with plenty more.

 

[Colin Parkinson]

I just elected to buyback my Public Service and Reserve time, they indicated that the military will take at least a year to confirm how much time is eligiable. As the cost of buyback goes up by 4% every year we elected to buy it all back, I paid a lump sum for the time I know I will get and for an estimate of what I might get from the military time. the rest we will pay monthly. If we overpay, we get our money back sans interest. At my current salary it was $10,000 a year to buy back, we calculated that we should see a 50-60% return on that investment. Still hurts to think of the toy's I could be buying right now....