dapaterson said:So, assuming you husband does re-enrol after a year away, and assuming that he is not absent for one full calendar year, then as long as he has some earnings in each calendar year he will have his earnings for those years included in a future benefit calculation.
dapaterson said:Interesting case coming before the courts, objecting that RCMP officers working part-time can't buy back days not worked to increase the value of their pensions. Simplified, it appears they want to treat days not worked as leave without pay, so they could pay member plus employer contributions for those days to increase their final benefits; right now, when working part-time, the calendar year counts against the 35 year limit, but the pension benefit is pro-rated based on the number of days worked. Should they be successful, it may have an impact on Reservists in the part I (full-time) pension plan as their situation is similar.
The judge agreed that while the majority of Mounties who work part-time are women with young children, she said they also benefited from spending more time with their children and less stress in trying to find child care.
As for the overall impact on their pensions, Kane found it would be reduced, on average, by five per cent but that "it is difficult to conclude that the impact is necessarily adverse."
The women's lawyer, Paul Champ, said today's judgment is a big disappointment for his clients, who fought the issue inside the RCMP for 10 years before turning to the courts.
"The court recognized that care for children disproportionately falls to women in Canada, including women in dual-earner families, Champ wrote in an email to CBC News.
He said his clients are reviewing the judgment and considering an appeal.
"Hopefully the federal government will take a close look at this decision and recognize that pension plans for RCMP and public service workers need to be reformed to be more equitable for parents who choose to temporarily work part-time to care for their children. This would be the right policy choice for a feminist prime minister," Champ said, in reference to Prime Minister Justin Trudeau's own oft-stated description.
dapaterson said:Are you paying into CFPP or RFPP on your reserve pay? If RFPP, then your time in the military plan does not affect your 35 year limit. If in the CFPP (due to 5 years full time military service) then your situation is much more complex and fraught.
runormal said:Thanks for that Dapeterson. I was worried that the reserve pension was going to mess up my PS pension. The girl on the phone said no, but I wasn't convinced..
Would you recommend buying back the first two years of a reserve pension? I'm quite confused of what the benefit will ne and it's hard to see the res pension amounting to much as I work at best 60-80 days a year.. Like wise I have no idea how much longer I plan on staying on the reserves. I've started the buy back process a year ago, but I've heard nothing back from the pension centre.
I'm really expecting it to amount to a small of mount of money that I can eventually transfer to am RRSP when I get out and then rely more on the PSSA . However, I honestly have no idea.
dapaterson said:As a rule, I suggest buying back - it does contribute nicely to future value.
Did you know that (provided you have a PKI card) you can check the value of your pension online (DWAN only)? It will show both the current payout you can expect (and lets you play what-if scenarios), and, if you're under 50, will show the potential transfer value of your pension.