Pension Issue for IE 20

[djegray]

I went to the Release section last Friday to run some numbers for my families future. And what I found out was nasty. As it turns out I will NOT be receiving a pension after I finish my IE 20 but once I turn 60 years of age.
The reason for this is due to I didn't have 10 years of service as of Mar 2007, I have 10 years as of Sept 2007.

The big kicker is that if I wanted to take my return of contributions I have to have my release in before March of 2009 , So I have to put in my Release this August to make the deadline.

My plan was to stay for another 3-5 years , take my return of Contributions and invest it. but it turns out my 3-5 year plan is 2-5 week plan.

I have talked with a lot of people on this subject but nothing seems to prove otherwise.

I also know there are  members that have signed IE20 and don't have the 10 year mark as of Mar2007, and am hoping that they hear this and make a proper decision with this knowledge.

I am putting this out there to see if anyone can shed light on this subject. any information and /or Legal documentation to prove this wrong would be greatly appreciated

DJ

 

[aesop081]

Good place to start reading about all that stuff but will probably lead you to more questions. Hope this helps.

http://www.dnd.ca/dgcb/cfpmp/engraph/regforce_changes_e.asp?sidesection=5

 

[Zoomie]

I hate the whole pension system.

Hundreds of people opted for the IE20 plan and have been approved for it - without this specific grandfather clause being mentioned.  I have a memo that states I am eligible and enrolled under the IE20 - I will fight the good fight when I come to it.

 

[birdgunnnersrule]

I am glad to see that I am not the only one with the same predicament.  I must make the decision before March 2009 as well despite never being offered the IE 20 option in the first place.  The new TOS will end up at the end compounding the retention issue as people start to realize the implications of the clauses and the fact that you are now on for 25 if your resign plus your pension does not kick in right away.  I guess that is our fault for not reading the finer details of the new rules/guidelines, but at the end of the day I certain my recent appointment with the release section as made the decision to leave sooner rather than later that much easier.  I guess we are in line with the Public Service except for the fact that 'most' work 7.5 hours days, are unionized, and never have to deploy/be away from home for extended periods on course/TD or deployments.

Rant Off

 

[aesop081]

you are now on for 25 if your resign plus your pension does not kick in right away. 

Just so there is no confusion, if you are on the new TOS or have just resigned under the new TOS and serve 25 years, you get your pension right away

An immediate annuity, if you:
have 25 or more years (9,131 days) of CF service—officers may have to meet different requirements;
are age 60 or older with two or more years of pensionable service;
are age 55 or older with 30 or more years of pensionable service; or
are released for workforce reduction and have 20 years of pensionable service or are age 55 or older with 10 years).

 

[Scoobie Newbie]

Yeah only 19 years to go.