Transfer of CF Pension to the Public Service Plan

[Grunt_031]

Here is a question for the Admin Types on the Board.

I am considering Release before my 20 (17th year).    I was told that the CF now has a pension transfer agreement with the Public Service.

1.    First is this correct and
2.    How is the transfer calculated.

Any info or direction to current regulations or literature would be greatly appreciated. I checked on the HR CF Pension site and this yielded a little info but it was vague.

 

[Northern Ranger]

Yes you can, also once you do this the PS will treat you as a 17 year member WRT leave.  I thought I would get more leave than the 15 days that I got and found out that I would have had to transfer my pension over (did the math and it made no sence).  As for how you go about making it happen, I would suspect that you make your release section clear on your intent and also your new CHRO office.

But are you sure you can't stick it out for 3 more years?

 

[Bruce Monkhouse]

Also, make sure  that it makes sense for your particular situation.  Ie, in my case if I had brought my 10 years worth of pension contributions with me, that would have meant that I could walk from my new job at 55,[ instead of 60] which sounds reeeeeal good, except that there was [is] no way I could afford to retire at 55 anyway.

So I used the money as a down payment on a house.......................

 

[tomahawk6]

Yes you can, also once you do this the PS will treat you as a 17 year member WRT leave.  I thought I would get more leave than the 15 days that I got and found out that I would have had to transfer my pension over (did the math and it made no sence).  As for how you go about making it happen, I would suspect that you make your release section clear on your intent and also your new CHRO office.

But are you sure you can't stick it out for 3 more years?

You are so close to 20 you should really consider sticking it out. After all you have already served 17 years you can do 3 standing on your head.

 

[Red 6]

I would echo Tomahawk 6, Grunt. You are soooo close. Once you've got that pension at 20, you'll have it the rest of your life. Everyone has to make their own decisions, but sticking with it is a smart move.

Mark

 

[TCBF]

You are so close to 20 you should really consider sticking it out. After all you have already served 17 years you can do 3 standing on your head.

- Yup.  First five are the worst.

 

[Grunt_031]

Thank you for all the encouragement on sticking it out until 20.
I love my job/trade (Best in the CF) and love where I work. I am not just another disgruntled subject.
I am not taking this likely as a decision and just taking stock of my options and weighing them out carefully.

3 years is easier said than done when I am facing;

3 Years of IR (seeing my family 2-4 Days a month and on Leave etc.) and during This;
1 Years worth of Career Courses/OJT
1 Tour, Maybe 2

This is more about quality of life then just money. If I was single this would be a no brainer.

Thanks again all,

grunt_031

 

[George Wallace]

Thank you for all the encouragement on sticking it out until 20.
I love my job/trade (Best in the CF) and love where I work. I am not just another disgruntled subject.
I am not taking this likely as a decision and just taking stock of my options and weighing them out carefully.

3 years is easier said than done when I am facing;

3 Years of IR (seeing my family 2-4 Days a month and on Leave etc.) and during This;
1 Years worth of Career Courses/OJT
1 Tour, Maybe 2

This is more about quality of life then just money. If I was single this would be a no brainer.

Thanks again all,

grunt_031

Your problems may seem large at the present, but they may pale compared to others.  You may want to take a much more detailed look at what your future holds or could hold before throwing away those three years.

I was separated from my family for over six years, getting together only on weekends.  I did not qualify for IR.  I landed up with two mortgages for the last few years in Service.  I was slated for three Tours, being on the 10% list for two, and having a tour cancelled 24 hours before getting on the plane.  I stuck it out, sold my house in Pet just before the big Real Estate boom mading no real profit on it, but landed up with enough to pay off the second mortgage.  Now with a full Pension and no mortgage, Life is Good.  I even joined the Reserves to ween myself off the Reg Force slowly, but now find myself working even more than I did before 'retiring'.  Go figure. 

My suggestion is to take that real detailed look at your options.  Take a fine tooth comb or use the microscope, but make sure you take in all the factors that will affect your future.  Paying off the mortgage and a full Pension make life a lot easier in your next life.

 

[dapaterson]

Grunt_031:

I'd echo George Wallace's comments.  And I'd also suggest engaging your chain of command on this - inform them of how you feel, and what you're thinking.  I'm not advocating the "Do what I want or I'll release!" speech; but rather the "Here is what my plans are; I'd like to stay, but 3+ years IR etc etc won't work for me."

Let's assume you could get out tomorrow and join the public service at the same pay, or do the same three years from now (the PS is hitting the same demographic wall the CF is hitting, so they will be hiring for the foreseeable future).

If you join the PS today, you'll get the same pay.

If you join in 3 years, you'll get the same pay plus a pension of 40% - or, in other words, 140% of your pay.  A significant difference.

But I do admire your determination to be there for your family and look after them.

 

[TCBF]

Thank you for all the encouragement on sticking it out until 20.
I love my job/trade (Best in the CF) and love where I work. I am not just another disgruntled subject.
I am not taking this likely as a decision and just taking stock of my options and weighing them out carefully.

3 years is easier said than done when I am facing;

3 Years of IR (seeing my family 2-4 Days a month and on Leave etc.) and during This;
1 Years worth of Career Courses/OJT
1 Tour, Maybe 2

This is more about quality of life then just money. If I was single this would be a no brainer.

Thanks again all,

grunt_031

- Tough call, but if I read this right, your your year of career courses and your tour will be during your IR.  Yes?  Well, at least all of that is concurrent with the IR.  Since you will be away, you might as well be REALLY away.