VR, Reserves - what $ am I looking at

[housenuts]

Just VR'd from the Reserves. I know I'm entitled to $x for the 'annuity'. I think that's what it is called.

Am I also meant to get another amount for severance or other contributions I've made over the years?

thanks

 

[dapaterson]

Without details, it's impossible to know.

Did you elect to take the PiL?  If so, no severance (since you got the PiL instead).  If not, 1 week pay per year (less NES & ED&T) through Feb 2012, paid at your rate of pay on release.

Are you a contributor to the CFSA, part I or part I.1?  If so, what you receive as a pension, or as pension options, depends on your years of service, age, and whether or not you bought back prior service.

 

[housenuts]

thanks.

What is PiL?

I know I am getting 1 week pay per year already at $x amount. I elected to receive lump sum.

I didn't buy back prior service. I never voluntarily opted to contribute to anything.

Am I meant to get anything else?

 

[Biohazardxj]

Talk to your release clerk.  Only he or she can give you the correct info regarding your particular case. 

 

[dapaterson]

Look at your last pay statement.  Was money withheld for pension - either CFPP or RFPP?

If so, you may receive a set of options from the pension folks - (a) a lump sum, some of which would go to a LIRA, the rest to be paid to you and taxed in your hands (b) a reduced alloawnce at age 50 or (c) an annuity at age 60.

 

[housenuts]

I find it odd how this isn't standardized and every individual releasing is on a different set of terms.

I get that there'd be a difference for those who bought back time, but really that only leaves 2 options. Either you bought back time or you didn't. Based on which route you took there should only be two possible end results.

 

[Tibbson]

Without details, it's impossible to know.

Did you elect to take the PiL?  If so, no severance (since you got the PiL instead).  If not, 1 week pay per year (less NES & ED&T) through Feb 2012, paid at your rate of pay on release.

Are you a contributor to the CFSA, part I or part I.1?  If so, what you receive as a pension, or as pension options, depends on your years of service, age, and whether or not you bought back prior service.

I know this may be a PIL related question but it also plays into what the original poster asked. 

Are reservists entitled to severance and if so, when did this start?  The reason I ask is because I had reserve time in the early 80s and didn't recieve any sort of severance payment when I quit from the reserves prior to joining the regs.  I'm one of two people in my unit still waiting for my PIL pay out and was wondering if my reserve time, all that long ago, was slowing things down.  Given that I never thought there was a severance (gratuity....what ever) payment way back when I didn't think it would cause a delay.  Then again, maybe I qualify for a PIL payment now that is a few years bigger then I anticipated, or at least bigger by the amount of pensionable time I qualified for.

 

[Fishbone Jones]

I find it odd how this isn't standardized and every individual releasing is on a different set of terms.

I get that there'd be a difference for those who bought back time, but really that only leaves 2 options. Either you bought back time or you didn't. Based on which route you took there should only be two possible end results.

I know this may be a PIL related question but it also plays into what the original poster asked. 

Are reservists entitled to severance and if so, when did this start?  The reason I ask is because I had reserve time in the early 80s and didn't recieve any sort of severance payment when I quit from the reserves prior to joining the regs.  I'm one of two people in my unit still waiting for my PIL pay out and was wondering if my reserve time, all that long ago, was slowing things down.  Given that I never thought there was a severance (gratuity....what ever) payment way back when I didn't think it would cause a delay.  Then again, maybe I qualify for a PIL payment now that is a few years bigger then I anticipated, or at least bigger by the amount of pensionable time I qualified for.

It's all in this 48 page nutshell. http://forums.army.ca/forums/threads/105269.0.html
Go read please.

---Staff---