Pension Transfer Value / Lump Sum Pymt [Merged]

[Pusser]

Is it a delay in pension (i.e. CFSA benefits) or a delay in severance?  I know severance payouts take a fair bit of time because your pay and leave records over your entire career are audited, but my understanding is that your CFSA benefits come pretty quickly.  None of my recently retired friends have mentioned anything about not receiving their pensions in a timely manner.

 

[mariomike]

Is it a delay in pension (i.e. CFSA benefits) or a delay in severance? 

It reads ( to me ) like no income for two months?

If I could have walked out the door and recieved payments within 2 months I may have just done it when told I wasnt getting posted this year.

 

[PMedMoe]

It reads ( to me ) like no income for two months?

I've been told 6-12 weeks.....at least.

 

[jollyjacktar]

Is it a delay in pension (i.e. CFSA benefits) or a delay in severance?  I know severance payouts take a fair bit of time because your pay and leave records over your entire career are audited, but my understanding is that your CFSA benefits come pretty quickly.  None of my recently retired friends have mentioned anything about not receiving their pensions in a timely manner.

It can happen.  I had a PO1 who pulled pin and it took over 7 months for his first pension payment to come in. 

That being said, however, my personal opinion of the length of time between flash and bang on the PIL was very UNSAT in most cases.  Other governmental agencies (reasonably substantial in numbers) had their respective employees done and paid out in fairly short order.

 

[CountDC]

Pension payments -officially unofficially advised that it could take as long as a year before the first payment hits my account and 6-12 weeks for the most part is wishful thinking.  My wife thinks I should take the gamble but having kids makes me cautious of the what ifs. 

 

[PMedMoe]

A year?? 

  I can see that for the severance pay, but not for pension.  The longest I've heard (personally) was about four months.

If it takes a year, I'll need to get a job....  anic:

 

[FortYorkRifleman]

A year?? 

  I can see that for the severance pay, but not for pension.  The longest I've heard (personally) was about four months.

If it takes a year, I'll need to get a job....  anic:

Can I ask if you're looking to retire completely or are you looking into EMS type work?

 

[PMedMoe]

Can I ask if you're looking to retire completely or are you looking into EMS type work?

Retiring completely.  And I'm not a Med Tech. 

 

[DAA]

Pension payments -officially unofficially advised that it could take as long as a year before the first payment hits my account and 6-12 weeks for the most part is wishful thinking.  My wife thinks I should take the gamble but having kids makes me cautious of the what ifs.

I spoke to RPPO not too long ago and the forecast was 8-12 weeks and that conditional upon you giving sufficient notice.  So if you choose to drop the "30-day" bomb, then you might have to add another 6-8 weeks or more on top of that, depending on their work load.

The recommendation I received, was to try and give notice at least 3-4 months in advance.

Oh, and the reason I am still in the CF.........my wife refused to approve my retirement request!  Besides, I kinda like this job!    8)

 

[FortYorkRifleman]

I spoke to RPPO not too long ago and the forecast was 8-12 weeks and that conditional upon you giving sufficient notice.  So if you choose to drop the "30-day" bomb, then you might have to add another 6-8 weeks or more on top of that, depending on their work load.

The recommendation I received, was to try and give notice at least 3-4 months in advance.

Oh, and the reason I am still in the CF.........my wife refused to approve my retirement request!  Besides, I kinda like this job!    8)

Given how many people you help, DAA, you may never retire... never  >

 

[CountDC]

hmm - my last talk to Ottawa was about a year, was in regards to the 30 day bomb, they were short staffed at the time so behind and it was summer (APS) season when there apparently is an increase in 30 day bombs for some reason.  Sounds like they may have staffed and caught up.  Maybe I have to relook at things again.

 

[mariomike]

Pension payments -officially unofficially advised that it could take as long as a year before the first payment hits my account and 6-12 weeks for the most part is wishful thinking. 

We are with OMERS:
http://www.omers.com/pdf/Supplemental_Plan_handbook.pdf
There is no delay between your retirement date and when you start receiving your pension.
No delay with your Retirement Gratuity ( severance, allowance or whatever you wish to call it ) from the employer  either.

( Not to say any Pension Plan is better, or worse, than another. Just different. )

I retired the day ( last day of the month, technically ) I maxed out. Nobody ( should say, almost nobody ) stays in after that.

 

[daftandbarmy]

We are with OMERS:
http://www.omers.com/pdf/Supplemental_Plan_handbook.pdf
There is no delay between your retirement date and when you start receiving your pension.
No delay with your Retirement Gratuity ( severance, allowance or whatever you wish to call it ) from the employer  either.

( Not to say any Pension Plan is better, or worse, than another. Just different. )

I retired the day ( last day of the month, technically ) I maxed out. Nobody ( should say, almost nobody ) stays in after that.

I know two LCols who retired a year ago and still haven't got their pensions.

 

[SupersonicMax]

So, these delayed payments, are they considered the norm in all industries or is it that our accounting and finance system is slightly messed up?

 

[FortYorkRifleman]

Retiring completely.  And I'm not a Med Tech. 

Should have read your profile. I would have also learned you're a female as I thought you're name is Moe 

 

[PMedMoe]

I would have also learned you're a female as I thought you're name is Moe 

Nickname only....seldom used anymore.  :nod:

 

[Grimey]

My release date was Nov 29th, submitted a month earlier.  I had my first cheque (paper) by mid December.  Direct deposit for the second was end Jan, severance by end May.

Granted this was 2012 and the tail end of the year, but the release cell at Esquimalt was still extremely busy.  The current waits are nothing less than ridiculous.

 

[mariomike]

So, these delayed payments, are they considered the norm in all industries or is it that our accounting and finance system is slightly messed up?

No.

 

[Messerschmitt]

Hi. Any RMS Clerks here that can answer me some questions?

I know that after 25 years of service you can retire and get pension (or 20 depending when one joined). I also know it's 2% * years of service * avg of last 5 years pay

Now my questions are:
- Once you reach 25 years of service and retire, will you receive pension at that time or you have to wait until a minimum age?
- What happens if you retire before 25 years of service? Are you still entitled to pension? And if yes, what is the minimum age before you can start to receive it?
- How many years of service where you are not entitled to pension (and they backpay you the amount you paid into it, last time I heard was 5 years or less)

Cheers.

 

[George Wallace]

You do not receive a pension right away.  What you may receive, if you have acquired the number of years service to entitle you to a pension is called a "Bridge Benefit".  This may answer some of your questions:

http://www.forces.gc.ca/en/caf-community-pension-reg-pre-march-2007/bridge-benefit-faq.page