Pension

[Barb]

I am not sure if this has been discussed before so if it has please humour me!

Has the military recently changed it‘s policy regarding the length of years you must serve to be eligble to get a pension. I know it used to be 20 years but I heard today that it is being changed to 25 years. Does anyone have any information on this? Thanks.

Barb

 

[Michael OLeary]

See:

Subject: Amendments to the Canadian Forces Superannuation Act

Q8 Under the amendments, members would be able to collect a pension after twenty-five years of service in the Canadian Forces. How many years do they have to serve now?

A8. Prior to the amendments coming into force, eligibility for an immediate unreduced pension depends on the member‘s terms of service, age, years of Regular Force service and reason for release. The amendments greatly simplify this scheme by providing for an immediate unreduced annuity if a member at release has accumulated at least twenty-five complete years of Canadian Forces paid service. If a member on release does not meet this twenty-five year Canadian Forces service threshold, then the member would either receive a full pension upon turning sixty or, at the member‘s option, a reduced pension payable between the ages of fifty and sixty. (The member may also be eligible to direct the payment of a transfer value benefit).

For further information, see also:

Bill C-37, An Act to Amend The CF Superannuation Act, Receives Royal Assent

Modernizing the Canadian Forces Superannuation Act (CFSA) : Overview

Modernizing the CFSA : Pensions for the Reserve Force

 

[Barb]

Great thanks for the links.

Barb