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Good day Everyone,

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Welcome today to my Transition
Seminar pension presentation.

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Please note that this recording
is specific for the My

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Transition Group and it covers
both Regular and Reserve Force

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members.

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Today we will do a few topics.

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We will see where you can find
the information online about

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your pension.

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We will talk about the benefit
calculation.

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We'll see how we calculate the
Regular Force pension and the

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Reserve Force pension.

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We'll talk about the benefit
entitlements and options.

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We'll cover the deductions that
will continue from your pension

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payment and the one that will
cease.

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Then we'll talk about indexing.

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We'll see how your monthly
pension will be increased each

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year based on the cost of
living.

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We'll cover the survivor
benefits and we'll see how the

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survivors get paid at time of
death. Group insurance benefits,

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we'll talk about the health, the
dental and the life insurance

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and we'll cover also the re
enrollment after release.

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So let's start with the pension
and benefit website.

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This is the link for your
website.

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The website has a purpose to
provide you with general

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information about your pension
plan.

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Whether you're a Reserve Force
member or a Regular Force

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member, you will have specific
information based on the

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population you pertain to.

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Also on the website you will
have access to all the pension

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forms.

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However, any topic you're
dealing with, you will be

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receiving a package with the
specific forms that you need to

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complete.

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Worst comes to worst, please
contact us at the Government of

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Canada Pension Center.

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We'll be more than happy to help
you and provide you with the

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counselling.

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Also on the website, you will
have access to the My CAF

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Pension which is the new tool,
personalized tool where you can

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access your pension information.

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The tool is up to date with your
current career, with your

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service and your salaries.

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This way you can estimate your
pension.

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You can compare up to five codes
and estimate your future

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entitlements.

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Know that the website is
accessible from home using any

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type of device.

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However, the My CAF pension you
need to be using a DWAN because

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it's secure information.

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You don't want your personal
information being freelanced on

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the website.

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Let's talk about the basic
benefit calculation.

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How do we calculate your
pension?

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Please note that your basic
benefit calculation will include

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both your lifetime pension and
your bridge benefit.

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The bridge benefit is a portion
that is paid, included in your

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monthly pension to bridge you,
to update you up to age 65 when

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your regular CPP or QPP will
kick in.

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So let's talk about the regular
pension plan calculation.

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So the formula is 2% which
includes both your lifetime plus

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your bridge times your
pensionable service and the

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pensionable service is seen in
terms of years and days.

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We do pro rate up to half a day.

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If you do have some Reserve part
time service, it will be

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adjusted for the Reserve service
as there is a proration to be

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done based on the number of days
you are working.

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In terms of the highest average
salary, we use the five best

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consecutive years.

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99% of the time it will be the
last five as a career usually

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goes by increasing.

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Here's 2 scenarios.

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2 individuals releasing at the
same time, both making the same

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average salary of $90,000.

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The first one has what we call a
full pension, which is the

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maximum of 35 years of
pensionable service.

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The second individual has the 25
years a requirement to release

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with no penalty.

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You can see on the monthly gross
pension.

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Obviously the more pensionable
service you have, the better

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pension you will get.

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The highest average salary you
are making, the better pension

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you will get.

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Note that these calculations are
monthly gross. At the pension

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center,

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we do not speak net, however on
the My CAF pension tool, you can

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estimate your net pension,
include all the deductions that

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you wish to continue and you
will have an estimate of your

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net pension, which is the best
tool, the best way for you to

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plan your release.

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If you're releasing under the
Reserve pension plan, the

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formula will be different.

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The same 2% will apply which
includes your lifetime plus your

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bridge times your updated
pensionable earnings for your

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full career.

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So basically we will use all the
earnings you made while a

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reservist, pensionable earnings
where you were contributing to

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your pension, and we will update
them to today's reality.

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We call this the the wage
measure.

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This way your old salaries
reflect a little bit a higher

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income based on today's reality.

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2 scenarios, two corporals
releasing at the same time, both

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with 20 years of service.

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The first scenario has two days
per week of work.

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The second scenario has three
days per week of work.

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Obviously you can see that the
earnings are higher.

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That means you're contributing
more to your pension.

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This means that you will get a
higher pension.

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However, Please note that as
soon as a Reservist rolls over

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into the Regular Force Pension
Plan, we will be using the Reg

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Force formula and not the
Reserve Force.

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Keep in mind that the best way
to review your pension is use

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the My CAF Pension tool.

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This way you have the best
estimate of your income and you

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can better plan your retirement.

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The Bridge Benefit, As I
mentioned earlier, the bridge is

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a portion that is paid
temporarily to bridge you to

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offset you until age 65 or the
bridge could stop before age 65

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only if you are collecting your
CPP Canada Pension Plan or your

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QPP Quebec Pension Plan for
disability reasons.

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How does the coordination work?

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So let's say someone releases
and they're collecting their

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retirement pension.

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They're getting their full 2%,
which includes their lifetime

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plus their bridge.

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The bridge is there to be paid
to you from the day you start

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collecting your pension up to
age 65.

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This way you maintain a decent
income until 65, once you start

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collecting your regular CPP or
your regular QPP.

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However, it doesn't mean that
your bridge will necessarily be

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equal to your CPP/QPP because
there are two different pension

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plans.

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Each of them will pay you based
on their contributions.

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If you consider someone who
never worked before the Canadian

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Armed Forces, who always
contributed to their pension the

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same years that they contribute
to their CPP/QPP, both bridge

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and CPP/QPP should be fairly
close.

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This is what we call the perfect
coordination.

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The best way to plan that
coordination is to access the My

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CAF pension to see your bridge
amount.

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This way you'll know in advance
how much bridge will cease at

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age 65.

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At the same time, contact
Service Canada for your CPP.

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If you are collecting QPP,
contact Retraite Quebec and they

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will provide you with the
estimate of your CPP or QPP at

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age 65.

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This way you know the amount
that will cease and you will

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know the amount that will kick
in at 65, and then you can plan

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that coordination.

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In 1987, CPP and QPP decided to
create more flexibility to

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Canadians.

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So as of 1987, someone could
collect their CPP or QPP as

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early as age 60, we call this an
early CPP/QPP, or they could

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defer their CPP/QPP up to age
70, we call the deferred

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CPP/QPP.

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Keep in mind that these changes
in 1987 had no impact into the

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Canadian Armed Forces Pension
Plan because they're two

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separate legislations, which
means taking your early CPP/QPP

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or deferring your your CPP/QPP
has no impact on your bridge.

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Let's look at the early CPP/QPP
scenario.

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You are retiring, you're
releasing, you're getting your

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monthly pension, which is your
lifetime plus your bridge.

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Your bridge will continue up to
age 65.

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That's the plan.

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You decide to collect your early
CPP/QPP as early as age 60.

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You can see that the bridge
benefit will continue up to age

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65.

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No impact.

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This means that you are
accessing more money between 60

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and 65 because you are getting
your lifetime plus your bridge.

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And on top of this, you are
collecting your early CPP/QPP.

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Keep in mind that anything you
collect before the prescribed

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time will be reduced.

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On the other side, if you are
releasing and you are collecting

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your lifetime and your bridge,
your bridge will cease at 65 as

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per the Canadian Armed Forces
legislation.

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You decide to defer your CPP or
your QPP to the latest which is

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age 70.

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The bridge will still cease at
age 65, so therefore you can see

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a shortfall between 65 and 70.

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However, your your CPP/QPP will
be increased because you're

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deferring it for a later time.

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So through these two scenarios,
you see that whenever you decide

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to collect your CPP/QPP between
60 and 70, your bridge will

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still cease at 65.

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The only time that bridge will
cease before 65 only for one

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reason.

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As mentioned earlier, if you are
collecting CPP or QPP for

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disability reason and this is
your obligation to let know the

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Government of Canada Pension
Center, this way, we will cease

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your bridge at that time.

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Otherwise, you will be facing
bridge overpayment.

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Now let's talk more about
pension entitlements and

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options.

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As soon as you have over two
years of pensionable service,

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you are vested into the pension
plan, which means you will be

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entitled to a pension.

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If you release before age 50,
you have the option to take your

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transfer value.

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A transfer value is a lump sum
payment.

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Basically, the transfer value
reflects the present value of

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your future deferred annuity.

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The deferred annuity as a
monthly pension payable at 60

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without a reduction.

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The transfer value objective is
to pay you today the money you

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require to invest in the market.

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This way you should receive
something similar as your

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deferred annuity payable at 60.

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However, this will depend on the
investment rates and how you are

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managing your funds because
taking a transfer value means

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that you are cutting ties with a
pension plan.

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So you are on your own, you are
taking your payout, you are

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investing it in the market.

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You could receive a higher
amount than the deferred annuity

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that the Government of Canada
would have paid you.

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Also, you could receive a lesser
amount.

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So the burden of the investments
is on your shoulders and there

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are no more guarantees.

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You are on your own and because
you are cutting ties with the

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pension plan, this means that
there is no indexing, there is

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no survivor benefits, there's no
health or dental coverages.

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If you wish to keep your
supplementary death benefit,

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which is the life insurance, it
will be under commercial rate

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which means it's more expensive.

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Also keep in mind that you have
one year from ceasing to make

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this option.

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After the one year, the default
option will be your deferred

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annuity payable at 60 on a
monthly unreduced.

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Taking a transfer value has also
an income tax impact.

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Not the whole value will be paid
to you directly.

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A portion of that transfer value
is considered the amount within

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tax limit and that portion will
need to be transferred to a

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locked in vehicle.

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It could be a locked in RRSP, a
registered pension plan or to

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purchase a life annuity and it
will be locked in under the

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provision of the province where
you live.

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The other portion is considered
the amount in excess of the tax

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00:14:05,086 --> 00:14:09,393
limit and that portion will be
paid to you directly and as an

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income.

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It will be taxed at source.

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If you have some RRSP room, you
can put a portion of that amount

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into your RRSPs.

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00:14:23,640 --> 00:14:26,720
So this was the lump sum option.

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00:14:27,440 --> 00:14:30,840
Now let's talk about the monthly
pension.

245
00:14:32,160 --> 00:14:35,960
The best monthly pension is the
immediate annuity.

246
00:14:36,640 --> 00:14:41,596
It is the best one because it's
paid immediately at release and

247
00:14:41,596 --> 00:14:43,920
its unreduced monthly pension.

248
00:14:44,760 --> 00:14:49,093
However, to be entitled to that
immediate annuity, you need to

249
00:14:49,093 --> 00:14:50,400
meet some criteria.

250
00:14:50,960 --> 00:14:55,949
The most common criteria for the
Canadian Armed Forces is the 25

251
00:14:55,949 --> 00:15:00,325
years or more of CF service,
which reflects the Canadian

252
00:15:00,325 --> 00:15:01,400
Force service.

253
00:15:02,560 --> 00:15:06,312
When I mentioned 25 or more
years, that means 25 years of

254
00:15:06,312 --> 00:15:06,960
full time.

255
00:15:07,080 --> 00:15:12,360
That's why it says on my slide
9131 days.

256
00:15:14,040 --> 00:15:17,830
Some of you could still be
entitled to the old provision

257
00:15:17,830 --> 00:15:19,360
which was the 20 years.

258
00:15:20,720 --> 00:15:23,800
You should be aware of your your
entitlements.

259
00:15:23,880 --> 00:15:27,615
If you are unsure please you can
contact us at the Government of

260
00:15:27,615 --> 00:15:28,880
Canada Pension Center.

261
00:15:30,960 --> 00:15:34,030
Also, you could access the
immediate annuity through

262
00:15:34,030 --> 00:15:37,680
another criteria which is the
age and the pensionable service.

263
00:15:38,360 --> 00:15:43,816
Minimum 55 years of age with at
least 30 years of pensionable

264
00:15:43,816 --> 00:15:44,520
service.

265
00:15:46,880 --> 00:15:51,323
Ultimately speaking, once you
hit age 60 and you release, you

266
00:15:51,323 --> 00:15:55,480
will be entitled to immediate
annuity, unreduced pension.

267
00:15:57,800 --> 00:16:00,080
These are the regular release.

268
00:16:00,360 --> 00:16:04,948
You would also have the
disability release under the

269
00:16:04,948 --> 00:16:10,230
Reserve Pension Plan the Part
1.1 at any age if you have two

270
00:16:10,230 --> 00:16:13,520
or more years of pensionable
service.

271
00:16:14,240 --> 00:16:19,204
You could release without a
reduction under the Reg Force

272
00:16:19,204 --> 00:16:22,200
Pension Plan the Part 1 full
time.

273
00:16:23,080 --> 00:16:27,385
If you have at least 10 years or
more of pensionable service at

274
00:16:27,385 --> 00:16:30,480
any age, you could release with
no reduction.

275
00:16:31,400 --> 00:16:34,672
The difference between the
reserve and the Reg Force will

276
00:16:34,672 --> 00:16:36,760
be the definition of the
disability.

277
00:16:37,680 --> 00:16:41,247
Keep in mind that the Government
of Canada Pension Center does

278
00:16:41,247 --> 00:16:43,400
not determine the disability
release.

279
00:16:43,720 --> 00:16:45,960
This is dealt at DND level.

280
00:16:50,360 --> 00:16:54,260
If you wish to release earlier
with the monthly pension, you

281
00:16:54,260 --> 00:16:57,776
could collect your annual
allowance which is a monthly

282
00:16:57,776 --> 00:16:58,800
reduced pension.

283
00:17:00,040 --> 00:17:04,120
This monthly reduced pension is
payable as early as age 50.

284
00:17:05,240 --> 00:17:08,250
You need to have at least two or
more years of pensionable so you

285
00:17:08,250 --> 00:17:10,120
need to be vested into the
pension plan.

286
00:17:12,040 --> 00:17:15,748
Because you are collecting your
pension before the prescribed

287
00:17:15,748 --> 00:17:18,560
time, you will be reduced on
your calculation.

288
00:17:20,120 --> 00:17:23,560
These are the formula to
calculate your reduction.

289
00:17:24,560 --> 00:17:28,196
So based on your age and
pensionable service, one of the

290
00:17:28,196 --> 00:17:29,600
formulas will be used.

291
00:17:30,120 --> 00:17:31,360
Let's do a scenario.

292
00:17:31,880 --> 00:17:35,940
Let's think of someone who's age
56 with 20 years of pensionable

293
00:17:35,940 --> 00:17:36,440
service.

294
00:17:37,400 --> 00:17:42,413
Because this person is not at
least age 60, they are at least

295
00:17:42,413 --> 00:17:47,427
age 55 and don't have the 30
years of pensionable service and

296
00:17:47,427 --> 00:17:52,360
they don't meet the criteria for
the 25 years of CF service.

297
00:17:53,160 --> 00:17:56,622
If this person decide to collect
their monthly pension, it will

298
00:17:56,622 --> 00:17:58,840
be an annual allowance, monthly
reduced.

299
00:18:00,320 --> 00:18:04,470
Because this person has less
than 25 years of service, we

300
00:18:04,470 --> 00:18:06,760
will be using the first formula.

301
00:18:07,640 --> 00:18:11,200
First, we will calculate their
monthly unreduced pension.

302
00:18:12,240 --> 00:18:15,320
Let's say that amount is $3000 a
month.

303
00:18:16,280 --> 00:18:21,822
Applying the monthly reduced
formula, the first one 5% * 60

304
00:18:21,822 --> 00:18:25,240
minus their current age which is
56.

305
00:18:25,800 --> 00:18:30,880
This is a 20% reduction of the
3000 monthly pension.

306
00:18:31,520 --> 00:18:36,615
Their monthly pension will be
2400 and it's a reduction for

307
00:18:36,615 --> 00:18:37,040
life.

308
00:18:39,360 --> 00:18:42,720
They're losing $600 a month for
life.

309
00:18:43,080 --> 00:18:47,899
However, they are collecting
their pension 4 years earlier,

310
00:18:47,899 --> 00:18:52,558
so you have to compare to do
that comparison and a better

311
00:18:52,558 --> 00:18:52,960
plan.

312
00:18:53,840 --> 00:18:57,652
If you're not entitled to an
unreduced pension at release,

313
00:18:57,652 --> 00:19:01,658
you always have the deferred
annuity as an entitlement, which

314
00:19:01,658 --> 00:19:04,760
is the monthly unreduced pension
payable at 60.

315
00:19:05,720 --> 00:19:09,896
So you are releasing before age
60 and instead of collecting

316
00:19:09,896 --> 00:19:14,005
your pension with a monthly
reduction, you are deferring up

317
00:19:14,005 --> 00:19:17,840
to age 60 and it will be paid to
you without reduction.

318
00:19:18,680 --> 00:19:24,577
So if we go back to our previous
scenario, a member who's aged 56

319
00:19:24,577 --> 00:19:29,671
with 20 years, their monthly
unreduced is $3000, however

320
00:19:29,671 --> 00:19:31,279
payable at age 60.

321
00:19:32,640 --> 00:19:37,780
So they are releasing, they will
manage to live working somewhere

322
00:19:37,780 --> 00:19:42,297
else or through their other
means of income and they will

323
00:19:42,297 --> 00:19:45,880
get their monthly $3000 payable
as of age 60.

324
00:19:48,120 --> 00:19:53,070
Keep in mind that when you opt
for the deferred annuity, at any

325
00:19:53,070 --> 00:19:57,711
time you can change your mind
and take your monthly pension

326
00:19:57,711 --> 00:19:59,800
reduced as early as age 50.

327
00:20:01,560 --> 00:20:06,840
So example, you decide to take
your pension at age 56.

328
00:20:07,320 --> 00:20:11,674
The same formula that we saw
earlier will follow you,

329
00:20:11,674 --> 00:20:12,320
however.

330
00:20:12,720 --> 00:20:18,325
Now we will do 60 - 58, which is
your current age at time of your

331
00:20:18,325 --> 00:20:18,920
option.

332
00:20:19,560 --> 00:20:23,699
That's a 10% reduction, which is
better than a 20% reduction that

333
00:20:23,699 --> 00:20:24,640
we saw earlier.

334
00:20:25,400 --> 00:20:29,093
You have this slide that
summarizes all the entitlements

335
00:20:29,093 --> 00:20:33,241
and the options available to you
based on your age and years of

336
00:20:33,241 --> 00:20:33,760
service.

337
00:20:36,000 --> 00:20:39,721
If you are unsure of your
entitlement and options, please

338
00:20:39,721 --> 00:20:42,160
give us a call at the Pension
center.

339
00:20:42,840 --> 00:20:46,160
A pension expert will help you
go through your options.

340
00:20:47,480 --> 00:20:51,893
In terms of release process, you
have to contact the Pension

341
00:20:51,893 --> 00:20:52,400
Center.

342
00:20:52,960 --> 00:20:55,980
If you know your date of
release, we ask you to contact

343
00:20:55,980 --> 00:20:58,840
the Pension Center six months
prior to your release.

344
00:20:59,120 --> 00:21:03,577
This way you have enough time to
make a proper decision, have

345
00:21:03,577 --> 00:21:08,249
access to your release package,
complete all your forms and send

346
00:21:08,249 --> 00:21:09,400
them back to us.

347
00:21:11,280 --> 00:21:16,749
You also need to request your
release from your department and

348
00:21:16,749 --> 00:21:22,218
they suggest also a six months
prior if possible. Your pension

349
00:21:22,218 --> 00:21:22,999
payments.

350
00:21:23,000 --> 00:21:27,005
Your first monthly pension
payment will be done within 45

351
00:21:27,005 --> 00:21:30,873
days of your release date as
long as we receive all the

352
00:21:30,873 --> 00:21:32,600
required forms completed.

353
00:21:33,600 --> 00:21:37,360
If not, it will be 45 days from
the reception of the last form.

354
00:21:38,800 --> 00:21:42,571
After this, your monthly pension
will be paid at the end of each

355
00:21:42,571 --> 00:21:42,920
month.

356
00:21:42,960 --> 00:21:44,000
Direct deposit.

357
00:21:44,800 --> 00:21:48,140
From your monthly pension you
will see that some deductions

358
00:21:48,140 --> 00:21:48,920
will continue.

359
00:21:49,440 --> 00:21:50,560
Income tax.

360
00:21:51,800 --> 00:21:56,337
If you have payments for your
service buyback or your a leave

361
00:21:56,337 --> 00:22:00,362
without pay that you did not
finish paying, it will be

362
00:22:00,362 --> 00:22:04,680
deducted from your monthly
pension until they're paid off.

363
00:22:05,680 --> 00:22:10,921
Any debt due to the Crown will
also be collected from your

364
00:22:10,921 --> 00:22:13,320
monthly pension. Optionals.

365
00:22:13,400 --> 00:22:16,960
It is your choice to keep the
public service health care plan.

366
00:22:17,560 --> 00:22:20,579
It is your choice to keep the
pensioner's dental services

367
00:22:20,579 --> 00:22:20,840
plan.

368
00:22:21,600 --> 00:22:25,396
It is your choice to keep the
supplementary death benefit,

369
00:22:25,396 --> 00:22:29,000
which is life insurance and pay
those monthly premiums.

370
00:22:30,480 --> 00:22:34,015
Any extra income tax you wish to
deduct, please let us know, we

371
00:22:34,015 --> 00:22:35,120
can do that for you.

372
00:22:36,800 --> 00:22:41,856
Also, any deductions for SISIP
products will continue from your

373
00:22:41,856 --> 00:22:43,120
monthly pension.

374
00:22:43,840 --> 00:22:48,237
Please contact SISIP to see
their life insurance products

375
00:22:48,237 --> 00:22:50,360
they offer you post release.

376
00:22:51,920 --> 00:22:57,060
Keep in mind that if you are
retiring in Quebec or Ontario,

377
00:22:57,060 --> 00:23:02,028
you will be facing a sales tax
for your insurance monthly

378
00:23:02,028 --> 00:23:02,800
premiums.

379
00:23:06,680 --> 00:23:09,520
Other deductions will cease from
your monthly pension.

380
00:23:10,240 --> 00:23:13,634
Not that you are retired and you
are collecting your monthly

381
00:23:13,634 --> 00:23:14,080
pension.

382
00:23:14,360 --> 00:23:18,040
This means that you are not
contributing to your Canadian

383
00:23:18,040 --> 00:23:19,880
Armed Forces pension anymore.

384
00:23:20,720 --> 00:23:24,005
You will not be paying it to
disability insurance from your

385
00:23:24,005 --> 00:23:25,320
Canadian Forces pension.

386
00:23:25,920 --> 00:23:31,389
You will not be paying into
Employment insurance or CPP

387
00:23:31,389 --> 00:23:34,320
Canada Pension Plan. Indexing.

388
00:23:35,400 --> 00:23:39,280
This is a monthly increase to
your pension.

389
00:23:39,600 --> 00:23:41,880
This way you keep up with the
cost of living.

390
00:23:42,800 --> 00:23:46,251
It's an annual cost of living
increase based on the CPI, the

391
00:23:46,251 --> 00:23:47,440
consumer price index.

392
00:23:48,280 --> 00:23:52,206
Each year statistics Canada will
determine the CPI and we at the

393
00:23:52,206 --> 00:23:55,952
Government of Canada Pension
Center will be applying that CPI

394
00:23:55,952 --> 00:23:57,040
into your pension.

395
00:23:58,720 --> 00:24:01,000
It is effective every January
1st.

396
00:24:01,720 --> 00:24:06,880
1st increase is prorated based
on the full month of release.

397
00:24:09,320 --> 00:24:14,560
The system will be accumulating
compounding indexing each year.

398
00:24:15,280 --> 00:24:20,375
However it will be applicable to
your monthly pension payable at

399
00:24:20,375 --> 00:24:25,235
age 60 or if you release for
disability it will be applicable

400
00:24:25,235 --> 00:24:26,960
the following January.

401
00:24:28,000 --> 00:24:33,239
Any other scenario you need to
meet the 85 factor which is age

402
00:24:33,239 --> 00:24:36,400
plus pensionable service equal
to 85.

403
00:24:37,240 --> 00:24:41,598
Keep in mind that indexing
cannot be payable before age 55

404
00:24:41,598 --> 00:24:45,440
and before meeting 30 years of
pensionable service.

405
00:24:47,840 --> 00:24:53,040
Also keep in mind that indexing
cannot be delayed after age 60.

406
00:24:54,240 --> 00:24:56,000
Supplementary death benefit.

407
00:24:56,040 --> 00:24:57,080
The SDB.

408
00:24:57,880 --> 00:25:00,840
This is similar to a term life
insurance.

409
00:25:03,680 --> 00:25:07,648
Basically the value of your
supplementary death benefit is 2

410
00:25:07,648 --> 00:25:09,600
times your pensionable salary.

411
00:25:12,240 --> 00:25:17,163
An example, someone making
$80,000, their SDB will be

412
00:25:17,163 --> 00:25:18,440
valued at 160.

413
00:25:21,080 --> 00:25:25,434
They will be paying $0.10 per
month for each $1000 of

414
00:25:25,434 --> 00:25:26,160
coverage.

415
00:25:26,760 --> 00:25:31,316
In this scenario, if you are
covered for $160,000, your

416
00:25:31,316 --> 00:25:33,920
monthly premiums will be $16.00.

417
00:25:34,800 --> 00:25:39,000
This life insurance will
continue automatically.

418
00:25:39,200 --> 00:25:44,265
If you are eligible to a monthly
pension immediately within 30

419
00:25:44,265 --> 00:25:49,331
days of release, you will keep
the coverage for two times your

420
00:25:49,331 --> 00:25:53,994
salary, keeping the same
premiums as the last day of work

421
00:25:53,994 --> 00:25:55,040
up to age 61.

422
00:25:56,000 --> 00:26:01,667
As of age 61, your monthly
premiums and coverage will start

423
00:26:01,667 --> 00:26:03,840
to be decreased by 10%.

424
00:26:05,200 --> 00:26:10,864
By age 70, everyone should reach
the paid up amount of $5000 and

425
00:26:10,864 --> 00:26:14,960
it remains free of charge until
time of death.

426
00:26:17,640 --> 00:26:19,960
Basically it is a decreasing
life insurance.

427
00:26:23,080 --> 00:26:27,251
Regular Force members and
Reserve Force on Class C will be

428
00:26:27,251 --> 00:26:30,080
participating into this life
insurance.

429
00:26:31,440 --> 00:26:35,262
To continue this life insurance
post release, you must have been

430
00:26:35,262 --> 00:26:38,849
a participant for a minimum five
years continuous at time of

431
00:26:38,849 --> 00:26:39,320
release.

432
00:26:41,160 --> 00:26:44,754
Keep in mind that this amount
when payable it won't be taxed

433
00:26:44,754 --> 00:26:45,520
as an income.

434
00:26:46,480 --> 00:26:51,003
However, based on the provinces
where you live, you could face

435
00:26:51,003 --> 00:26:55,240
probate fees, which is not the
main tax on life insurance.

436
00:26:55,520 --> 00:26:59,923
To designate or amend your
current beneficiary, the form

437
00:26:59,923 --> 00:27:03,400
that needs to be completed is
the CFFC 2196.

438
00:27:04,600 --> 00:27:07,200
On this form you can designate
your estate.

439
00:27:08,280 --> 00:27:11,384
We will make the check payable
to your estate and your will

440
00:27:11,384 --> 00:27:12,160
will take over.

441
00:27:13,280 --> 00:27:17,437
You can designate one and only
one person aged 18 or over at

442
00:27:17,437 --> 00:27:21,322
time of designation, or you
could designate one of these

443
00:27:21,322 --> 00:27:24,662
institutions a charity,
religious or educational

444
00:27:24,662 --> 00:27:25,480
institution.

445
00:27:26,320 --> 00:27:31,737
If we have never received a
designation form from you and

446
00:27:31,737 --> 00:27:37,155
you are entitled to this
supplementary death benefit, the

447
00:27:37,155 --> 00:27:42,852
benefit will be automatically
paid to the estate. At time of

448
00:27:42,852 --> 00:27:43,320
death

449
00:27:44,080 --> 00:27:49,097
there also could be survivor
benefits. Who are considered as

450
00:27:49,097 --> 00:27:49,920
survivors?

451
00:27:50,160 --> 00:27:52,920
It will be your spouse or your
common law partner.

452
00:27:53,920 --> 00:27:56,160
At time of death proof will be
required.

453
00:27:58,720 --> 00:28:02,653
If they are recognized as your
survivors, they will get a

454
00:28:02,653 --> 00:28:04,960
monthly pension payable for
life.

455
00:28:06,760 --> 00:28:10,520
They will get 50% of your
monthly benefit.

456
00:28:13,120 --> 00:28:17,532
However, for them to be
considered survivor for pension

457
00:28:17,532 --> 00:28:22,496
purposes, the relationship with
you must start prior to age 60

458
00:28:22,496 --> 00:28:27,224
and also you must remain in a
relationship with this person

459
00:28:27,224 --> 00:28:28,800
until time of death.

460
00:28:29,960 --> 00:28:34,303
The legislation mentions that if
you are divorced from your

461
00:28:34,303 --> 00:28:38,720
ex-spouse, that means divorce
happened before time of death.

462
00:28:39,440 --> 00:28:44,790
That means your ex-spouse is not
entitled to survivor pension. If

463
00:28:44,790 --> 00:28:48,600
you are separated from your
common law spouse.

464
00:28:48,960 --> 00:28:52,832
That means separation from
common law happened before your

465
00:28:52,832 --> 00:28:54,080
time time of death.

466
00:28:54,680 --> 00:28:56,720
There won't be any survivor
pension.

467
00:28:57,760 --> 00:29:01,833
There is also potential of
situation where you could have

468
00:29:01,833 --> 00:29:06,187
two survivors where a member was
previously married to spouse

469
00:29:06,187 --> 00:29:06,960
number one.

470
00:29:07,640 --> 00:29:10,400
They separated without
divorcing.

471
00:29:11,320 --> 00:29:17,029
The members started a common law
relationship with spouse #2 and

472
00:29:17,029 --> 00:29:20,280
the member passed. At time of
death,

473
00:29:20,280 --> 00:29:23,080
the member had two eligible
survivors.

474
00:29:23,760 --> 00:29:27,447
With both the relationships
started before age 60 and with

475
00:29:27,447 --> 00:29:30,760
both the relationship continued
until time of death.

476
00:29:31,440 --> 00:29:35,200
In this case, the monthly
surviving pension will have to

477
00:29:35,200 --> 00:29:37,840
be apportioned between the two
spouses.

478
00:29:42,160 --> 00:29:45,440
Children are also entitled to
survivor pension.

479
00:29:46,080 --> 00:29:52,870
For a pension purpose a child is
considered a child up to age 18

480
00:29:52,870 --> 00:29:56,840
or up to age 25 if full time
student.

481
00:29:58,360 --> 00:30:03,698
Under the Regular Force Pension
Plan, each child will be getting

482
00:30:03,698 --> 00:30:08,380
10% of the members benefit
maximum payable 40% among the

483
00:30:08,380 --> 00:30:09,120
children.

484
00:30:10,720 --> 00:30:16,058
Under the Reserve Force Pension
Plan, each child will get 12.5%

485
00:30:16,058 --> 00:30:20,729
of the member's benefit maximum
payable 25% between the

486
00:30:20,729 --> 00:30:21,480
children.

487
00:30:23,880 --> 00:30:27,712
If you have children entitled to
a survivor  pension and there is

488
00:30:27,712 --> 00:30:31,371
no spouse or partner collecting
survivor pension in this case,

489
00:30:31,371 --> 00:30:33,520
the child allowance will be
doubled.

490
00:30:34,720 --> 00:30:40,270
These are the only eligible
survivors for a monthly pension,

491
00:30:40,270 --> 00:30:45,639
a spouse or a common law,
children under 18, or between 18

492
00:30:45,639 --> 00:30:46,640
and age 25.

493
00:30:46,960 --> 00:30:48,520
If full time students.

494
00:30:49,640 --> 00:30:53,493
In the scenario that you don't
have eligible survivors as per

495
00:30:53,493 --> 00:30:57,160
the previous definition, there
could be a minimum benefit.

496
00:30:58,120 --> 00:31:02,273
The minimum benefit is a lump
sum payment that is payable when

497
00:31:02,273 --> 00:31:05,240
no eligible survivors for a
monthly pension.

498
00:31:06,560 --> 00:31:11,907
This amount will be paid to your
designated beneficiary of the

499
00:31:11,907 --> 00:31:17,000
SDB, the supplementary death
benefit on the CFFC Form 2196.

500
00:31:17,880 --> 00:31:23,092
If you were not a participant to
the SDB or you omitted to

501
00:31:23,092 --> 00:31:28,480
complete the CFFC 2196, the
minimum benefit, if any, will be

502
00:31:28,480 --> 00:31:33,781
paid out to the estate and
because it reflects the residual

503
00:31:33,781 --> 00:31:38,640
of your pension plan, it will be
taxable as an income.

504
00:31:40,600 --> 00:31:44,760
How do we determine if there is
any minimum benefit to be paid?

505
00:31:45,840 --> 00:31:50,938
The law says the minimum benefit
is the greater of your return of

506
00:31:50,938 --> 00:31:55,805
contribution plus interest or
five years of unreduced pension,

507
00:31:55,805 --> 00:32:00,827
less any pension amount already
paid out to you or your eligible

508
00:32:00,827 --> 00:32:01,599
survivors.

509
00:32:02,920 --> 00:32:07,072
Once we do this comparison, we
will determine if there is any

510
00:32:07,072 --> 00:32:08,680
residual to be paid out.

511
00:32:09,520 --> 00:32:12,160
Let's talk about the public
service healthcare plan.

512
00:32:14,120 --> 00:32:19,102
In order to continue this
coverage post release, you need

513
00:32:19,102 --> 00:32:23,226
at least six years of
pensionable service. Your

514
00:32:23,226 --> 00:32:28,724
family, meaning spouse or common
law, and children up to age 21

515
00:32:28,724 --> 00:32:29,240
or 25,

516
00:32:29,240 --> 00:32:32,800
if full time student will
continue to be covered with you.

517
00:32:33,400 --> 00:32:37,603
The monthly premiums will depend
if you are keeping an individual

518
00:32:37,603 --> 00:32:41,487
coverage or a family and it will
also depend on the level of

519
00:32:41,487 --> 00:32:43,080
coverage you are keeping.

520
00:32:44,240 --> 00:32:48,452
The only difference between the
level 1, the level 2 and the

521
00:32:48,452 --> 00:32:52,733
Level 3 is the daily hospital
provision, meaning how much the

522
00:32:52,733 --> 00:32:56,599
insurance company will be giving
the hospital each day.

523
00:32:56,840 --> 00:33:01,768
This way you get an upgraded
benefits in terms of room,

524
00:33:01,768 --> 00:33:03,880
hospital room provision.

525
00:33:04,560 --> 00:33:09,408
So level one will get you up to
$90.00 extra to have a better

526
00:33:09,408 --> 00:33:09,800
room.

527
00:33:10,200 --> 00:33:17,908
Level two $170, Level three $250
per day for a better room at the

528
00:33:17,908 --> 00:33:18,960
hospital.

529
00:33:19,760 --> 00:33:23,264
Keep in mind that having Level 3
does not necessarily mean you

530
00:33:23,264 --> 00:33:24,600
will get a private room.

531
00:33:24,960 --> 00:33:28,330
It will depend on the
availability and the cost of

532
00:33:28,330 --> 00:33:29,520
that private room.

533
00:33:30,680 --> 00:33:35,800
If we receive your application
form within 60 days of your date

534
00:33:35,800 --> 00:33:39,560
of release, there won't be any
waiting period.

535
00:33:39,920 --> 00:33:42,200
Your health care coverage will
be seamless.

536
00:33:43,320 --> 00:33:48,697
If we receive your application
form more than 60 days from date

537
00:33:48,697 --> 00:33:53,571
of release your, you will be
facing a three month waiting

538
00:33:53,571 --> 00:33:54,160
period,

539
00:33:54,280 --> 00:33:56,000
in order for your coverage to
kick in.

540
00:33:57,280 --> 00:34:03,692
Keep in mind that you can change
levels, add or remove dependents

541
00:34:03,692 --> 00:34:09,717
also with the waiting period.
The pensioner's dental services

542
00:34:09,717 --> 00:34:15,255
plan, your family, spouse,
common law and children up to

543
00:34:15,255 --> 00:34:20,502
age 21 or 25 if full time
student will continue to be

544
00:34:20,502 --> 00:34:21,280
covered.

545
00:34:23,600 --> 00:34:28,450
Dental coverage must be kept for
at least three full calendar

546
00:34:28,450 --> 00:34:28,920
years.

547
00:34:30,440 --> 00:34:35,200
Once cancelled, you cannot
reapply to your dental coverage.

548
00:34:37,560 --> 00:34:41,594
Your monthly premiums will
depend on the coverage and how

549
00:34:41,594 --> 00:34:43,960
many people are covered with
you.

550
00:34:45,600 --> 00:34:51,724
Depending if you are keeping
individual coverage, family

551
00:34:51,724 --> 00:34:57,741
(individual plus one) family
(individual plus 2 or more

552
00:34:57,741 --> 00:35:00,320
dependents). Same thing.

553
00:35:00,640 --> 00:35:04,640
If we receive your application
form within 60 days of date of

554
00:35:04,640 --> 00:35:07,480
release, there won't be any
waiting period.

555
00:35:07,840 --> 00:35:09,440
Your coverage will be seamless.

556
00:35:10,600 --> 00:35:15,180
If we receive your application
form more than 60 days from date

557
00:35:15,180 --> 00:35:19,259
of release, there will be a
waiting period of two months

558
00:35:19,259 --> 00:35:21,120
applicable. Re-enrollment.

559
00:35:23,200 --> 00:35:26,968
Once a Canadian Armed Forces
member releases and collecting a

560
00:35:26,968 --> 00:35:29,400
monthly pension, they become
annuitant.

561
00:35:30,080 --> 00:35:34,110
Keep in mind that you cannot
collect a monthly pension and

562
00:35:34,110 --> 00:35:38,276
contribute to your Canadian
Armed Forces pension plan at the

563
00:35:38,276 --> 00:35:38,959
same time.

564
00:35:40,040 --> 00:35:44,310
You can review these scenarios
and you can see the impact on

565
00:35:44,310 --> 00:35:47,320
your monthly pension should you
re-enroll.

566
00:35:49,040 --> 00:35:51,520
Other topics that could apply to
some of you.

567
00:35:52,560 --> 00:35:55,521
I invite you to visit our
website or contact the

568
00:35:55,521 --> 00:35:59,147
Government of Canada Pension
Centre For more information on

569
00:35:59,147 --> 00:36:00,840
leave without pay or service

570
00:36:00,840 --> 00:36:05,200
Buyback, Disability after
retirement,

571
00:36:06,400 --> 00:36:11,194
Pension transfers with public
service in RCMP, only applicable

572
00:36:11,194 --> 00:36:12,640
for Part 1 members,

573
00:36:13,640 --> 00:36:17,263
Pension division in case of
divorce or separation only

574
00:36:17,263 --> 00:36:19,240
applicable for Part 1 members,

575
00:36:19,800 --> 00:36:24,160
Optional survivor benefit only
applicable to Part 1 members.

576
00:36:26,360 --> 00:36:30,055
You do have a list of contact
information if you wish to

577
00:36:30,055 --> 00:36:32,000
contact them for more details.

578
00:36:32,480 --> 00:36:37,229
SISIP financial for financial
insurance services, Service

579
00:36:37,229 --> 00:36:41,160
Canada for CPP or old age
security information,

580
00:36:41,600 --> 00:36:46,081
Quebec Pension Plan for QPP,
Public Service Health Care Plan,

581
00:36:46,081 --> 00:36:50,274
Pensioner's Dental Services
Plan, Veterans Affairs Canada

582
00:36:50,274 --> 00:36:53,600
and National Association of
Federal Retirees.

583
00:36:55,080 --> 00:36:58,627
And finally at the Government of
Canada Pension Center, we're

584
00:36:58,627 --> 00:36:59,600
here to help you.

585
00:37:00,120 --> 00:37:05,675
Please contact us through the
website or directly over the

586
00:37:05,675 --> 00:37:06,240
phone.

587
00:37:06,240 --> 00:37:07,760
We will be happy to answer you