WEBVTT

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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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00:00:25.715 --> 00:00:26.240
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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00:00:33.074 --> 00:00:33.680
your pension.

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We will talk about the benefit
calculation.

8493fba6-e53e-48d9-b0b3-9108fab90a72-0
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We'll see how we calculate the
Regular Force pension and the

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00:00:40.861 --> 00:00:42.240
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

0baa9bce-1161-4e37-8d37-19d06831143c-1
00:00:50.544 --> 00:00:52.640
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

45abfaa9-6fc2-4106-a2c4-585e7a153af3-1
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survivors get paid at time of
death. Group insurance benefits,

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00:01:12.000 --> 00:01:16.738
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

bd818bb9-738a-47d9-8870-1b27025257e2-1
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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

538685b0-e31c-4ba2-b9f0-b65194a52f5e-1
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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

714c3c94-7331-4292-9c6e-0a4c57c8f79f-1
00:02:09.731 --> 00:02:13.570
Pension which is the new tool,
personalized tool where you can

714c3c94-7331-4292-9c6e-0a4c57c8f79f-2
00:02:13.570 --> 00:02:15.520
access your pension information.

2abce582-32a8-4d85-8ab3-1e89d9d7d05e-0
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The tool is up to date with your
current career, with your

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00:02:19.312 --> 00:02:20.720
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

f67851d2-3754-4db6-98bb-1e9fcb140d38-1
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type of device.

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00:02:34.120 --> 00:02:38.978
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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00:02:43.741 --> 00:02:44.320
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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00:03:01.840 --> 00:03:06.864
The bridge benefit is a portion
that is paid, included in your

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00:03:06.864 --> 00:03:11.889
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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00:03:17.520 --> 00:03:21.000
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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00:03:25.870 --> 00:03:29.363
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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00:03:51.892 --> 00:03:52.840
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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00:04:25.120 --> 00:04:27.680
You can see on the monthly gross
pension.

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00:04:28.120 --> 00:04:31.557
Obviously the more pensionable
service you have, the better

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00:04:31.557 --> 00:04:32.760
pension you will get.

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00:04:33.440 --> 00:04:36.416
The highest average salary you
are making, the better pension

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00:04:36.416 --> 00:04:37.040
you will get.

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00:04:39.240 --> 00:04:44.496
Note that these calculations are
monthly gross. At the pension

57c2ff7c-903d-444c-9a36-ddf83446f7a3-1
00:04:44.496 --> 00:04:45.080
center,

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00:04:45.080 --> 00:04:45.480


fb54e093-11e3-4f86-9f85-115e5c878f23-0
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we do not speak net, however on
the My CAF pension tool, you can

fb54e093-11e3-4f86-9f85-115e5c878f23-1
00:04:49.975 --> 00:04:54.055
estimate your net pension,
include all the deductions that

fb54e093-11e3-4f86-9f85-115e5c878f23-2
00:04:54.055 --> 00:04:58.136
you wish to continue and you
will have an estimate of your

fb54e093-11e3-4f86-9f85-115e5c878f23-3
00:04:58.136 --> 00:05:02.355
net pension, which is the best
tool, the best way for you to

fb54e093-11e3-4f86-9f85-115e5c878f23-4
00:05:02.355 --> 00:05:03.599
plan your release.

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00:05:05.520 --> 00:05:08.880
If you're releasing under the
Reserve pension plan, the

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00:05:08.880 --> 00:05:10.440
formula will be different.

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00:05:11.240 --> 00:05:15.532
The same 2% will apply which
includes your lifetime plus your

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00:05:15.532 --> 00:05:19.409
bridge times your updated
pensionable earnings for your

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00:05:19.409 --> 00:05:20.240
full career.

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00:05:20.800 --> 00:05:24.759
So basically we will use all the
earnings you made while a

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00:05:24.759 --> 00:05:28.987
reservist, pensionable earnings
where you were contributing to

43d56748-f1f1-467f-b7b5-31f7fb714d54-2
00:05:28.987 --> 00:05:32.880
your pension, and we will update
them to today's reality.

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00:05:32.960 --> 00:05:35.320
We call this the the wage
measure.

3a91adfe-a9bd-4922-9a4a-5ac5258efeef-0
00:05:35.640 --> 00:05:39.226
This way your old salaries
reflect a little bit a higher

3a91adfe-a9bd-4922-9a4a-5ac5258efeef-1
00:05:39.226 --> 00:05:41.240
income based on today's reality.

6fed1c06-1917-446d-8286-f05fa6f62138-0
00:05:43.160 --> 00:05:47.790
2 scenarios, two corporals
releasing at the same time, both

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00:05:47.790 --> 00:05:49.720
with 20 years of service.

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00:05:50.240 --> 00:05:54.000
The first scenario has two days
per week of work.

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00:05:54.240 --> 00:05:57.320
The second scenario has three
days per week of work.

8418b003-60be-4cc5-9fab-83b95be39e20-0
00:05:57.760 --> 00:06:00.160
Obviously you can see that the
earnings are higher.

e62b8b38-3197-448d-9a2f-cd8e1cf347f7-0
00:06:00.160 --> 00:06:02.360
That means you're contributing
more to your pension.

1ca6838b-3434-45ee-8ef6-e2ba8df7926e-0
00:06:02.920 --> 00:06:05.040
This means that you will get a
higher pension.

58b031f7-f9e1-4c26-bf91-11ab76b4d943-0
00:06:05.440 --> 00:06:09.459
However, Please note that as
soon as a Reservist rolls over

58b031f7-f9e1-4c26-bf91-11ab76b4d943-1
00:06:09.459 --> 00:06:13.613
into the Regular Force Pension
Plan, we will be using the Reg

58b031f7-f9e1-4c26-bf91-11ab76b4d943-2
00:06:13.613 --> 00:06:16.360
Force formula and not the
Reserve Force.

881c950e-12f5-412f-89cc-e65deb02809b-0
00:06:17.680 --> 00:06:22.129
Keep in mind that the best way
to review your pension is use

881c950e-12f5-412f-89cc-e65deb02809b-1
00:06:22.129 --> 00:06:23.880
the My CAF Pension tool.

aa7f4a95-fbd7-4700-8cee-c49c44e06bdc-0
00:06:23.880 --> 00:06:27.329
This way you have the best
estimate of your income and you

aa7f4a95-fbd7-4700-8cee-c49c44e06bdc-1
00:06:27.329 --> 00:06:29.200
can better plan your retirement.

7bf9c2e3-684c-4101-a82e-c6f6029cb57e-0
00:06:30.280 --> 00:06:34.659
The Bridge Benefit, As I
mentioned earlier, the bridge is

7bf9c2e3-684c-4101-a82e-c6f6029cb57e-1
00:06:34.659 --> 00:06:38.585
a portion that is paid
temporarily to bridge you to

7bf9c2e3-684c-4101-a82e-c6f6029cb57e-2
00:06:38.585 --> 00:06:43.343
offset you until age 65 or the
bridge could stop before age 65

7bf9c2e3-684c-4101-a82e-c6f6029cb57e-3
00:06:43.343 --> 00:06:48.175
only if you are collecting your
CPP Canada Pension Plan or your

7bf9c2e3-684c-4101-a82e-c6f6029cb57e-4
00:06:48.175 --> 00:06:51.800
QPP Quebec Pension Plan for
disability reasons.

35c836a0-a23f-4f39-8279-56e84b8c73f0-0
00:06:53.400 --> 00:06:55.240
How does the coordination work?

71c06d77-65d0-48d6-be2e-8cce859097fc-0
00:06:55.720 --> 00:06:58.927
So let's say someone releases
and they're collecting their

71c06d77-65d0-48d6-be2e-8cce859097fc-1
00:06:58.927 --> 00:06:59.960
retirement pension.

5058210f-1053-4db4-b31e-6d29519b0d88-0
00:07:00.560 --> 00:07:04.081
They're getting their full 2%,
which includes their lifetime

5058210f-1053-4db4-b31e-6d29519b0d88-1
00:07:04.081 --> 00:07:05.120
plus their bridge.

16cc54c8-4032-4f69-9bcf-dafd9c971f2e-0
00:07:06.120 --> 00:07:09.915
The bridge is there to be paid
to you from the day you start

16cc54c8-4032-4f69-9bcf-dafd9c971f2e-1
00:07:09.915 --> 00:07:12.280
collecting your pension up to
age 65.

597d199e-9593-4ec5-ba1e-2706871cb445-0
00:07:13.400 --> 00:07:18.215
This way you maintain a decent
income until 65, once you start

597d199e-9593-4ec5-ba1e-2706871cb445-1
00:07:18.215 --> 00:07:21.960
collecting your regular CPP or
your regular QPP.

c377959a-f606-49de-a832-434057c9e854-0
00:07:23.520 --> 00:07:27.888
However, it doesn't mean that
your bridge will necessarily be

c377959a-f606-49de-a832-434057c9e854-1
00:07:27.888 --> 00:07:32.257
equal to your CPP/QPP because
there are two different pension

c377959a-f606-49de-a832-434057c9e854-2
00:07:32.257 --> 00:07:32.680
plans.

2ce5606c-8d41-420c-9587-6b818fe0ef58-0
00:07:33.360 --> 00:07:36.680
Each of them will pay you based
on their contributions.

064dd11a-1b25-4d4a-9226-cbb0f4962151-0
00:07:37.840 --> 00:07:41.831
If you consider someone who
never worked before the Canadian

064dd11a-1b25-4d4a-9226-cbb0f4962151-1
00:07:41.831 --> 00:07:45.627
Armed Forces, who always
contributed to their pension the

064dd11a-1b25-4d4a-9226-cbb0f4962151-2
00:07:45.627 --> 00:07:49.684
same years that they contribute
to their CPP/QPP, both bridge

064dd11a-1b25-4d4a-9226-cbb0f4962151-3
00:07:49.684 --> 00:07:52.040
and CPP/QPP should be fairly
close.

17b91d0c-7e65-47e8-804e-4033c35f38dd-0
00:07:52.680 --> 00:07:54.960
This is what we call the perfect
coordination.

f46020fd-7587-4d24-b623-61ccff830117-0
00:07:56.680 --> 00:08:01.472
The best way to plan that
coordination is to access the My

f46020fd-7587-4d24-b623-61ccff830117-1
00:08:01.472 --> 00:08:04.640
CAF pension to see your bridge
amount.

f796d712-788f-464b-bb01-58387d53c94c-0
00:08:04.960 --> 00:08:08.338
This way you'll know in advance
how much bridge will cease at

f796d712-788f-464b-bb01-58387d53c94c-1
00:08:08.338 --> 00:08:08.720
age 65.

a0e9965b-4292-4be4-b9a9-bda63defc62d-0
00:08:09.520 --> 00:08:13.240
At the same time, contact
Service Canada for your CPP.

65b518e0-3c67-4a56-a8c5-4e24566bb287-0
00:08:13.880 --> 00:08:17.963
If you are collecting QPP,
contact Retraite Quebec and they

65b518e0-3c67-4a56-a8c5-4e24566bb287-1
00:08:17.963 --> 00:08:21.843
will provide you with the
estimate of your CPP or QPP at

65b518e0-3c67-4a56-a8c5-4e24566bb287-2
00:08:21.843 --> 00:08:22.320
age 65.

8a18dbea-06f6-4327-ac68-1129cca4a4ce-0
00:08:22.560 --> 00:08:26.065
This way you know the amount
that will cease and you will

8a18dbea-06f6-4327-ac68-1129cca4a4ce-1
00:08:26.065 --> 00:08:29.872
know the amount that will kick
in at 65, and then you can plan

8a18dbea-06f6-4327-ac68-1129cca4a4ce-2
00:08:29.872 --> 00:08:30.960
that coordination.

c7c40953-4871-402e-a72a-9deb916fe7d2-0
00:08:31.720 --> 00:08:37.568
In 1987, CPP and QPP decided to
create more flexibility to

c7c40953-4871-402e-a72a-9deb916fe7d2-1
00:08:37.568 --> 00:08:38.560
Canadians.

f9c1f1c1-be66-45be-9c50-dc059e859ea5-0
00:08:39.240 --> 00:08:44.138
So as of 1987, someone could
collect their CPP or QPP as

f9c1f1c1-be66-45be-9c50-dc059e859ea5-1
00:08:44.138 --> 00:08:49.466
early as age 60, we call this an
early CPP/QPP, or they could

f9c1f1c1-be66-45be-9c50-dc059e859ea5-2
00:08:49.466 --> 00:08:54.192
defer their CPP/QPP up to age
70, we call the deferred

f9c1f1c1-be66-45be-9c50-dc059e859ea5-3
00:08:54.192 --> 00:08:54.880
CPP/QPP.

0c456b1c-9309-4f68-9869-cbaf6b7aa3e4-0
00:08:55.680 --> 00:09:00.237
Keep in mind that these changes
in 1987 had no impact into the

0c456b1c-9309-4f68-9869-cbaf6b7aa3e4-1
00:09:00.237 --> 00:09:04.215
Canadian Armed Forces Pension
Plan because they're two

0c456b1c-9309-4f68-9869-cbaf6b7aa3e4-2
00:09:04.215 --> 00:09:08.627
separate legislations, which
means taking your early CPP/QPP

0c456b1c-9309-4f68-9869-cbaf6b7aa3e4-3
00:09:08.627 --> 00:09:13.039
or deferring your your CPP/QPP
has no impact on your bridge.

26d2a581-0d9a-431e-8adf-c02281ceaf31-0
00:09:13.800 --> 00:09:17.800
Let's look at the early CPP/QPP
scenario.

9abe9643-d3c7-4251-9d66-347261ab7f64-0
00:09:18.680 --> 00:09:22.216
You are retiring, you're
releasing, you're getting your

9abe9643-d3c7-4251-9d66-347261ab7f64-1
00:09:22.216 --> 00:09:25.880
monthly pension, which is your
lifetime plus your bridge.

e4ea669c-49d0-4bfc-ad41-471f0b590713-0
00:09:27.000 --> 00:09:30.680
Your bridge will continue up to
age 65.

5a907df1-ec2e-4c22-a9a5-a2102e02123e-0
00:09:31.960 --> 00:09:33.040
That's the plan.

575c2148-f082-4997-9542-a34151e99af4-0
00:09:33.920 --> 00:09:38.360
You decide to collect your early
CPP/QPP as early as age 60.

00473b72-de07-4d6a-a5cc-cd0def8a937a-0
00:09:39.240 --> 00:09:43.849
You can see that the bridge
benefit will continue up to age

00473b72-de07-4d6a-a5cc-cd0def8a937a-1
00:09:43.849 --> 00:09:44.080
65.

e090bebf-21a7-40d1-b2f9-053030ea0c5a-0
00:09:44.520 --> 00:09:45.600
No impact.

1ccd87ea-f037-4aa6-85b8-3e3bbe855255-0
00:09:46.200 --> 00:09:49.851
This means that you are
accessing more money between 60

1ccd87ea-f037-4aa6-85b8-3e3bbe855255-1
00:09:49.851 --> 00:09:53.960
and 65 because you are getting
your lifetime plus your bridge.

c0857e55-8e98-4655-acf6-4c992a7300f5-0
00:09:54.280 --> 00:09:58.320
And on top of this, you are
collecting your early CPP/QPP.

78e96478-b523-47c6-b6fa-50cc52f33e5c-0
00:09:59.320 --> 00:10:03.783
Keep in mind that anything you
collect before the prescribed

78e96478-b523-47c6-b6fa-50cc52f33e5c-1
00:10:03.783 --> 00:10:05.320
time will be reduced.

abca0a50-bf1a-42ad-8291-93852e16caf5-0
00:10:06.760 --> 00:10:10.592
On the other side, if you are
releasing and you are collecting

abca0a50-bf1a-42ad-8291-93852e16caf5-1
00:10:10.592 --> 00:10:14.424
your lifetime and your bridge,
your bridge will cease at 65 as

abca0a50-bf1a-42ad-8291-93852e16caf5-2
00:10:14.424 --> 00:10:17.039
per the Canadian Armed Forces
legislation.

f046497b-348c-4cdb-949c-37817f78c140-0
00:10:18.160 --> 00:10:23.316
You decide to defer your CPP or
your QPP to the latest which is

f046497b-348c-4cdb-949c-37817f78c140-1
00:10:23.316 --> 00:10:23.880
age 70.

eb95f44f-7a30-4433-bb5e-3ddf498163f3-0
00:10:25.360 --> 00:10:30.779
The bridge will still cease at
age 65, so therefore you can see

eb95f44f-7a30-4433-bb5e-3ddf498163f3-1
00:10:30.779 --> 00:10:33.320
a shortfall between 65 and 70.

678ed5dc-aa86-4d3b-9c99-cf82e2680031-0
00:10:35.040 --> 00:10:38.933
However, your your CPP/QPP will
be increased because you're

678ed5dc-aa86-4d3b-9c99-cf82e2680031-1
00:10:38.933 --> 00:10:40.880
deferring it for a later time.

ac1088d7-5bef-441f-bd63-c020d491c6e1-0
00:10:42.840 --> 00:10:47.512
So through these two scenarios,
you see that whenever you decide

ac1088d7-5bef-441f-bd63-c020d491c6e1-1
00:10:47.512 --> 00:10:51.826
to collect your CPP/QPP between
60 and 70, your bridge will

ac1088d7-5bef-441f-bd63-c020d491c6e1-2
00:10:51.826 --> 00:10:53.120
still cease at 65.

6c024af1-63c4-417f-95b9-8b91d2666414-0
00:10:53.840 --> 00:10:57.995
The only time that bridge will
cease before 65 only for one

6c024af1-63c4-417f-95b9-8b91d2666414-1
00:10:57.995 --> 00:10:58.480
reason.

3467ba77-d56b-431d-b685-47790761d8fa-0
00:10:58.480 --> 00:11:02.629
As mentioned earlier, if you are
collecting CPP or QPP for

3467ba77-d56b-431d-b685-47790761d8fa-1
00:11:02.629 --> 00:11:06.990
disability reason and this is
your obligation to let know the

3467ba77-d56b-431d-b685-47790761d8fa-2
00:11:06.990 --> 00:11:11.281
Government of Canada Pension
Center, this way, we will cease

3467ba77-d56b-431d-b685-47790761d8fa-3
00:11:11.281 --> 00:11:13.040
your bridge at that time.

dc484350-f154-4b44-b0ed-11e6d336a894-0
00:11:13.280 --> 00:11:16.720
Otherwise, you will be facing
bridge overpayment.

b914b06e-15f7-4493-b645-87f7f3b4ec64-0
00:11:17.920 --> 00:11:21.654
Now let's talk more about
pension entitlements and

b914b06e-15f7-4493-b645-87f7f3b4ec64-1
00:11:21.654 --> 00:11:22.240
options.

050f32a6-a008-4d88-b2fe-c4c7fef91fdf-0
00:11:22.760 --> 00:11:26.308
As soon as you have over two
years of pensionable service,

050f32a6-a008-4d88-b2fe-c4c7fef91fdf-1
00:11:26.308 --> 00:11:30.036
you are vested into the pension
plan, which means you will be

050f32a6-a008-4d88-b2fe-c4c7fef91fdf-2
00:11:30.036 --> 00:11:31.359
entitled to a pension.

6e12aae9-804f-44a0-b07e-eac4eab1393f-0
00:11:32.080 --> 00:11:36.764
If you release before age 50,
you have the option to take your

6e12aae9-804f-44a0-b07e-eac4eab1393f-1
00:11:36.764 --> 00:11:37.880
transfer value.

d88d8e07-7478-4918-9164-80cb1aabb74e-0
00:11:38.680 --> 00:11:41.160
A transfer value is a lump sum
payment.

fcde5005-eb88-4945-83d1-93fe7396b39e-0
00:11:41.760 --> 00:11:46.074
Basically, the transfer value
reflects the present value of

fcde5005-eb88-4945-83d1-93fe7396b39e-1
00:11:46.074 --> 00:11:48.160
your future deferred annuity.

386ef0d4-a88c-430d-aa64-2a70bccd6f45-0
00:11:49.720 --> 00:11:52.637
The deferred annuity as a
monthly pension payable at 60

386ef0d4-a88c-430d-aa64-2a70bccd6f45-1
00:11:52.637 --> 00:11:53.680
without a reduction.

00b38a2e-26fa-445b-a104-c47bcb8d708e-0
00:11:54.520 --> 00:11:59.002
The transfer value objective is
to pay you today the money you

00b38a2e-26fa-445b-a104-c47bcb8d708e-1
00:11:59.002 --> 00:12:01.280
require to invest in the market.

5dcc60fa-af9a-4a87-979a-63863491341c-0
00:12:01.640 --> 00:12:05.096
This way you should receive
something similar as your

5dcc60fa-af9a-4a87-979a-63863491341c-1
00:12:05.096 --> 00:12:07.080
deferred annuity payable at 60.

2eb1da2b-13e8-44e8-ab2d-e89affd7b9f7-0
00:12:08.440 --> 00:12:13.750
However, this will depend on the
investment rates and how you are

2eb1da2b-13e8-44e8-ab2d-e89affd7b9f7-1
00:12:13.750 --> 00:12:18.418
managing your funds because
taking a transfer value means

2eb1da2b-13e8-44e8-ab2d-e89affd7b9f7-2
00:12:18.418 --> 00:12:22.200
that you are cutting ties with a
pension plan.

3c01814b-b22f-4eaf-a8f8-02b26f3e6ad0-0
00:12:22.880 --> 00:12:26.990
So you are on your own, you are
taking your payout, you are

3c01814b-b22f-4eaf-a8f8-02b26f3e6ad0-1
00:12:26.990 --> 00:12:28.840
investing it in the market.

3b52b731-0ee7-44e9-b1c2-5319608f9888-0
00:12:29.480 --> 00:12:32.420
You could receive a higher
amount than the deferred annuity

3b52b731-0ee7-44e9-b1c2-5319608f9888-1
00:12:32.420 --> 00:12:34.920
that the Government of Canada
would have paid you.

53acb935-e418-4745-b95c-362c00683b9f-0
00:12:35.760 --> 00:12:38.000
Also, you could receive a lesser
amount.

17e2d251-7746-4282-b69d-56adca8733ae-0
00:12:38.760 --> 00:12:42.879
So the burden of the investments
is on your shoulders and there

17e2d251-7746-4282-b69d-56adca8733ae-1
00:12:42.879 --> 00:12:44.360
are no more guarantees.

b7706cea-567d-4b45-afc8-641ab3b4ad29-0
00:12:44.560 --> 00:12:49.398
You are on your own and because
you are cutting ties with the

b7706cea-567d-4b45-afc8-641ab3b4ad29-1
00:12:49.398 --> 00:12:54.159
pension plan, this means that
there is no indexing, there is

b7706cea-567d-4b45-afc8-641ab3b4ad29-2
00:12:54.159 --> 00:12:58.920
no survivor benefits, there's no
health or dental coverages.

166ad4bc-b399-457d-99f0-f460480b1386-0
00:13:00.080 --> 00:13:03.684
If you wish to keep your
supplementary death benefit,

166ad4bc-b399-457d-99f0-f460480b1386-1
00:13:03.684 --> 00:13:07.823
which is the life insurance, it
will be under commercial rate

166ad4bc-b399-457d-99f0-f460480b1386-2
00:13:07.823 --> 00:13:09.960
which means it's more expensive.

5c8102db-a11f-40f3-a6cd-77254d10e291-0
00:13:12.520 --> 00:13:17.681
Also keep in mind that you have
one year from ceasing to make

5c8102db-a11f-40f3-a6cd-77254d10e291-1
00:13:17.681 --> 00:13:18.680
this option.

88b2df5a-076b-4ff7-9e90-3fde901a766d-0
00:13:19.240 --> 00:13:23.093
After the one year, the default
option will be your deferred

88b2df5a-076b-4ff7-9e90-3fde901a766d-1
00:13:23.093 --> 00:13:26.000
annuity payable at 60 on a
monthly unreduced.

593ffe58-9863-48b4-8b67-234bc0b9dea5-0
00:13:28.200 --> 00:13:31.520
Taking a transfer value has also
an income tax impact.

3f7ec2aa-9aca-4cc8-a3e6-ac3d090411f3-0
00:13:32.240 --> 00:13:35.080
Not the whole value will be paid
to you directly.

ab29e8fe-e410-4d09-b8b8-c499452aef58-0
00:13:35.640 --> 00:13:39.658
A portion of that transfer value
is considered the amount within

ab29e8fe-e410-4d09-b8b8-c499452aef58-1
00:13:39.658 --> 00:13:43.367
tax limit and that portion will
need to be transferred to a

ab29e8fe-e410-4d09-b8b8-c499452aef58-2
00:13:43.367 --> 00:13:44.480
locked in vehicle.

880e788e-8190-4cf9-997a-5602dfd5b2cc-0
00:13:45.040 --> 00:13:49.558
It could be a locked in RRSP, a
registered pension plan or to

880e788e-8190-4cf9-997a-5602dfd5b2cc-1
00:13:49.558 --> 00:13:53.858
purchase a life annuity and it
will be locked in under the

880e788e-8190-4cf9-997a-5602dfd5b2cc-2
00:13:53.858 --> 00:13:56.920
provision of the province where
you live.

be6a216f-355b-408b-83cb-ca4b7963342f-0
00:14:00.640 --> 00:14:05.086
The other portion is considered
the amount in excess of the tax

be6a216f-355b-408b-83cb-ca4b7963342f-1
00:14:05.086 --> 00:14:09.393
limit and that portion will be
paid to you directly and as an

be6a216f-355b-408b-83cb-ca4b7963342f-2
00:14:09.393 --> 00:14:09.880
income.

1c38b1f9-0aad-4885-8437-cc765e947fd4-0
00:14:09.880 --> 00:14:11.480
It will be taxed at source.

1a041252-c9e0-47e6-879f-ca9a47b2eaf9-0
00:14:12.240 --> 00:14:18.274
If you have some RRSP room, you
can put a portion of that amount

1a041252-c9e0-47e6-879f-ca9a47b2eaf9-1
00:14:18.274 --> 00:14:19.760
into your RRSPs.

835dcb3b-e2e3-4b2f-b38c-7c37eb975783-0
00:14:23.640 --> 00:14:26.720
So this was the lump sum option.

b7d4bc5b-d72d-471d-8a9d-b317df56a2d1-0
00:14:27.440 --> 00:14:30.840
Now let's talk about the monthly
pension.

4320cc43-7e9a-42fe-9197-1802cf13eea4-0
00:14:32.160 --> 00:14:35.960
The best monthly pension is the
immediate annuity.

eaa59990-42cf-4de1-b855-f4a452af5a00-0
00:14:36.640 --> 00:14:41.596
It is the best one because it's
paid immediately at release and

eaa59990-42cf-4de1-b855-f4a452af5a00-1
00:14:41.596 --> 00:14:43.920
its unreduced monthly pension.

8ccdd969-6b8f-458b-b21f-13e29d0a64cc-0
00:14:44.760 --> 00:14:49.093
However, to be entitled to that
immediate annuity, you need to

8ccdd969-6b8f-458b-b21f-13e29d0a64cc-1
00:14:49.093 --> 00:14:50.400
meet some criteria.

9970ee86-e91b-4a8b-ad77-05e4f6c585c1-0
00:14:50.960 --> 00:14:55.949
The most common criteria for the
Canadian Armed Forces is the 25

9970ee86-e91b-4a8b-ad77-05e4f6c585c1-1
00:14:55.949 --> 00:15:00.325
years or more of CF service,
which reflects the Canadian

9970ee86-e91b-4a8b-ad77-05e4f6c585c1-2
00:15:00.325 --> 00:15:01.400
Force service.

dc33ee49-8a5b-458f-90ef-ac5232169b1f-0
00:15:02.560 --> 00:15:06.312
When I mentioned 25 or more
years, that means 25 years of

dc33ee49-8a5b-458f-90ef-ac5232169b1f-1
00:15:06.312 --> 00:15:06.960
full time.

99bb80d9-6c71-48a1-8266-00900fba9d05-0
00:15:07.080 --> 00:15:12.360
That's why it says on my slide
9131 days.

df4f5575-859d-40ac-96dc-84bc586b9048-0
00:15:14.040 --> 00:15:17.830
Some of you could still be
entitled to the old provision

df4f5575-859d-40ac-96dc-84bc586b9048-1
00:15:17.830 --> 00:15:19.360
which was the 20 years.

7d6a4796-27fc-4b12-a403-c724d11561b9-0
00:15:20.720 --> 00:15:23.800
You should be aware of your your
entitlements.

9ebfd750-2cb8-4256-ad66-a4e4a4039747-0
00:15:23.880 --> 00:15:27.615
If you are unsure please you can
contact us at the Government of

9ebfd750-2cb8-4256-ad66-a4e4a4039747-1
00:15:27.615 --> 00:15:28.880
Canada Pension Center.

69f43ff9-d36e-4793-83bb-b18069f191c2-0
00:15:30.960 --> 00:15:34.030
Also, you could access the
immediate annuity through

69f43ff9-d36e-4793-83bb-b18069f191c2-1
00:15:34.030 --> 00:15:37.680
another criteria which is the
age and the pensionable service.

68e46494-b9b0-4a38-848f-a3855d11527f-0
00:15:38.360 --> 00:15:43.816
Minimum 55 years of age with at
least 30 years of pensionable

68e46494-b9b0-4a38-848f-a3855d11527f-1
00:15:43.816 --> 00:15:44.520
service.

c6f6d5dc-a38c-4e2c-80ba-db85d40281c4-0
00:15:46.880 --> 00:15:51.323
Ultimately speaking, once you
hit age 60 and you release, you

c6f6d5dc-a38c-4e2c-80ba-db85d40281c4-1
00:15:51.323 --> 00:15:55.480
will be entitled to immediate
annuity, unreduced pension.

5f924faf-4c99-42df-9775-9064d469168e-0
00:15:57.800 --> 00:16:00.080
These are the regular release.

ce46859c-49d1-4f6e-8187-0b93e086f4f7-0
00:16:00.360 --> 00:16:04.948
You would also have the
disability release under the

ce46859c-49d1-4f6e-8187-0b93e086f4f7-1
00:16:04.948 --> 00:16:10.230
Reserve Pension Plan the Part
1.1 at any age if you have two

ce46859c-49d1-4f6e-8187-0b93e086f4f7-2
00:16:10.230 --> 00:16:13.520
or more years of pensionable
service.

b0f57e5b-b255-418d-a4f9-77c4f5ca5187-0
00:16:14.240 --> 00:16:19.204
You could release without a
reduction under the Reg Force

b0f57e5b-b255-418d-a4f9-77c4f5ca5187-1
00:16:19.204 --> 00:16:22.200
Pension Plan the Part 1 full
time.

854e684a-bb1b-49cd-a358-ed1c9aafc72b-0
00:16:23.080 --> 00:16:27.385
If you have at least 10 years or
more of pensionable service at

854e684a-bb1b-49cd-a358-ed1c9aafc72b-1
00:16:27.385 --> 00:16:30.480
any age, you could release with
no reduction.

5d135bd9-4d10-4be3-9240-4eb9c83b3508-0
00:16:31.400 --> 00:16:34.672
The difference between the
reserve and the Reg Force will

5d135bd9-4d10-4be3-9240-4eb9c83b3508-1
00:16:34.672 --> 00:16:36.760
be the definition of the
disability.

b6d4c286-23ac-4487-ac54-9af8cc70ff25-0
00:16:37.680 --> 00:16:41.247
Keep in mind that the Government
of Canada Pension Center does

b6d4c286-23ac-4487-ac54-9af8cc70ff25-1
00:16:41.247 --> 00:16:43.400
not determine the disability
release.

8fd1626c-2a9f-49ab-8370-57dd7fc85068-0
00:16:43.720 --> 00:16:45.960
This is dealt at DND level.

711660e7-fe16-4eff-a0a1-353a5efdf0f7-0
00:16:50.360 --> 00:16:54.260
If you wish to release earlier
with the monthly pension, you

711660e7-fe16-4eff-a0a1-353a5efdf0f7-1
00:16:54.260 --> 00:16:57.776
could collect your annual
allowance which is a monthly

711660e7-fe16-4eff-a0a1-353a5efdf0f7-2
00:16:57.776 --> 00:16:58.800
reduced pension.

7f360d06-c257-4c4a-bd2c-9d4462db93a1-0
00:17:00.040 --> 00:17:04.120
This monthly reduced pension is
payable as early as age 50.

bd09a373-4148-42bb-88f2-c04e54a396d8-0
00:17:05.240 --> 00:17:08.250
You need to have at least two or
more years of pensionable so you

bd09a373-4148-42bb-88f2-c04e54a396d8-1
00:17:08.250 --> 00:17:10.120
need to be vested into the
pension plan.

2cfd9138-c436-4e7f-9e6f-2b084a7eccc6-0
00:17:12.040 --> 00:17:15.748
Because you are collecting your
pension before the prescribed

2cfd9138-c436-4e7f-9e6f-2b084a7eccc6-1
00:17:15.748 --> 00:17:18.560
time, you will be reduced on
your calculation.

ecb2bcbb-f01b-493e-ac0d-0d0d70d0bd01-0
00:17:20.120 --> 00:17:23.560
These are the formula to
calculate your reduction.

a493ea88-4b72-4c6f-8c42-92b48d21dd15-0
00:17:24.560 --> 00:17:28.196
So based on your age and
pensionable service, one of the

a493ea88-4b72-4c6f-8c42-92b48d21dd15-1
00:17:28.196 --> 00:17:29.600
formulas will be used.

6853966a-7c8c-4c17-94d8-eb181226e4c8-0
00:17:30.120 --> 00:17:31.360
Let's do a scenario.

70a6c6b4-97fb-43b4-a090-ee22005ae829-0
00:17:31.880 --> 00:17:35.940
Let's think of someone who's age
56 with 20 years of pensionable

70a6c6b4-97fb-43b4-a090-ee22005ae829-1
00:17:35.940 --> 00:17:36.440
service.

1f132cb9-3ea4-4e05-b5f6-a3b574b4e1a7-0
00:17:37.400 --> 00:17:42.413
Because this person is not at
least age 60, they are at least

1f132cb9-3ea4-4e05-b5f6-a3b574b4e1a7-1
00:17:42.413 --> 00:17:47.427
age 55 and don't have the 30
years of pensionable service and

1f132cb9-3ea4-4e05-b5f6-a3b574b4e1a7-2
00:17:47.427 --> 00:17:52.360
they don't meet the criteria for
the 25 years of CF service.

0abbcdb0-6a25-4963-8df3-06cd43442229-0
00:17:53.160 --> 00:17:56.622
If this person decide to collect
their monthly pension, it will

0abbcdb0-6a25-4963-8df3-06cd43442229-1
00:17:56.622 --> 00:17:58.840
be an annual allowance, monthly
reduced.

c5ef51ac-b855-4bb2-97da-30e4faaa0e0f-0
00:18:00.320 --> 00:18:04.470
Because this person has less
than 25 years of service, we

c5ef51ac-b855-4bb2-97da-30e4faaa0e0f-1
00:18:04.470 --> 00:18:06.760
will be using the first formula.

598ff51b-f312-4759-9068-8526a02bc7ea-0
00:18:07.640 --> 00:18:11.200
First, we will calculate their
monthly unreduced pension.

c5a6d2e2-1dd8-4be2-ae2a-de4092f1dd20-0
00:18:12.240 --> 00:18:15.320
Let's say that amount is $3000 a
month.

04ed786a-7b18-459d-a388-cf6f7d67a473-0
00:18:16.280 --> 00:18:21.822
Applying the monthly reduced
formula, the first one 5% * 60

04ed786a-7b18-459d-a388-cf6f7d67a473-1
00:18:21.822 --> 00:18:25.240
minus their current age which is
56.

594b089d-97a6-4921-8e28-b2d9c1d85134-0
00:18:25.800 --> 00:18:30.880
This is a 20% reduction of the
3000 monthly pension.

6389b941-9e49-43bb-9dd6-0be90ca6a613-0
00:18:31.520 --> 00:18:36.615
Their monthly pension will be
2400 and it's a reduction for

6389b941-9e49-43bb-9dd6-0be90ca6a613-1
00:18:36.615 --> 00:18:37.040
life.

3c928570-d9ed-44ff-9467-2ce1a5a127d2-0
00:18:39.360 --> 00:18:42.720
They're losing $600 a month for
life.

6eb91ba0-4b80-4614-bb18-1667ccea1641-0
00:18:43.080 --> 00:18:47.899
However, they are collecting
their pension 4 years earlier,

6eb91ba0-4b80-4614-bb18-1667ccea1641-1
00:18:47.899 --> 00:18:52.558
so you have to compare to do
that comparison and a better

6eb91ba0-4b80-4614-bb18-1667ccea1641-2
00:18:52.558 --> 00:18:52.960
plan.

b07ae489-7c27-41a8-b69f-d20b2aea4a34-0
00:18:53.840 --> 00:18:57.652
If you're not entitled to an
unreduced pension at release,

b07ae489-7c27-41a8-b69f-d20b2aea4a34-1
00:18:57.652 --> 00:19:01.658
you always have the deferred
annuity as an entitlement, which

b07ae489-7c27-41a8-b69f-d20b2aea4a34-2
00:19:01.658 --> 00:19:04.760
is the monthly unreduced pension
payable at 60.

ab8b9572-2b11-4472-8024-cc5849480b8b-0
00:19:05.720 --> 00:19:09.896
So you are releasing before age
60 and instead of collecting

ab8b9572-2b11-4472-8024-cc5849480b8b-1
00:19:09.896 --> 00:19:14.005
your pension with a monthly
reduction, you are deferring up

ab8b9572-2b11-4472-8024-cc5849480b8b-2
00:19:14.005 --> 00:19:17.840
to age 60 and it will be paid to
you without reduction.

40504b37-60c5-48b5-8e4e-ccd267c9fce4-0
00:19:18.680 --> 00:19:24.577
So if we go back to our previous
scenario, a member who's aged 56

40504b37-60c5-48b5-8e4e-ccd267c9fce4-1
00:19:24.577 --> 00:19:29.671
with 20 years, their monthly
unreduced is $3000, however

40504b37-60c5-48b5-8e4e-ccd267c9fce4-2
00:19:29.671 --> 00:19:31.279
payable at age 60.

952cf1ce-7c0b-473d-9a73-960eef6dd379-0
00:19:32.640 --> 00:19:37.780
So they are releasing, they will
manage to live working somewhere

952cf1ce-7c0b-473d-9a73-960eef6dd379-1
00:19:37.780 --> 00:19:42.297
else or through their other
means of income and they will

952cf1ce-7c0b-473d-9a73-960eef6dd379-2
00:19:42.297 --> 00:19:45.880
get their monthly $3000 payable
as of age 60.

09e41cb8-b0e2-428a-9aff-5e8198ba8ab8-0
00:19:48.120 --> 00:19:53.070
Keep in mind that when you opt
for the deferred annuity, at any

09e41cb8-b0e2-428a-9aff-5e8198ba8ab8-1
00:19:53.070 --> 00:19:57.711
time you can change your mind
and take your monthly pension

09e41cb8-b0e2-428a-9aff-5e8198ba8ab8-2
00:19:57.711 --> 00:19:59.800
reduced as early as age 50.

33c7e205-cafa-4ec0-ac61-f6d40d5ecdca-0
00:20:01.560 --> 00:20:06.840
So example, you decide to take
your pension at age 56.

95d64c2d-e3a7-4038-a908-69b0a2f2848c-0
00:20:07.320 --> 00:20:11.674
The same formula that we saw
earlier will follow you,

95d64c2d-e3a7-4038-a908-69b0a2f2848c-1
00:20:11.674 --> 00:20:12.320
however.

b93c4300-8255-4eef-b83f-84c3662b5342-0
00:20:12.720 --> 00:20:18.325
Now we will do 60 - 58, which is
your current age at time of your

b93c4300-8255-4eef-b83f-84c3662b5342-1
00:20:18.325 --> 00:20:18.920
option.

b9466fe2-b1d4-4b3b-88d1-4b1a7789e3bc-0
00:20:19.560 --> 00:20:23.699
That's a 10% reduction, which is
better than a 20% reduction that

b9466fe2-b1d4-4b3b-88d1-4b1a7789e3bc-1
00:20:23.699 --> 00:20:24.640
we saw earlier.

cb753887-f88c-4239-b197-acdcdf3b7f0d-0
00:20:25.400 --> 00:20:29.093
You have this slide that
summarizes all the entitlements

cb753887-f88c-4239-b197-acdcdf3b7f0d-1
00:20:29.093 --> 00:20:33.241
and the options available to you
based on your age and years of

cb753887-f88c-4239-b197-acdcdf3b7f0d-2
00:20:33.241 --> 00:20:33.760
service.

e025695a-55d4-4379-9e1c-ab90981fb22f-0
00:20:36.000 --> 00:20:39.721
If you are unsure of your
entitlement and options, please

e025695a-55d4-4379-9e1c-ab90981fb22f-1
00:20:39.721 --> 00:20:42.160
give us a call at the Pension
center.

6fc97176-3571-4ce2-827b-2392f6c13198-0
00:20:42.840 --> 00:20:46.160
A pension expert will help you
go through your options.

67126549-dc9f-4221-9b80-597b9f04afb4-0
00:20:47.480 --> 00:20:51.893
In terms of release process, you
have to contact the Pension

67126549-dc9f-4221-9b80-597b9f04afb4-1
00:20:51.893 --> 00:20:52.400
Center.

dfa5e6a6-8458-402a-a8ea-b238920e2fba-0
00:20:52.960 --> 00:20:55.980
If you know your date of
release, we ask you to contact

dfa5e6a6-8458-402a-a8ea-b238920e2fba-1
00:20:55.980 --> 00:20:58.840
the Pension Center six months
prior to your release.

215f7c2d-b617-4dbe-a100-3aad99e29bda-0
00:20:59.120 --> 00:21:03.577
This way you have enough time to
make a proper decision, have

215f7c2d-b617-4dbe-a100-3aad99e29bda-1
00:21:03.577 --> 00:21:08.249
access to your release package,
complete all your forms and send

215f7c2d-b617-4dbe-a100-3aad99e29bda-2
00:21:08.249 --> 00:21:09.400
them back to us.

23ed98ef-b974-4078-b93e-d479ec7d8d8d-0
00:21:11.280 --> 00:21:16.749
You also need to request your
release from your department and

23ed98ef-b974-4078-b93e-d479ec7d8d8d-1
00:21:16.749 --> 00:21:22.218
they suggest also a six months
prior if possible. Your pension

23ed98ef-b974-4078-b93e-d479ec7d8d8d-2
00:21:22.218 --> 00:21:22.999
payments.

c5f93e21-c330-43c6-928a-7a198a5d5bfb-0
00:21:23.000 --> 00:21:27.005
Your first monthly pension
payment will be done within 45

c5f93e21-c330-43c6-928a-7a198a5d5bfb-1
00:21:27.005 --> 00:21:30.873
days of your release date as
long as we receive all the

c5f93e21-c330-43c6-928a-7a198a5d5bfb-2
00:21:30.873 --> 00:21:32.600
required forms completed.

7c61fd22-a567-46cf-b77b-f6704a2ea131-0
00:21:33.600 --> 00:21:37.360
If not, it will be 45 days from
the reception of the last form.

7ca23b71-d60b-4458-98ed-bce419f56fae-0
00:21:38.800 --> 00:21:42.571
After this, your monthly pension
will be paid at the end of each

7ca23b71-d60b-4458-98ed-bce419f56fae-1
00:21:42.571 --> 00:21:42.920
month.

588281a2-5f2a-4949-b826-1da55a09f97b-0
00:21:42.960 --> 00:21:44.000
Direct deposit.

ce0bc226-e7d7-4fac-bdeb-ac150aabd848-0
00:21:44.800 --> 00:21:48.140
From your monthly pension you
will see that some deductions

ce0bc226-e7d7-4fac-bdeb-ac150aabd848-1
00:21:48.140 --> 00:21:48.920
will continue.

92e5e310-d47a-4ba4-af2b-af865983e23a-0
00:21:49.440 --> 00:21:50.560
Income tax.

bb9738cb-b3c5-41c9-ae3e-034cba9e898a-0
00:21:51.800 --> 00:21:56.337
If you have payments for your
service buyback or your a leave

bb9738cb-b3c5-41c9-ae3e-034cba9e898a-1
00:21:56.337 --> 00:22:00.362
without pay that you did not
finish paying, it will be

bb9738cb-b3c5-41c9-ae3e-034cba9e898a-2
00:22:00.362 --> 00:22:04.680
deducted from your monthly
pension until they're paid off.

a6c2048a-5aaa-45ca-a97b-d9c1751a1581-0
00:22:05.680 --> 00:22:10.921
Any debt due to the Crown will
also be collected from your

a6c2048a-5aaa-45ca-a97b-d9c1751a1581-1
00:22:10.921 --> 00:22:13.320
monthly pension. Optionals.

0c587fe0-3231-4a2b-b4aa-c92a5845dd91-0
00:22:13.400 --> 00:22:16.960
It is your choice to keep the
public service health care plan.

93107fb8-096d-46ca-b23e-229be604fbac-0
00:22:17.560 --> 00:22:20.579
It is your choice to keep the
pensioner's dental services

93107fb8-096d-46ca-b23e-229be604fbac-1
00:22:20.579 --> 00:22:20.840
plan.

194abc38-7937-4bd9-995c-aa5e2634aaff-0
00:22:21.600 --> 00:22:25.396
It is your choice to keep the
supplementary death benefit,

194abc38-7937-4bd9-995c-aa5e2634aaff-1
00:22:25.396 --> 00:22:29.000
which is life insurance and pay
those monthly premiums.

389f103d-95ca-4f28-b09d-f0463581fe5d-0
00:22:30.480 --> 00:22:34.015
Any extra income tax you wish to
deduct, please let us know, we

389f103d-95ca-4f28-b09d-f0463581fe5d-1
00:22:34.015 --> 00:22:35.120
can do that for you.

72e13117-8818-4856-bc7e-8e51df14c6a1-0
00:22:36.800 --> 00:22:41.856
Also, any deductions for SISIP
products will continue from your

72e13117-8818-4856-bc7e-8e51df14c6a1-1
00:22:41.856 --> 00:22:43.120
monthly pension.

708e99c9-2997-4aae-9f5b-01fcc94d9253-0
00:22:43.840 --> 00:22:48.237
Please contact SISIP to see
their life insurance products

708e99c9-2997-4aae-9f5b-01fcc94d9253-1
00:22:48.237 --> 00:22:50.360
they offer you post release.

1b41e631-4a77-47c2-8f9e-2d9f8dde4a7f-0
00:22:51.920 --> 00:22:57.060
Keep in mind that if you are
retiring in Quebec or Ontario,

1b41e631-4a77-47c2-8f9e-2d9f8dde4a7f-1
00:22:57.060 --> 00:23:02.028
you will be facing a sales tax
for your insurance monthly

1b41e631-4a77-47c2-8f9e-2d9f8dde4a7f-2
00:23:02.028 --> 00:23:02.800
premiums.

932f4bd8-4d84-46db-af39-72658a949f52-0
00:23:06.680 --> 00:23:09.520
Other deductions will cease from
your monthly pension.

0867bf62-582e-48a3-b476-90c198d0f934-0
00:23:10.240 --> 00:23:13.634
Not that you are retired and you
are collecting your monthly

0867bf62-582e-48a3-b476-90c198d0f934-1
00:23:13.634 --> 00:23:14.080
pension.

9ebf587a-41b4-4770-bb2e-1cacd463b510-0
00:23:14.360 --> 00:23:18.040
This means that you are not
contributing to your Canadian

9ebf587a-41b4-4770-bb2e-1cacd463b510-1
00:23:18.040 --> 00:23:19.880
Armed Forces pension anymore.

816c09e9-8e54-4f33-acad-1423e609bb53-0
00:23:20.720 --> 00:23:24.005
You will not be paying it to
disability insurance from your

816c09e9-8e54-4f33-acad-1423e609bb53-1
00:23:24.005 --> 00:23:25.320
Canadian Forces pension.

5dfbb8b1-7f7f-49f0-aa91-fea85dee6291-0
00:23:25.920 --> 00:23:31.389
You will not be paying into
Employment insurance or CPP

5dfbb8b1-7f7f-49f0-aa91-fea85dee6291-1
00:23:31.389 --> 00:23:34.320
Canada Pension Plan. Indexing.

15289bbc-25db-454c-bd6c-9093b04fe974-0
00:23:35.400 --> 00:23:39.280
This is a monthly increase to
your pension.

b4bed560-809e-431c-bf26-893426d8a08d-0
00:23:39.600 --> 00:23:41.880
This way you keep up with the
cost of living.

2255a519-c8f6-49d2-8fa0-70d36de08d46-0
00:23:42.800 --> 00:23:46.251
It's an annual cost of living
increase based on the CPI, the

2255a519-c8f6-49d2-8fa0-70d36de08d46-1
00:23:46.251 --> 00:23:47.440
consumer price index.

665a079a-eef0-4a3e-9e31-e81ab8114e71-0
00:23:48.280 --> 00:23:52.206
Each year statistics Canada will
determine the CPI and we at the

665a079a-eef0-4a3e-9e31-e81ab8114e71-1
00:23:52.206 --> 00:23:55.952
Government of Canada Pension
Center will be applying that CPI

665a079a-eef0-4a3e-9e31-e81ab8114e71-2
00:23:55.952 --> 00:23:57.040
into your pension.

fce0d2dc-b3e8-4686-b79a-e36644f0368f-0
00:23:58.720 --> 00:24:01.000
It is effective every January
1st.

b61a8b73-a964-4742-acb8-5f4795a8cb2f-0
00:24:01.720 --> 00:24:06.880
1st increase is prorated based
on the full month of release.

9a94ef8d-a2bc-45c5-b911-b54e7f737d97-0
00:24:09.320 --> 00:24:14.560
The system will be accumulating
compounding indexing each year.

2cea3b63-866c-4135-8745-03a5d902f341-0
00:24:15.280 --> 00:24:20.375
However it will be applicable to
your monthly pension payable at

2cea3b63-866c-4135-8745-03a5d902f341-1
00:24:20.375 --> 00:24:25.235
age 60 or if you release for
disability it will be applicable

2cea3b63-866c-4135-8745-03a5d902f341-2
00:24:25.235 --> 00:24:26.960
the following January.

2f989041-89fe-45d2-8bd4-73a9d30e9e11-0
00:24:28.000 --> 00:24:33.239
Any other scenario you need to
meet the 85 factor which is age

2f989041-89fe-45d2-8bd4-73a9d30e9e11-1
00:24:33.239 --> 00:24:36.400
plus pensionable service equal
to 85.

d22860c6-3512-4ffb-8a70-4ef4e3ced224-0
00:24:37.240 --> 00:24:41.598
Keep in mind that indexing
cannot be payable before age 55

d22860c6-3512-4ffb-8a70-4ef4e3ced224-1
00:24:41.598 --> 00:24:45.440
and before meeting 30 years of
pensionable service.

0f453ccc-f7f5-4b32-99a1-fa511a695b83-0
00:24:47.840 --> 00:24:53.040
Also keep in mind that indexing
cannot be delayed after age 60.

94ba1fbf-6a7a-4ba2-99ee-d86528fc36e5-0
00:24:54.240 --> 00:24:56.000
Supplementary death benefit.

cbe9454d-fe3f-4f0a-85a6-2455d3e71e7f-0
00:24:56.040 --> 00:24:57.080
The SDB.

6b61d29d-c2b2-4b4e-b11e-7e8b10bf85fd-0
00:24:57.880 --> 00:25:00.840
This is similar to a term life
insurance.

cf6a87cb-2e50-4f4c-8d85-a82ac1bd9cc8-0
00:25:03.680 --> 00:25:07.648
Basically the value of your
supplementary death benefit is 2

cf6a87cb-2e50-4f4c-8d85-a82ac1bd9cc8-1
00:25:07.648 --> 00:25:09.600
times your pensionable salary.

05c85ccb-3107-4946-8433-c0b8e971a9e1-0
00:25:12.240 --> 00:25:17.163
An example, someone making
$80,000, their SDB will be

05c85ccb-3107-4946-8433-c0b8e971a9e1-1
00:25:17.163 --> 00:25:18.440
valued at 160.

b14ae0a0-94dd-4ae9-949b-286a83365004-0
00:25:21.080 --> 00:25:25.434
They will be paying $0.10 per
month for each $1000 of

b14ae0a0-94dd-4ae9-949b-286a83365004-1
00:25:25.434 --> 00:25:26.160
coverage.

01d642a5-3604-4ac8-8f91-e78cfba6e25e-0
00:25:26.760 --> 00:25:31.316
In this scenario, if you are
covered for $160,000, your

01d642a5-3604-4ac8-8f91-e78cfba6e25e-1
00:25:31.316 --> 00:25:33.920
monthly premiums will be $16.00.

fe5b9e60-e81a-417a-8e2f-82916173c5fc-0
00:25:34.800 --> 00:25:39.000
This life insurance will
continue automatically. 

c5436bd2-8725-48eb-99f2-0352337cbc98-0
00:25:39.200 --> 00:25:44.265
If you are eligible to a monthly
pension immediately within 30

c5436bd2-8725-48eb-99f2-0352337cbc98-1
00:25:44.265 --> 00:25:49.331
days of release, you will keep
the coverage for two times your

c5436bd2-8725-48eb-99f2-0352337cbc98-2
00:25:49.331 --> 00:25:53.994
salary, keeping the same
premiums as the last day of work

c5436bd2-8725-48eb-99f2-0352337cbc98-3
00:25:53.994 --> 00:25:55.040
up to age 61.

2564ce3a-f65e-47eb-b737-92a902782473-0
00:25:56.000 --> 00:26:01.667
As of age 61, your monthly
premiums and coverage will start

2564ce3a-f65e-47eb-b737-92a902782473-1
00:26:01.667 --> 00:26:03.840
to be decreased by 10%.

1338d478-ef57-4a89-bc7e-a7a687675d8d-0
00:26:05.200 --> 00:26:10.864
By age 70, everyone should reach
the paid up amount of $5000 and

1338d478-ef57-4a89-bc7e-a7a687675d8d-1
00:26:10.864 --> 00:26:14.960
it remains free of charge until
time of death.

21253e89-fd04-459e-b9c0-b5de524b21a9-0
00:26:17.640 --> 00:26:19.960
Basically it is a decreasing
life insurance.

e00a0e28-7433-409b-bf63-24243e19375b-0
00:26:23.080 --> 00:26:27.251
Regular Force members and
Reserve Force on Class C will be

e00a0e28-7433-409b-bf63-24243e19375b-1
00:26:27.251 --> 00:26:30.080
participating into this life
insurance.

a595de13-02a8-42ac-9bef-f0be014ac8f7-0
00:26:31.440 --> 00:26:35.262
To continue this life insurance
post release, you must have been

a595de13-02a8-42ac-9bef-f0be014ac8f7-1
00:26:35.262 --> 00:26:38.849
a participant for a minimum five
years continuous at time of

a595de13-02a8-42ac-9bef-f0be014ac8f7-2
00:26:38.849 --> 00:26:39.320
release.

72503157-8119-49e3-82e4-aa3ace370879-0
00:26:41.160 --> 00:26:44.754
Keep in mind that this amount
when payable it won't be taxed

72503157-8119-49e3-82e4-aa3ace370879-1
00:26:44.754 --> 00:26:45.520
as an income.

90bb9cc2-edbb-40bc-9543-c6942c852923-0
00:26:46.480 --> 00:26:51.003
However, based on the provinces
where you live, you could face

90bb9cc2-edbb-40bc-9543-c6942c852923-1
00:26:51.003 --> 00:26:55.240
probate fees, which is not the
main tax on life insurance.

e2d210ad-d164-4975-ac80-103a4e200bdb-0
00:26:55.520 --> 00:26:59.923
To designate or amend your
current beneficiary, the form

e2d210ad-d164-4975-ac80-103a4e200bdb-1
00:26:59.923 --> 00:27:03.400
that needs to be completed is
the CFFC 2196.

1749ff0d-6cce-4e6d-990d-6f2923f480ee-0
00:27:04.600 --> 00:27:07.200
On this form you can designate
your estate.

a90dbaee-0f24-4261-8d24-11abddbe8dfe-0
00:27:08.280 --> 00:27:11.384
We will make the check payable
to your estate and your will

a90dbaee-0f24-4261-8d24-11abddbe8dfe-1
00:27:11.384 --> 00:27:12.160
will take over.

b046dd69-ec53-4014-a5ba-3066aeb50fed-0
00:27:13.280 --> 00:27:17.437
You can designate one and only
one person aged 18 or over at

b046dd69-ec53-4014-a5ba-3066aeb50fed-1
00:27:17.437 --> 00:27:21.322
time of designation, or you
could designate one of these

b046dd69-ec53-4014-a5ba-3066aeb50fed-2
00:27:21.322 --> 00:27:24.662
institutions a charity,
religious or educational

b046dd69-ec53-4014-a5ba-3066aeb50fed-3
00:27:24.662 --> 00:27:25.480
institution.

f93c7cdc-18ae-4c19-b979-1e2c14cff693-0
00:27:26.320 --> 00:27:31.737
If we have never received a
designation form from you and

f93c7cdc-18ae-4c19-b979-1e2c14cff693-1
00:27:31.737 --> 00:27:37.155
you are entitled to this
supplementary death benefit, the

f93c7cdc-18ae-4c19-b979-1e2c14cff693-2
00:27:37.155 --> 00:27:42.852
benefit will be automatically
paid to the estate. At time of

f93c7cdc-18ae-4c19-b979-1e2c14cff693-3
00:27:42.852 --> 00:27:43.320
death

04ebb112-8eb8-4164-9758-75fbf017508d-0
00:27:44.080 --> 00:27:49.097
there also could be survivor
benefits. Who are considered as

04ebb112-8eb8-4164-9758-75fbf017508d-1
00:27:49.097 --> 00:27:49.920
survivors?

b7cb94fb-ad7c-4b91-94d8-be1a7573da8e-0
00:27:50.160 --> 00:27:52.920
It will be your spouse or your
common law partner.

b5b5c4d7-c96a-4601-bffe-68021406cd78-0
00:27:53.920 --> 00:27:56.160
At time of death proof will be
required.

9692bbb4-99d1-40e6-ac1f-b1b846fc266b-0
00:27:58.720 --> 00:28:02.653
If they are recognized as your
survivors, they will get a

9692bbb4-99d1-40e6-ac1f-b1b846fc266b-1
00:28:02.653 --> 00:28:04.960
monthly pension payable for
life.

bd5f3c7d-f9be-4ab9-a9e1-255306e301e2-0
00:28:06.760 --> 00:28:10.520
They will get 50% of your
monthly benefit.

33086760-b444-45dc-908f-d9ba340b627f-0
00:28:13.120 --> 00:28:17.532
However, for them to be
considered survivor for pension

33086760-b444-45dc-908f-d9ba340b627f-1
00:28:17.532 --> 00:28:22.496
purposes, the relationship with
you must start prior to age 60

33086760-b444-45dc-908f-d9ba340b627f-2
00:28:22.496 --> 00:28:27.224
and also you must remain in a
relationship with this person

33086760-b444-45dc-908f-d9ba340b627f-3
00:28:27.224 --> 00:28:28.800
until time of death.

79500b6a-df45-43f3-b5db-ea7330e33897-0
00:28:29.960 --> 00:28:34.303
The legislation mentions that if
you are divorced from your

79500b6a-df45-43f3-b5db-ea7330e33897-1
00:28:34.303 --> 00:28:38.720
ex-spouse, that means divorce
happened before time of death.

6f91e625-6a43-4e84-8a6a-7f2823e36b3c-0
00:28:39.440 --> 00:28:44.790
That means your ex-spouse is not
entitled to survivor pension. If

6f91e625-6a43-4e84-8a6a-7f2823e36b3c-1
00:28:44.790 --> 00:28:48.600
you are separated from your
common law spouse.

f65a6170-96a6-4c24-aae6-137e68cba0e1-0
00:28:48.960 --> 00:28:52.832
That means separation from
common law happened before your

f65a6170-96a6-4c24-aae6-137e68cba0e1-1
00:28:52.832 --> 00:28:54.080
time time of death.

29324bd0-3276-42d5-9f09-ea6e9cea089f-0
00:28:54.680 --> 00:28:56.720
There won't be any survivor
pension.

61206fb6-4aca-494f-b9a0-a2d2a3fee15d-0
00:28:57.760 --> 00:29:01.833
There is also potential of
situation where you could have

61206fb6-4aca-494f-b9a0-a2d2a3fee15d-1
00:29:01.833 --> 00:29:06.187
two survivors where a member was
previously married to spouse

61206fb6-4aca-494f-b9a0-a2d2a3fee15d-2
00:29:06.187 --> 00:29:06.960
number one.

3ca8b79d-357b-444f-b3a8-98400d9b19d2-0
00:29:07.640 --> 00:29:10.400
They separated without
divorcing.

d1ee72f0-300b-49c4-980b-c31fee6eb2fd-0
00:29:11.320 --> 00:29:17.029
The members started a common law
relationship with spouse #2 and

d1ee72f0-300b-49c4-980b-c31fee6eb2fd-1
00:29:17.029 --> 00:29:20.280
the member passed. At time of
death,

96c65fe0-04fe-440c-bbb7-bfdacb5522d2-0
00:29:20.280 --> 00:29:23.080
the member had two eligible
survivors.

de60a4f7-97dd-46b1-a2c2-6bec0135478b-0
00:29:23.760 --> 00:29:27.447
With both the relationships
started before age 60 and with

de60a4f7-97dd-46b1-a2c2-6bec0135478b-1
00:29:27.447 --> 00:29:30.760
both the relationship continued
until time of death.

ef304c53-d9a9-483d-85a9-7165a67ea8bd-0
00:29:31.440 --> 00:29:35.200
In this case, the monthly
surviving pension will have to

ef304c53-d9a9-483d-85a9-7165a67ea8bd-1
00:29:35.200 --> 00:29:37.840
be apportioned between the two
spouses.

6ac6c63a-8c5a-42dd-8b5c-1b5af21f65e6-0
00:29:42.160 --> 00:29:45.440
Children are also entitled to
survivor pension.

47c7fcea-4f88-47e8-9caf-70ab9c1ebdc5-0
00:29:46.080 --> 00:29:52.870
For a pension purpose a child is
considered a child up to age 18

47c7fcea-4f88-47e8-9caf-70ab9c1ebdc5-1
00:29:52.870 --> 00:29:56.840
or up to age 25 if full time
student.

1bd7792a-8307-4783-b2dc-b6cff014b34c-0
00:29:58.360 --> 00:30:03.698
Under the Regular Force Pension
Plan, each child will be getting

1bd7792a-8307-4783-b2dc-b6cff014b34c-1
00:30:03.698 --> 00:30:08.380
10% of the members benefit
maximum payable 40% among the

1bd7792a-8307-4783-b2dc-b6cff014b34c-2
00:30:08.380 --> 00:30:09.120
children.

5bf1c145-65f5-4787-a987-dfad4ae6803d-0
00:30:10.720 --> 00:30:16.058
Under the Reserve Force Pension
Plan, each child will get 12.5%

5bf1c145-65f5-4787-a987-dfad4ae6803d-1
00:30:16.058 --> 00:30:20.729
of the member's benefit maximum
payable 25% between the

5bf1c145-65f5-4787-a987-dfad4ae6803d-2
00:30:20.729 --> 00:30:21.480
children.

86d02ca1-d9aa-4da1-9c5b-c6eb22094f4d-0
00:30:23.880 --> 00:30:27.712
If you have children entitled to
a survivor  pension and there is

86d02ca1-d9aa-4da1-9c5b-c6eb22094f4d-1
00:30:27.712 --> 00:30:31.371
no spouse or partner collecting
survivor pension in this case,

86d02ca1-d9aa-4da1-9c5b-c6eb22094f4d-2
00:30:31.371 --> 00:30:33.520
the child allowance will be
doubled.

b7a689e9-2d07-46d4-9bd1-94009de2cb9a-0
00:30:34.720 --> 00:30:40.270
These are the only eligible
survivors for a monthly pension,

b7a689e9-2d07-46d4-9bd1-94009de2cb9a-1
00:30:40.270 --> 00:30:45.639
a spouse or a common law,
children under 18, or between 18

b7a689e9-2d07-46d4-9bd1-94009de2cb9a-2
00:30:45.639 --> 00:30:46.640
and age 25.

8329fb3a-572e-4a40-9fa0-3548138c7d9d-0
00:30:46.960 --> 00:30:48.520
If full time students.

3808a434-9dd6-4967-9bab-f0a7b4e19267-0
00:30:49.640 --> 00:30:53.493
In the scenario that you don't
have eligible survivors as per

3808a434-9dd6-4967-9bab-f0a7b4e19267-1
00:30:53.493 --> 00:30:57.160
the previous definition, there
could be a minimum benefit.

67f81f19-d4e2-43c0-b159-dabad6918925-0
00:30:58.120 --> 00:31:02.273
The minimum benefit is a lump
sum payment that is payable when

67f81f19-d4e2-43c0-b159-dabad6918925-1
00:31:02.273 --> 00:31:05.240
no eligible survivors for a
monthly pension.

4cb70b77-bed6-46ed-8acc-20b852be29c7-0
00:31:06.560 --> 00:31:11.907
This amount will be paid to your
designated beneficiary of the

4cb70b77-bed6-46ed-8acc-20b852be29c7-1
00:31:11.907 --> 00:31:17.000
SDB, the supplementary death
benefit on the CFFC Form 2196.

9e294ec0-9090-4a66-83e6-4d7b9ae3c41f-0
00:31:17.880 --> 00:31:23.092
If you were not a participant to
the SDB or you omitted to

9e294ec0-9090-4a66-83e6-4d7b9ae3c41f-1
00:31:23.092 --> 00:31:28.480
complete the CFFC 2196, the
minimum benefit, if any, will be

9e294ec0-9090-4a66-83e6-4d7b9ae3c41f-2
00:31:28.480 --> 00:31:33.781
paid out to the estate and
because it reflects the residual

9e294ec0-9090-4a66-83e6-4d7b9ae3c41f-3
00:31:33.781 --> 00:31:38.640
of your pension plan, it will be
taxable as an income.

4e602b87-b218-4ee3-a625-6e6bb667e4e7-0
00:31:40.600 --> 00:31:44.760
How do we determine if there is
any minimum benefit to be paid?

da1e0f39-5aef-4830-8158-4b78dff1ee45-0
00:31:45.840 --> 00:31:50.938
The law says the minimum benefit
is the greater of your return of

da1e0f39-5aef-4830-8158-4b78dff1ee45-1
00:31:50.938 --> 00:31:55.805
contribution plus interest or
five years of unreduced pension,

da1e0f39-5aef-4830-8158-4b78dff1ee45-2
00:31:55.805 --> 00:32:00.827
less any pension amount already
paid out to you or your eligible

da1e0f39-5aef-4830-8158-4b78dff1ee45-3
00:32:00.827 --> 00:32:01.599
survivors.

dbc66c41-f1b9-41a5-a020-655993488d6d-0
00:32:02.920 --> 00:32:07.072
Once we do this comparison, we
will determine if there is any

dbc66c41-f1b9-41a5-a020-655993488d6d-1
00:32:07.072 --> 00:32:08.680
residual to be paid out.

90a38a0e-bb99-4a16-aa09-58d94d5827c8-0
00:32:09.520 --> 00:32:12.160
Let's talk about the public
service healthcare plan.

4fb2d637-ecb6-49f4-8bb6-46998e78665d-0
00:32:14.120 --> 00:32:19.102
In order to continue this
coverage post release, you need

4fb2d637-ecb6-49f4-8bb6-46998e78665d-1
00:32:19.102 --> 00:32:23.226
at least six years of
pensionable service. Your

4fb2d637-ecb6-49f4-8bb6-46998e78665d-2
00:32:23.226 --> 00:32:28.724
family, meaning spouse or common
law, and children up to age 21

4fb2d637-ecb6-49f4-8bb6-46998e78665d-3
00:32:28.724 --> 00:32:29.240
or 25,

7830f81b-1cc6-4a14-8495-e685566b0ba0-0
00:32:29.240 --> 00:32:32.800
if full time student will
continue to be covered with you.

a902b39c-30ad-4c49-a0d4-84991f21d83c-0
00:32:33.400 --> 00:32:37.603
The monthly premiums will depend
if you are keeping an individual

a902b39c-30ad-4c49-a0d4-84991f21d83c-1
00:32:37.603 --> 00:32:41.487
coverage or a family and it will
also depend on the level of

a902b39c-30ad-4c49-a0d4-84991f21d83c-2
00:32:41.487 --> 00:32:43.080
coverage you are keeping.

f0c30b3d-ffec-493f-a971-cbfc59132f4e-0
00:32:44.240 --> 00:32:48.452
The only difference between the
level 1, the level 2 and the

f0c30b3d-ffec-493f-a971-cbfc59132f4e-1
00:32:48.452 --> 00:32:52.733
Level 3 is the daily hospital
provision, meaning how much the

f0c30b3d-ffec-493f-a971-cbfc59132f4e-2
00:32:52.733 --> 00:32:56.599
insurance company will be giving
the hospital each day.

54c8ec36-ced3-4cdc-8d3e-cad2956a19fe-0
00:32:56.840 --> 00:33:01.768
This way you get an upgraded
benefits in terms of room,

54c8ec36-ced3-4cdc-8d3e-cad2956a19fe-1
00:33:01.768 --> 00:33:03.880
hospital room provision.

2d767fd7-8936-4d6a-8827-890a39c2e620-0
00:33:04.560 --> 00:33:09.408
So level one will get you up to
$90.00 extra to have a better

2d767fd7-8936-4d6a-8827-890a39c2e620-1
00:33:09.408 --> 00:33:09.800
room.

afaf1322-dfbc-44f7-aade-1751de789166-0
00:33:10.200 --> 00:33:17.908
Level two $170, Level three $250
per day for a better room at the

afaf1322-dfbc-44f7-aade-1751de789166-1
00:33:17.908 --> 00:33:18.960
hospital.

49b9e728-82e3-47fb-ab14-3e11dbe9a3ef-0
00:33:19.760 --> 00:33:23.264
Keep in mind that having Level 3
does not necessarily mean you

49b9e728-82e3-47fb-ab14-3e11dbe9a3ef-1
00:33:23.264 --> 00:33:24.600
will get a private room.

dec873a6-6747-483e-ba95-998995da988b-0
00:33:24.960 --> 00:33:28.330
It will depend on the
availability and the cost of

dec873a6-6747-483e-ba95-998995da988b-1
00:33:28.330 --> 00:33:29.520
that private room.

3656e8b3-9fef-4ad8-946e-0de103d31d51-0
00:33:30.680 --> 00:33:35.800
If we receive your application
form within 60 days of your date

3656e8b3-9fef-4ad8-946e-0de103d31d51-1
00:33:35.800 --> 00:33:39.560
of release, there won't be any
waiting period.

7e8e103e-5fa3-4cc4-9164-e3994cf22568-0
00:33:39.920 --> 00:33:42.200
Your health care coverage will
be seamless.

ba98e79d-7d4c-4d94-b07f-182a6ba6fc23-0
00:33:43.320 --> 00:33:48.697
If we receive your application
form more than 60 days from date

ba98e79d-7d4c-4d94-b07f-182a6ba6fc23-1
00:33:48.697 --> 00:33:53.571
of release your, you will be
facing a three month waiting

ba98e79d-7d4c-4d94-b07f-182a6ba6fc23-2
00:33:53.571 --> 00:33:54.160
period,

779148e2-42a3-401e-a180-0c6a04ef4f3f-0
00:33:54.280 --> 00:33:56.000
in order for your coverage to
kick in.

afaf3f74-a9ce-49b7-8c8f-0b48842d9c48-0
00:33:57.280 --> 00:34:03.692
Keep in mind that you can change
levels, add or remove dependents

afaf3f74-a9ce-49b7-8c8f-0b48842d9c48-1
00:34:03.692 --> 00:34:09.717
also with the waiting period.
The pensioner's dental services

afaf3f74-a9ce-49b7-8c8f-0b48842d9c48-2
00:34:09.717 --> 00:34:15.255
plan, your family, spouse,
common law and children up to

afaf3f74-a9ce-49b7-8c8f-0b48842d9c48-3
00:34:15.255 --> 00:34:20.502
age 21 or 25 if full time
student will continue to be

afaf3f74-a9ce-49b7-8c8f-0b48842d9c48-4
00:34:20.502 --> 00:34:21.280
covered.

fba81ec2-cf70-4935-9dee-ae382a183ac7-0
00:34:23.600 --> 00:34:28.450
Dental coverage must be kept for
at least three full calendar

fba81ec2-cf70-4935-9dee-ae382a183ac7-1
00:34:28.450 --> 00:34:28.920
years.

5edc9cb3-e847-4fca-8639-40dc1dcf0051-0
00:34:30.440 --> 00:34:35.200
Once cancelled, you cannot
reapply to your dental coverage.

8981ad46-3347-440a-a97e-90ea48661625-0
00:34:37.560 --> 00:34:41.594
Your monthly premiums will
depend on the coverage and how

8981ad46-3347-440a-a97e-90ea48661625-1
00:34:41.594 --> 00:34:43.960
many people are covered with
you.

4c311eb4-7796-4364-bfb4-f406a2ab39a8-0
00:34:45.600 --> 00:34:51.724
Depending if you are keeping
individual coverage, family

4c311eb4-7796-4364-bfb4-f406a2ab39a8-1
00:34:51.724 --> 00:34:57.741
(individual plus one) family
(individual plus 2 or more

4c311eb4-7796-4364-bfb4-f406a2ab39a8-2
00:34:57.741 --> 00:35:00.320
dependents). Same thing.

2232edef-27e5-410c-a65d-ada7b2cbfa25-0
00:35:00.640 --> 00:35:04.640
If we receive your application
form within 60 days of date of

2232edef-27e5-410c-a65d-ada7b2cbfa25-1
00:35:04.640 --> 00:35:07.480
release, there won't be any
waiting period.

15b5f864-da86-4eda-a1b1-4f05aedd4b33-0
00:35:07.840 --> 00:35:09.440
Your coverage will be seamless.

045f03b6-afe3-4f2c-a448-5a3b912d5414-0
00:35:10.600 --> 00:35:15.180
If we receive your application
form more than 60 days from date

045f03b6-afe3-4f2c-a448-5a3b912d5414-1
00:35:15.180 --> 00:35:19.259
of release, there will be a
waiting period of two months

045f03b6-afe3-4f2c-a448-5a3b912d5414-2
00:35:19.259 --> 00:35:21.120
applicable. Re-enrollment.

e2e0f018-289b-46ac-9483-b9de453105e8-0
00:35:23.200 --> 00:35:26.968
Once a Canadian Armed Forces
member releases and collecting a

e2e0f018-289b-46ac-9483-b9de453105e8-1
00:35:26.968 --> 00:35:29.400
monthly pension, they become
annuitant.

c09fc48e-040b-480e-9e57-8fd93113b49a-0
00:35:30.080 --> 00:35:34.110
Keep in mind that you cannot
collect a monthly pension and

c09fc48e-040b-480e-9e57-8fd93113b49a-1
00:35:34.110 --> 00:35:38.276
contribute to your Canadian
Armed Forces pension plan at the

c09fc48e-040b-480e-9e57-8fd93113b49a-2
00:35:38.276 --> 00:35:38.959
same time.

e2f21fde-6a2c-4a96-a97f-aa8653672e73-0
00:35:40.040 --> 00:35:44.310
You can review these scenarios
and you can see the impact on

e2f21fde-6a2c-4a96-a97f-aa8653672e73-1
00:35:44.310 --> 00:35:47.320
your monthly pension should you
re-enroll.

343ace2a-d263-43e2-826a-3282a3797f0a-0
00:35:49.040 --> 00:35:51.520
Other topics that could apply to
some of you.

6d127063-14f1-4ec6-a481-d3d1885748bd-0
00:35:52.560 --> 00:35:55.521
I invite you to visit our
website or contact the

6d127063-14f1-4ec6-a481-d3d1885748bd-1
00:35:55.521 --> 00:35:59.147
Government of Canada Pension
Centre For more information on

6d127063-14f1-4ec6-a481-d3d1885748bd-2
00:35:59.147 --> 00:36:00.840
leave without pay or service

e33ee11b-29e4-4879-8bcc-a8fb9ac39ccb-0
00:36:00.840 --> 00:36:05.200
Buyback, Disability after
retirement,

eb997d26-58d9-4ab8-b231-f1af45c19ada-0
00:36:06.400 --> 00:36:11.194
Pension transfers with public
service in RCMP, only applicable

eb997d26-58d9-4ab8-b231-f1af45c19ada-1
00:36:11.194 --> 00:36:12.640
for Part 1 members,

d13131df-fc84-4bfa-b43d-319716770348-0
00:36:13.640 --> 00:36:17.263
Pension division in case of
divorce or separation only

d13131df-fc84-4bfa-b43d-319716770348-1
00:36:17.263 --> 00:36:19.240
applicable for Part 1 members,

f309cc25-d379-49c3-9ab5-d8df5e455fe3-0
00:36:19.800 --> 00:36:24.160
Optional survivor benefit only
applicable to Part 1 members.

f0581602-4496-4ae3-8bdc-5020602add34-0
00:36:26.360 --> 00:36:30.055
You do have a list of contact
information if you wish to

f0581602-4496-4ae3-8bdc-5020602add34-1
00:36:30.055 --> 00:36:32.000
contact them for more details.

866b77b9-cb3c-45f2-8b47-f92b7388096c-0
00:36:32.480 --> 00:36:37.229
SISIP financial for financial
insurance services, Service

866b77b9-cb3c-45f2-8b47-f92b7388096c-1
00:36:37.229 --> 00:36:41.160
Canada for CPP or old age
security information,

43630672-2218-4eb4-9bb8-08db9290895d-0
00:36:41.600 --> 00:36:46.081
Quebec Pension Plan for QPP,
Public Service Health Care Plan,

43630672-2218-4eb4-9bb8-08db9290895d-1
00:36:46.081 --> 00:36:50.274
Pensioner's Dental Services
Plan, Veterans Affairs Canada

43630672-2218-4eb4-9bb8-08db9290895d-2
00:36:50.274 --> 00:36:53.600
and National Association of
Federal Retirees.

1ddfcaa4-63f1-4594-989b-eae422949f82-0
00:36:55.080 --> 00:36:58.627
And finally at the Government of
Canada Pension Center, we're

1ddfcaa4-63f1-4594-989b-eae422949f82-1
00:36:58.627 --> 00:36:59.600
here to help you.

03a13069-87af-4ca4-9f4b-ecf4cf92ffdf-0
00:37:00.120 --> 00:37:05.675
Please contact us through the
website or directly over the

03a13069-87af-4ca4-9f4b-ecf4cf92ffdf-1
00:37:05.675 --> 00:37:06.240
phone.

2c9969d6-a39f-4938-bf64-1dc6374003e7-0
00:37:06.240 --> 00:37:07.760
We will be happy to answer you