By Sierra Sullivan, Director Pensions and Social Programs Outreach Staff –
Retiring from a career in the military is a complex process. The goal of the team at Director Pensions and Social Programs is to help Canadian Armed Forces (CAF) members be as informed and prepared as possible for their retirement, whether it’s months or years away.
Each month multiple pension-related Lunch & Learns are being hosted, focusing on different parts of the CAF pension. If you are not sure about what you are entitled to or have questions about the pension and administration process we are here to help. There are a lot of different aspects to the CAF pension and each individual case is unique.
Have you met all the requirements to receive a pension? Where can you get information on your specific case? What health benefits will you and your dependents receive when you are no longer serving? Can you retire before age 60 and still receive full benefits?
We are here to help you better understand what your benefits are and how to prepare for retirement. By breaking down the information into smaller sessions, we are able to go more in-depth and give members a chance to ask more specific questions.
Do you know what you are entitled to upon release from the CAF?
CAF pensions are Defined Benefit Plans, not sure what that means? No problem, Defined Benefit Plan means you will be entitled to a defined pension amount, there is a formula for calculating your pension based on your earnings and the amount of pensionable service you have.
In addition to your pension, you also receive a Bridge benefit until the age of 65, at which point you will start to receive CPP/QPP. Another great thing about the CAF pension is that it is indexed, meaning that over time your annual pension amount will increase based on the cost of living.
If you want to learn more about CAF Pension Benefits, Grandfathering, Survivor Benefits, Financial Impacts, Pension Administration, Service Buy Backs, Pension Portal and more attend one of the upcoming Lunch & Learns, featured in the Community Calendar. You can also visit the Government of Canada generic pension website for more information.
This post is also available in: Français (French)