Canadian Soldiers Assistance Team (CSAT) Forum

Pension for Life reply from VAC

Page 4 of 5 Previous  1, 2, 3, 4, 5  Next

Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Teager on Mon 12 Nov 2018, 15:22

If they didn't see anything for CIA I highly doubt they will when it changes to APSC. They are not changing the criteria to receive this but are only removing the "amount of time served" to base your level on. It will solely be based on the medical criteria that currently exists now.

Teager
CSAT Member

Number of posts : 169
Location : ON
Registration date : 2016-03-30

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Vet1234 on Mon 12 Nov 2018, 15:29

what does
"It delivers a maximum of
$1,150 per month for the life of the serving member or
Veteran, or it can be provided in a lump sum payment. The
highest possible lump sum payment of the PSC would be
the same as the maximum Disability Award payment on
the day before coming into force".
mean?
Vet1234
Vet1234
CSAT Member

Number of posts : 588
Location : Ontario
Registration date : 2016-07-27

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by propat on Mon 12 Nov 2018, 17:53

ok boys if you can be disciplined with money you can easily ern 4% on your buyout . that's over $ 1200.00 a month for a 100% disability buyout . if you pass on in two years time or 200 years time that monthly interest can be passed on IN FULL and passed on again and again so it can last not just one lifetime but forever . or maybe the person you pass it on to just wants the cash then they get the FULL buyout amount PLUS . I see NO upside to this monthly pension no matter your age . if the monthly PLF amounts equaled the PA monthly amounts we would be having a very different conversation .

propat

propat
CSAT Member

Number of posts : 296
Location : nb canada
Registration date : 2017-12-06

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by bosn181 on Mon 12 Nov 2018, 17:57

the way the gov set up this pension was to save money and they being called on it i don't think they will change it before it goes live but hope next gov will fix it i won't hold my breath.

bosn181
CSAT Member

Number of posts : 362
Location : pei
Registration date : 2017-01-25

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Teager on Mon 12 Nov 2018, 17:59

It means anyone putting a claim in April 1st or later can receive a Max PFL of $1150 for life or you can take the $365 lump sum if rated 98%-100%

If you already received a lump sum award then VAC will be performing the dark magic on your file to see what reduced PFL you will be able to receive.

Teager
CSAT Member

Number of posts : 169
Location : ON
Registration date : 2016-03-30

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Guest on Mon 12 Nov 2018, 20:28

Teager wrote:It means anyone putting a claim in April 1st or later can receive a Max PFL of $1150 for life or you can take the $365 lump sum if rated 98%-100%

If you already received a lump sum award then VAC will be performing the dark magic on your file to see what reduced PFL you will be able to receive.
so does all of this PFL only have a bearing on troops who were awarded max disability payment after 2006, I.e $360000. What about vets for example that get a 10% disability after April 1 2019, vac is going to offer to divide $36000 by the years in the rest of your life.?

Guest
Guest


Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Teager on Mon 12 Nov 2018, 20:54

No, I was just using the max as an example. If you take your example you can take 10% of $1150 which is $115 a month for life.

Anyone who has received an award since April 1 2006 will have a calculation done to see if your entitled to a monthly payment. What is being debated/figured out is if those vets can cash that amount out as a lump sum if they so choose.

Teager
CSAT Member

Number of posts : 169
Location : ON
Registration date : 2016-03-30

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by BinRat on Tue 11 Dec 2018, 06:58

I thought there was another thread on this, could be couldn't find it so I'll reply here..

"What is being debated/figured out is if those vets can cash that amount out as a lump sum if they so choose."

Well According to this page and FAQ I found this.. Well Questions and Answers..

http://www.veterans.gc.ca/eng/services/pension-for-life
Scroll to Bottom to Questions and Answers, Click on Category, and select Pain And Suffering Compnsation

Q. If you choose the monthly payment option, But want to take the money as a LUMP SUM
   At a Later Date, Are you Able??

A. Yes. You can choose to cash out the benefit and receive the balance owing, which is the difference between the monthly amount already paid and the applicable lump sum amount.

Q. Are Older Veterans Disadvantaged By the creation of the New Pain And Suffering Compensation.??

A. No. Veterans are able to choose if they would like to receive the Pain and Suffering Compensation as a monthly payment or lump sum, whichever option works best for them. To help with this choice, Veterans Affairs Canada will pay up to $500 for Veterans to access financial counselling or advice services from a provider of their choice.

Q. What is Pain and Suffering Compensation ??

A. The Pain and Suffering Compensation is designed to recognize and compensate CAF members and Veterans for the pain and suffering they experience due to a disability caused by a service-related illness and/or injury. It is not intended to replace income, which is why the PSC is not taxable.

Based on the member or Veteran's assessed extent of disability, the PSC benefit potentially entitles Veterans up to a maximum of $1,150 a month for life. Veterans and members can also opt to cash out their payments at any time. The intent is to provide the choice of how to receive this benefit, while encouraging recipients to continue the monthly payment.

BinRat
CSAT Member

Number of posts : 286
Location : Komoka
Registration date : 2008-09-18

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Teager on Tue 11 Dec 2018, 08:15

Please note VAC has done a poor job of separating those that already received a lump sum vs new claims April 1. If you already received a lump sum you will be getting monthly only if eligible. If you have a new claim then you have a choice.

Teager
CSAT Member

Number of posts : 169
Location : ON
Registration date : 2016-03-30

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by exarmyguy on Tue 11 Dec 2018, 09:50

Teager wrote:Please note VAC has done a poor job of separating those that already received a lump sum vs new claims April 1. If you already received a lump sum you will be getting monthly only if eligible. If you have a new claim then you have a choice.
correct..... so instead of getting say 200 a month for 30 years = 72,000 which you could invest or do something with you will get the 200 a month which does very very little. makes no sense to be honest

exarmyguy
CSAT Member

Number of posts : 17
Location : canada
Registration date : 2018-11-19

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Teager on Tue 11 Dec 2018, 10:19

On the flip side you already received a lump sum so now your getting a bit more per month vs anyone putting a claim in April 1 they have to choose between the current lump sum or or monthly. If they take the lump sum that's it that's all no more. So it sucks both ways more so for new claims.

Teager
CSAT Member

Number of posts : 169
Location : ON
Registration date : 2016-03-30

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Guest on Tue 11 Dec 2018, 10:32

exarmyguy wrote:
Teager wrote:Please note VAC has done a poor job of separating those that already received a lump sum vs new claims April 1. If you already received a lump sum you will be getting monthly only if eligible. If you have a new claim then you have a choice.
correct..... so instead of getting say 200 a month for 30 years = 72,000 which you could invest or do something with you will get the 200 a month which does very very little.  makes no sense to be honest
It`s all just a version of Liberal "double talk


Last edited by Artie Simm on Sun 23 Dec 2018, 18:35; edited 1 time in total

Guest
Guest


Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by BinRat on Tue 11 Dec 2018, 12:31

Teager wrote:On the flip side you already received a lump sum so now your getting a bit more per month vs anyone putting a claim in April 1 they have to choose between the current lump sum or or monthly. If they take the lump sum that's it that's all no more. So it sucks both ways more so for new claims.

Well I don't read it that way, cause this part..

Q. How many people will benefit from the Pain and Suffering Compensation benefit?

A. On April 1, 2019, an estimated 74,300 Veterans previously in receipt of the lump sum Disability Award will transition to the additional monthly amount; approximately 60% of these Veterans are expected to receive an additional monthly amount based on the new PSC monthly benefit rates. As of March 31, 2023, an estimated 97,300 Veterans will have received lump sum or monthly compensation from Veterans Affairs.

As I read it it's gonna be the same, you'll get your Lump sum or monthly if you want it that way, or take part lump sum and remainder as a Monthly pay out, then they'll do the Calculations to your 84th Birthday, and get any additional added on

BinRat
CSAT Member

Number of posts : 286
Location : Komoka
Registration date : 2008-09-18

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Teager on Tue 11 Dec 2018, 14:08

Binrat that would make the most sense and be the most fair I would certainly hope that's what happens. For some reason I don't think that's what will happen. If that was the case then I'm sure every vet would take the lump sum knowing they would still get a reduced monthly amount.

Teager
CSAT Member

Number of posts : 169
Location : ON
Registration date : 2016-03-30

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by BinRat on Tue 11 Dec 2018, 18:59

Well lets all hope so..

Like myself, in April if the offer is there for a Lump, I'd be taking it, Guess it's finding out that 3 weeks ago my Ex-Wife who was 3 year's older then I was Passed away.

Like Exarmyguy said 200 a month, Blaa I could do more with the Lump sum then waiting 30 give or take year's to get a total of like $72K

But one thing though that comes to mind Just thinking about it, Like I said, I'd take the Lump sum, but what happens if I put in and get approved another claim, how bad is that going to get.
LSA = 10% = $36K - already received from PFL Lump Sum as a cash out, so now on LSA Vac will Recovery $$ from the LSA probably from your New LSA.

Dunno how it all will work out down the road..

BinRat
CSAT Member

Number of posts : 286
Location : Komoka
Registration date : 2008-09-18

Back to top Go down

Pension for Life reply from VAC - Page 4 Empty Re: Pension for Life reply from VAC

Post by Sponsored content


Sponsored content


Back to top Go down

Page 4 of 5 Previous  1, 2, 3, 4, 5  Next

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum