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QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

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QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by cosmo12 on Mon 29 Jan 2018, 15:54

Hi all;

Check the Q&A have been updated and a few answers regarding CIA and supplement.

To resume:

-For those who receive the supplement you are grandfatered;
-Same grade from CIA to the new pain and sufferinng supplement and non-taxable.

And some détails regarding those who applied prior to 1 April 2019.


http://www.veterans.gc.ca/eng/services/pension-for-life

For your info. please share.

Cosmo

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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Vet1234 on Mon 29 Jan 2018, 19:09

thanks!
what section/link was updated?
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Vet1234 on Mon 29 Jan 2018, 19:13

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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Vet1234 on Mon 29 Jan 2018, 19:35

So I guess the burning question now is; Is the PSC added onto the "not less than they receive now" or incorporated into it?
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by bigrex on Mon 29 Jan 2018, 19:48

The very fact that they are grandfathering benefits, tells me that the Liberals realize that this will lead to the vast majority of future veterans getting fewer benefits. The CIAS alone will equal more than what most will get under the PSC, even with taxes taken out. And since the criteria to qualify for the APSC, will be limited to those assessed at 78% and higher, with no avenue for less disabled Veteran to receive benefits for lost careers, like there has been with the CIA, most future will lose out on both the CIA and CIAS, even if deemed DEC.

They also say that the loss of career will be addressed by the IRB increasing by 1% for every year, until you reach age 60, or to the point that you would have had 20 years served. But it is unclear if that means that A) the base 90% of pre-release pay is increased by 1%, so after 10 years you are earning 100% of military salary, or B) the 90% amount is increased by 1% each year.

The difference

Pre release salary is $5000

Example A

90% is $4500
91% is $4550.
92% is $4600, etc

Example B

90% is $4500
Year 2 is $4545
year 3 is $4590

So the longer that 1% gets added, the greater the disparity between the two possibilities become. Sure it may only be a few dollars to the Veteran, but this could potentially save the GoC millions over the years.

The IRB will also effectively eliminate the RSB (retirement Supplement benefit), that pays 2% of all possible monies received while on ELB, before deductions. So if you get an average of $3000/mo for 20 years, the SRB would have paid you roughly $14000 tax free at the age of 65, to compensate for the inability to pay into a retirement plan.
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Vet1234 on Mon 29 Jan 2018, 22:58

the apsc isn't limited to 78% and higher.... i dont see that anywhere.
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by bigrex on Tue 30 Jan 2018, 08:23

They stated somewhere that the APSC is intended for severely disabled Veterans. for VAC, the definition of "severely" is those assessed at 78% and above. IIRC, 48% and above are considered "moderately disabled", and less than 47% are "mildly disabled". Obviously, nobody really knows until the legislation is written, but one indication is going to be more restrictive than CIA, and possibly even the PIA, is this quote from the Q&A "The key difference on which grade is paid is that the CIA considers medical impairment as well as earnings capacity. APSC will only consider medical impairment.". Another indication is that the disability must be causing a barrier to establishment of post military life. So, lets look at someone like Mitic, who lost both legs in Afghanistan. He qualified for PIA, based on multiple amputations. But would he have qualified for the APSC, because in spite of losing both legs, he has gone onto competing in the Amazing Race Canada, and a budding career in politics. I wish him nothing but the best of luck, but his disability hasn't been a barrier to his civilian life, compared to others who are not physically or psychologically capable of working.
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by johnny211 on Tue 30 Jan 2018, 09:32

Bigrex - Great pts about Mitic, and working. Although I have all my limbs, my mental issues with ptsd, and memory/concentration issues will not allow me to work. So I can see some of those Vets, who are missing parts, and mentally may be ok. They may be in there 20's/30's and still want to contribute and work. So your right it is a individual decision. VVV...
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Guest on Tue 30 Jan 2018, 10:48

The 78% was mention at one point on Dec 20th Q&A.That was addressed another time and the minister said its an individual assessment. Q&A on the most recent facebook with MVA and General someone the DMVA

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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by bigrex on Tue 30 Jan 2018, 11:57

Well, I will only believe that the 78% isn't in play, even as an unwritten rule, until we hear about post 2019 veterans, below 78%, getting the APSC, merely for the fact of being deemed DEC.
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Guest on Tue 30 Jan 2018, 12:20

bigrex wrote:Well, I will only believe that the 78% isn't in play, even as an unwritten rule, until we hear about post 2019 veterans, below 78%, getting the APSC, merely for the fact of being deemed DEC.

Likely the right approach!

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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Vet1234 on Tue 30 Jan 2018, 16:07

does anyone understand the math if you received a DA?
http://www.veterans.gc.ca/GCWeb/pdf/Retro/PFL-infographic.pdf

doesnt help me much

Im 65% DA in 2012 and 37yo
216,000 DA roughly
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by bigrex on Tue 30 Jan 2018, 18:09

Basically, what they are saying, is that we have been overpaid for our disabilities by the NVC. So they are lying when they say that we don't have to pay back the LSA, because they are basically garnishing our future pensions, to pay back the remainder of those lump sum payments.

So they will calculate what a 65% monthly pension will be ($747/mo) and multiply that by the number of months since you received your DA. So 7 years at 65% is roughly $63000. They then deduct that amount from the DA that was paid, leaving a balance owing of $153000. That amount is then divided over your expected lifetime. So if they calculate that you would live to 85, it will take 47 years, to pay back that $153000 at a rate of $271/mo. So, out of the $747/mo pension, you will only receive $476/mo. If you were 10 years older, your monthly PSC would be even lower, because VAC would have less time to claw that money back.



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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by Vet1234 on Tue 30 Jan 2018, 18:17

ahhh I get it now! thanks.
I messaged VAC asking if the PSC would be applied on top of the other benefits that will be "no less" than what i currently receive, or clawed back by the difference in what i currently receive and what the new suite of benefits would pay. I also inquired whether or not vets that will be grandfathered and receive the same benefits as now will still receive the 1% per year that their careers were cut short. will post with response.
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Re: QUESTIONS AND ANSWERS - PENSION FOR LIFE UPDATE

Post by bigrex on Tue 30 Jan 2018, 19:03

Well the PSC will be on top of the current benefits, but I highly doubt we will get the 1% increases to IRB, because it's basically their poor excuse of a replacement for the CIAS.
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