Canadian Soldiers Assistance Team (CSAT) Forum

New Pension for Life Delay

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Re: New Pension for Life Delay

Post by BinRat on Mon 11 Jun 2018, 22:30

Hey Sigs Pigs...
1 point your actually 110% but ya, they only pay to 100%

I can take a boo at your numbers, though there will be a Plus or Minus since I don't know the month in each year that you got your award, so I was running some numbers based of getting each award in June of each year, so I have some numbers, But the one part I don't have, so if you can send me a PM with answer is Your age. Since to figure out the ongoing payments monthly / Lump I would need to know Your age, so I can figure out to your 83rd birthday, and get what your divided back monthly amount would be, or what you can take as a lump sum of that amount if you so desired.


So if you can PM me that info I can figure out the remaining amounts, Thanks

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Re: New Pension for Life Delay

Post by SIGS PIGS on Tue 12 Jun 2018, 07:35

good morning BinRat,
I just turned 56 on June 03/18

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Re: New Pension for Life Delay

Post by bigrex on Tue 12 Jun 2018, 18:55

was the initial 10%, increased to 20% in 2015? It's the only thing that makes sense, since otherwise it adds up to 110%. Unfortunately, making calculations for the PFL are very complicated, even for a single LSA. it involves what month you were approved for each award, how much of the top was assigned to each award, your age, and your life expectancy.

lets try looking at just your first 10% award separately, as an example.  If it was approved in Apr 2010, they would calculate exactly 9 years worth of a 10% PFL, retroactive ($115/mo x 108 months = $12420). Then, they deduct that amount from the previously paid LSA of $27607, plus say $3000 as part of the top up. $30607-$12420 = leaving a balance owing of $18187.

Now if they say that you have a life expectancy of another 28 year (to age 85), that balance owing is divided over those 28 years, $18187 / 480 months = a reduction of $54/ mo. So the PFL for that initial 10% award would be reduced to roughly $61/mo. These calculations will adversely affect older Veterans more, because that balance owing will have to be paid back over a smaller amount of time, meaning their PFL will be significantly less than someone in their 20's or 30's. even if their level of disability are the same.
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Re: New Pension for Life Delay

Post by SIGS PIGS on Wed 13 Jun 2018, 21:16

Thanks BigRex,

Nobody knows exactly what the formals is???

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Re: New Pension for Life Delay

Post by bigrex on Wed 13 Jun 2018, 21:45

That's the problem. It's not a set formula, like (A + B) - C = D, that simply applies to each Veteran. There are so many factors, and variables involved, that even the experts who have come up with this scheme, will have to use a computer to calculate, how much each Veteran will be getting, going forward, if anything at all. My father is now sitting at 100%, but 80% of that wasn't approved until the last 5 years, since turning 65, so most likely his PFL will be zero.
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Re: New Pension for Life Delay

Post by pinger on Wed 20 Jun 2018, 20:59

Hiya SIG PIGS,

You ain't alone. April 2019. I don't have a clue either but I will go to VaC next Jan./Feb. and perhaps by that time they might (?) ... have a concise clue on the ramifications that effect my benefits.
And brown envelopes don't help.
Hell, We need retired military accountants.

Stay safe all. pinger.
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Re: New Pension for Life Delay

Post by Steelgunner on Sun 24 Jun 2018, 23:13

SIGS PIGS wrote:good afternoon Binrat,

can you take a look at my situation and give me a ball park figure where I stand with this Pension for Life deal?????

2010 Received 10% 27,607,
2012 Received 45% 131, 988.79
2013 Received 35% 104,505.79
2015 Received 20% 30,669.15
2016 Received Top up of 41,847
336,117.00 approx


I am 100% Disabled and I am completely confused as how to figure out what will happen next year 2019 Apr 1st. I know I am sending this req to binrat but anyone who can figure this out would be much appreciated,

thanks,

SIGS PIGS

You can click on below link and view an example of VAC 100% worksheet for a Veteran.  It cannot be exactly related to your situation but will give an idea of how they calculated it.

https://indd.adobe.com/view/97f56415-a30e-4565-ad32-1046be638a04

Also a good read on Pension for Life.  A good read but I still don’t agree with the 3 Veterans formats.
1. PA Vets
2. NVC Vets
3. New Pension for Life

3 Payment methods to 3 classes of Veterans, what a hodge pudge of giant jumbo fuck sticks. I am sure there will be another version of “4.0 Pension for Now” in the near future when the Liberal Party is defeated next election.  Maybe the Government should realize that it’s not working and blow up VAC.  Why not make a private company run it with no current or former government officials and have real mandates that set penalties when they don’t meet the standards. A contract can be revoked with poor service.  The government gives the company a certain amount of budget that must be used on Veterans behalf’s, none of this past I give the government back the money Mr. Julian Top Cop shit head.  Treat us with respect and treat VAC like a business.  Starting to go off topic but I am still pissed at all the delays and present day MVA thinks everything is okay and just smiles and clenches his butt cheeks.  Have they put the Rainbow crosswalk in front of VAC headquarters yet?  Where is our Army, Air Force, and Navy Cross walks?   Or the family crosswalk?  


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

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