Questions about posting and getting moved around

[Andrewwwh]

Hi,

Thinking of joining as a combat enginner. Was wondering if I listed gagetown as my prefered post what are the chances I get it. Also how much would I be forced to move me and the wife around to different bases?

Not exactly combat engineer related but I cant for the life of me understand how the pension works and how much id get yearly after say 25 years service. (would be 51 by then)

Thanks

 

[Andrewwwh]

bump

 

[kev994]

Pension is based on the average of your best consecutive 5 years. Formula is 2% x # of years (they do decimal points for days beyond the year). After 25 years you get an immediate annuity, before 25 years you can get a return of contributions or deferred annuity; for the deferred annuity they use the same formula but it doesn’t start until a later age, 60 or 65, I can’t remember. There are some other gates, I think less than 2 years your only option is return of contributions.

 

[dimsum]

it doesn’t start until a later age, 60 or 65, I can’t remember

I'm pretty sure it's 65

 

[mariomike]

Also how much would I be forced to move me and the wife around to different bases?

Saw this in a Combat Engineer thread. It doesn't specifically say how often your wife will be forced to move. But, does suggest there may be "a fair amount of time away from home and family". It was posted a few years ago. May, or may not, still be relevant.

Expect to spend a fair amount of time away from home and your family, so ensure you have your sh*t wired tight administratively and your family has contingency and care plans in place.

​

how much id get yearly after say 25 years service.

As above,

Pension is based on the average of your best consecutive 5 years. Formula is 2% x # of years

25 years X 2% = 50%.
After 35 years, you "max out" at 70%.

 

[dapaterson]

Pension is at 25 years of paid service, or age 60. Fewer years and not yet 60 can give rise to a variety of options including a reduced annuity.

The 2 percent per year is a slight misnomer, the benefit is reduced by design at age 65 as it is assumed there will be CPP benefits as well (which you can elect from age 60 to 70).

Retirement is complex. It is beneficial to seek expert advice early and plan accordingly.

 

[mariomike]

I cant for the life of me understand how the pension works

Doesn't sound like you are in yet. But, if you wish to better understand how the CAF pension works,

Canadian Armed Forces Pension - Canada.ca

This web portal contains information, tools, and services regarding the Canadian Armed Forces pension plan.

www.tpsgc-pwgsc.gc.ca

I am not a member of it. But, I believe most would agree it is a good plan.