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Pay Raise 2021 - effects on pension, SISIP, ELB

Milhouser911

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Good day gents

I received a very small deposit from the same organization that I deposits my pension yesterday, so I gave the pension centre a call to confirm what it was. I spoke to some very friendly people and tried to work through the numbers, but I'm a little bit lost.

According to the pension centre, my monthly pension + bridge payments have increased by $16/month, which amounts to a little under 1%. The pay raises that I should have received (I released 3b in August 2019) should be the 1 Apr 2018 @ 2.8% and 1 Apr 2019 @ 2.2%, which cumulatively equal 5.06%. The deposit I received works out to just under $11/month, which is in line with the $16/mo increase.

My understanding is that since the pension and bridge amount are based on my rate of pay at release, and this raise IS my rate of pay at release, I should see roughly a 5% increase in both the base pension and bridge payment amounts. Am I missing some factors here that would affect the math? I feel like I'm being shorted here pretty hard. My napkin math says I should have received an increase of about $56/month and a back pay of about $1620, and that should be slightlyhigher if the indexing calculations done since my release are going to be re-worked based on my new actual rate of pay.

The guy I spoke to this morning said he'd have someone call me in the next week or so to go over the numbers, but in the mean time has anyone else gotten the back pay? How have the numbers worked out for you? Does anyone have insight as to how I may be wrong here, or experience with the pension centre making errors on this kind of thing in the past?

Thanks all,

Scott
 

dapaterson

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Your CFSA payment based on the average of your five highest paid years, not your pay on release.
 

Milhouser911

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Well that explains that. Silly of me to miss that bit - I had in my mind all the SISIP and VAC tops and attributed that method to the pension.

My error, thanks for sorting me out.

-Scott
 

dapaterson

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Pensions are complex and often confusing; nothing to be ashamed of.
 
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