Pension Transfer Questions

[rasputin]

Hi All,

    First post here.  I searched for this topic but didn't find an answer (or at least an answer moving in the direction I am thinking).  I found a few similar topics posted to this section so figured I'd try here.

    I'm wondering about the transfer of pension from PSSA to CFSA.  I know it is possible but am wondering if anyone knows what rate it is at (for instance is it 1 year PSSA equals 1 year CFSA or is it a fraction)?

    I am debating enlisting again due to some recent structural changes where I work that don't sit particularly well with me.  I have essentially 14 months of military service along with 12 full years of provincial government service.  My intention would be to enter as a DEO.  I'm the kind of person who likes to get all of his ducks in a row before I make any decision and first and foremost I would want to know how my pension transfers over and roughly what I would be looking at for years of service required.

    Any help would be appreciated.

 

[dapaterson]

PSSA full-time periods are one to one to the CFSA.  If part of your PSSA is from part-time service I'm not sure how it works.  Provincial pension acts may have different terms from the PSSA - look for SPecial Election regulations for the CFSA< they may contain more info on buying back time from a provincial vice federal plan.

Review the CFSA, as I am not certain whether the years you buy back from PSSA count towards reaching 25 years for an immediate annuity.  It may be that they would count as time towards a pension (ie each year worth 2%), but not count as eligible time towards an immediate annuity.  Rules involving buybacks / transfers are complex.

 

[Pusser]

Do provincial civil servants fall under the PSSA (which is a federal act/program)?  I would be surprised if they did.  It may be pensionable time under the CFSA, in much the same way that service in the Australian Army is, but as in that scenario, I suspect the pension would have to be purchased (i.e. you would cash out the old pension and then buy into the CFSA).  You're not likely to find the answer you're looking for here.  You need to go to ask the CFSA experts at DGCB.

 

[Neill McKay]

Do provincial civil servants fall under the PSSA (which is a federal act/program)?

Not in New Brunswick, although I understand that there's an agreement in place to transfer between the two plans.

 

[mariomike]

Do provincial civil servants fall under the PSSA (which is a federal act/program)? 

This may help.
"Pension Transfer Agreements: List of employers and effective dates":
http://www.tbs-sct.gc.ca/pubs_pol/hrpubs/Pensions/ypp2-eng.asp#Toc497204697

 

[rasputin]

Thanks for the replies.  Yes, New Brunswick civil service is under what's called Public Service Superannuation Act (as you can see from point 46 in the link provided by mariomike).  What confuses me a bit is I'm not sure if it is just under the same name but a different plan or what?  I'm going to call a provincial number for more clarification.  It is definitely transferable though, I just don't know if it's 1 for 1 or not.  Also not sure if what is transferred counts towards your 25 years service or just adds in to your pension?  Yes, my service there has been full time.  Also, I have contacted CFSA and they were largely useless.  Sigh.....reminds me of the reason I ended up leaving in the first place.....a lot of people providing little information (not you guys but some of the admin I dealt with).  Stopped by a local recruiting centre for some info Thursday and unfortunately he couldn't answer many of my questions either.  I suspect pecking away here will be most useful.  I have a former friend I will contact as well who was a teacher from PEI and transferred into DEO and is now a Major involved in defusing bombs I believe.  Anyhow, he'd at least be able to fill me in on how it worked for him.

 

[old fart]

rasputin...was this who you contacted?

http://www.admfincs.forces.gc.ca/cu-cn/index-eng.asp

"All other pension-related inquires should be sent to:"

pensioninquiries@forces.gc.ca

 

[rasputin]

Yes, I phoned the number listed in that link.  Didn't help too much unfortunately.  May have just gotten the wrong person too.  Sometimes you just have to get the right one.

 

[Occam]

You'd better be careful which legislation you're referring to - you are not talking about the Federal Public Service Superannuation Act, you're talking about the Public Service Superannuation Act-NB, which is provincial legislation.

It appears the contributions can be transferred from the PSSA-NB to the PSSA; it's not so clear if contributions can be transferred from the PSSA-NB to the CFSA.  Looking at the CFSA legislation, it appears to me that it cannot - but you would be extremely wise to contact the Pension people at the e-mail address that old fart posted.

 

[jollyjacktar]

I came to the CF from the Alberta Provincial Gov't service.  I could not transfer my pension upwards.  I was told that if I was going the opposite direction I could take it with me.  I was advised to turn my AB funds into RRSP.  Can't speak for any other jurisdiction or currently as this was in 89 for me.

 

[old fart]

If we are talking Provincial based on the last poster and a read of the basic transfer info, it does not look good.

http://www.admfincs.forces.gc.ca/dcf-dsp/rfpb-rpfr/index-eng.asp

Hopefully, a letter etc will provide the answers needed.

Best of luck....

 

[rasputin]

OK, to provide an update to those who were kind enough to reply, I have found the following:

NB can transfer between PSSA-NB and PSSA but not CFSA.  So basically any federal department save DND is OK.  That said, I would have the option to either withdraw my contributions and roll them into an RRSP or something or I could leave them in the PSSA-NB accruing interest and being both protected and with inflation adjustment and withdraw from there upon retirement.

Long story short is I'd likely be looking at doing the 25 year military commitment (should I decide to re-enlist) and figuring my pension based on adding the two sources.  Next step I guess would be figuring (on average) what rank a person could reasonably expect to attain (hence top 5 year earnings) in 25 years as DEO to enable me to roughly figure what I could expect.  Of course there'd be numerous thing factor into that but at least it gives me a start.

 

[lmorin86]

Hello,

I would like to know if I can transfer a pension from my old job(civilian) to the military??

If so, who can I ask the info at my Base?


Thanks!

 

[mariomike]

I would like to know if I can transfer a pension from my old job(civilian) to the military??

For details on Pension Transfer Agreements, you can contact the Government of Canada Pension Centre.
https://www.tpsgc-pwgsc.gc.ca/remuneration-compensation/services-pension-services/pension/cn-cu-eng.html

Pension transfer agreements
https://www.canada.ca/en/treasury-board-secretariat/services/pension-plan/plan-information/public-service-pensionable-service.html#toc3