Biography canadian forces pension plan administration

  • Armed forces benefits
  • Military medical pension
  • Retired military benefits

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  • biography canadian forces pension plan administration

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    DND announced changes to CAF pension administration

     

    For affected retirees, the changes should not affect pension disbursements. The changes will translate to a new contact to respond to pension-related questions.

     

    The administration of the Canadian Armed Forces (CAF) pension plans is moving from the Department of National Defence (DND) to Public Services and Procurement Canada (PSPC).   PSPC is already the primary office responsible for pension plan administration for Federal Public Service employees as well as members of the Royal Canadian Mounted Police (RCMP).

    DND will transfer the administration of CAF pension plans to PSPC in two phases. On July 4, 2016, the administration of CAF pension plans for current members - currently administered by the Directorate of Canadian Forces Pension Services at DND - will be transferred to the Government of Canada Pension Centre at PSPC located in Ottawa. Pension payments for retired CAF members and their survivors/child(ren) will continue to be supported by the Specialized Services Division at PSPC until January 3, 2017 at which time they will be administered by the Government of Canada Pension Centre at PWGSC.  According to the government, changes will be limited to administrative functions and

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    Pension Plans for the Canadian Forces – Regular Force and Reserve Force as at 31 March 2022

    1. Highlights of the report

    blankSuperannuation Account
    (Service prior to 1 April 2000)    		Pension Fund
    (Service since 1 April 2000)
    Financial position
    • The balance of the Superannuation Account is $45,322 million.
    • The actuarial value of the assets in respect of the Pension Fund is $41,091 million.
    • The actuarial liability for service since 1 April 2000 is $36,972 million.
    • The resulting actuarial shortfall is $3,100 million.
    • The resulting actuarial surplus is $4,119 million.
    Funding ratio/special credits or payments

    • It is expected that the government will make a one-time nominal credit of $3,298 million as at 31 March 2024 to eliminate the actuarial shortfall.

    • The payment takes into account the interest on the shortfall accumulated from 31 March 2022 to 31 March 2024.

    • The funding ratio is 111.1%.
    Member contribution rates
    • For calendar year 2024, the contribution rate is assumed to be 9.35% of earnings below the YMPE and 12.25% of earnings above the YMPESection 1, Table A, footnote c.
    Projected current service cost in millions of dollars
    (Calendar year 2024)
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