It's complicated and is changing every year (rate you pay into pension has increased a lot over the last 5-10 years) but after 25 years you are eligible for an immediate pension (or lump sum to be put into an appropriate financial vehicle RRSP/RRIF etc). If you don't get to 25 years and are in for at least 10 (I think that is the number) you get the pension at Compulsory Retirement Age (60) or you can take a return of contributions. Better part is if you get a job at another Federal Gov't department (TC, TSB, RCMP etc) the previous pension contributions, you and the government have made, are directly transferrable.Redmud wrote: ↑Tue Jan 12, 2021 10:17 am All this talk about pension got me thinking - I always wondered if aircrew who do the minimum years (not sure how many years that is) and then retire from the Forces in Canada start getting pension payments the day they leave, or do they first start getting pension payments after 65? I always wondered about that.
Thanx
Red
the Defined Benefit is 2% per year served of your best five years (usually your last five as pay in the Gov't never goes down)
$100,000 per year and 25 years = $50,000 yearly pension paid bi-monthly minus taxes