AVCANADA

It is currently Fri Oct 20, 2017 2:53 am

All times are UTC-07:00




Post new topic  Reply to topic  [ 6 posts ] 
Author Message
 Post subject: Pension Transfers
PostPosted: Sun Mar 19, 2017 10:06 am 
Offline
Rank 0
Rank 0

Joined: Fri Jan 20, 2017 10:37 am
Posts: 1
Hello all,

I'm in the process of applying for an ATS position at Nav Canada. I'm looking at making a career change and am looking into all the impacts of making the change. I am wondering if anyone has any experience with transferring a pension into the Nav Canada Pension Plan. Given the no contribution rate (from what I understand) into the pension plan, is there any benefit of doing a transfer? I'm currently federal government and the pension plan is listed as transferable. It might, however, be a hold over from the old Nav Canada Pension plan. Thank you for any help you might have!



Top
   
 Post subject: Re: Pension Transfers
PostPosted: Sun Mar 19, 2017 5:54 pm 
Offline
Rank 0
Rank 0

Joined: Tue Nov 29, 2016 10:52 pm
Posts: 12
same boat as you, only i can't seem to find an answer here.

Any help would be appreciated - though I'll probably ask when I start if I don't hear back



Top
   
 Post subject: Re: Pension Transfers
PostPosted: Mon Mar 20, 2017 7:08 am 
Offline
Rank 7
Rank 7

Joined: Thu Apr 12, 2007 6:19 am
Posts: 570
16 years ago they refused me and another of my co workers the ability to transfer government pension / buy back time. I haven't heard of anyone doing it since, especially now with the new hires no contribution pension plan.


Top
   
 Post subject: Re: Pension Transfers
PostPosted: Mon Mar 20, 2017 9:11 am 
Offline
Rank 3
Rank 3

Joined: Thu Sep 09, 2004 4:33 pm
Posts: 118
I talked to a fellow employee, who actually took a break in service for about 5 years. When he came back, we were on the Plan B pension for new hires, and for him he would have had to pay an obscene amount for the 5 years missed, only to go from the original plan to plan b. So he would have paid back as if he was in the original pension, but when retirement comes he would only be paid out at the reduced plan. No thank you, he didn't re-buy back into it.


Top
   
 Post subject: Re: Pension Transfers
PostPosted: Tue Mar 21, 2017 5:57 pm 
Offline
Rank 0
Rank 0

Joined: Wed Nov 16, 2016 7:39 pm
Posts: 5
Hi Loopy212,

12 years ago I came from the UK and could not transfer into the NavCanada pension plan and to my knowledge nothing has changed. I therefore left the pension frozen in the UK increasing with inflation.
Last year several of us brought the pension over using the QROPS scheme and the money is in a locked RRSP (registered retirement saving plan) which is accessible at age 55 at which point tax will be paid on the withdrawn amount if you decide to take some out.
The Plan B pension which you would enter does not have 9% taken from your salary and placed within a scheme like Plan A however I believe the same provider will take money you choose to put aside and invest it in the same way that it invests the Plan A guys money ie in parallel . therefore you should get the same returns as the old hires however the difference is your plan would not be protected in the event of a market tank whereas the Plan A money is. The advantage of having your pension here in C$ is you are not at the vagaries of the exchange rate and you can, at 55, take out what you want and not what your scheme tells you you can have.
One problem, QROPS is on hold I believe with new legislation coming after April 18. Good luck with whatever you choose to do.

All of the above is my understanding of the situation but I am am prepared to be corrected.



Top
   
 Post subject: Re: Pension Transfers
PostPosted: Wed Mar 29, 2017 6:17 am 
Offline
Rank 0
Rank 0

Joined: Thu Feb 06, 2014 1:37 pm
Posts: 11
Pensionable time can be bought back, I did it 2 years ago (left RCAF, bought back almost 10 years of service). PM sent to OP.


Top
   
Display posts from previous:  Sort by  
Post new topic  Reply to topic  [ 6 posts ] 

All times are UTC-07:00


Who is online

Users browsing this forum: marcoconut and 13 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Limited
[ GZIP: Off ]

For questions/comments please send them to
avcanada@gmail.com


AvCanada Topsites List
AVIATION TOP 100 - www.avitop.com Avitop.com

While the administrators and moderators of this forum will attempt to remove or edit any generally objectionable material as quickly as possible, it is impossible to review every message. If you feel a topic or post is inappropriate email us at avcanada@gmail.com .  By reading these forums you acknowledge that all posts made to these forums express the views and opinions of the author and not the administrators, moderators or webmaster (except for posts by these people) and hence will not be held liable. This website is not responsible or liable in any way for any false or misleading messages or job ads placed at our site. 

Use AvCanada's information at your own risk!

We reserve the right to remove any messages that we deem unacceptable.
When you post a message, your IP is logged and may be provided to concerned parties where unethical or illegal behavior is apparent. All rights reserved.