Injured veterans to get choice over pensions or lump-sum payments

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Ex Member on Thu 21 Jan 2016, 14:56

That's a g5o5 Riddick that's a different release bracket and concessions could be made for that type of release my point was if your medically released g4o4 and bellow you should receive a full medical pension for serving your country as your opportunities have just been diminished.I feel so dissrespected by this countryknowing what i have gone threw and sacrificed and im sure every one on here feels the same and just think of the fat it would trim no need for 90% of vac vrab it would save the tax payers money.

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by pinger on Thu 21 Jan 2016, 16:28

Damn it wild thing! You should change your handle to chainsaw man Smile

bigrex, your example of a 5 year baby lumpsum followed by a monthly pension makes sense to me. But here's hoping this GoC's options of flex don't take 5 years to evaluate...

Lot's of variables. A 25 year old at 100% versus an 80 year old at 10% and every blended issue between the two.

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Guest on Thu 21 Jan 2016, 16:39

Riddick said

Having said that....the other side of the coin is: those receiving or about to receive a disability may not have the mental well being or capacity to make a well-informed decision.

and this is my biggest concern over choice .

some guys get physically injured but will not talk about the mental injuries . one of witch is PTSD witch can lead to developing addictions such as gambling and you know the rest .

yup we can set up a lot of procedures and tests to screen who gets to make that choice and we will catch most I suppose but not all. at least a few will fall through the cracks im sure they always do it seems .

then again choice is great it truly is but what's the cost ????

just a few guys . big deal ? not a big deal?

if there is a choice very few will pay for it for the rest of their lives .

if there is no choice a few that would have opted for the buyout would not be able to get it and get a pension for life instead .

ya know kind of a personal opinion thing I guess .

id prefer no choice but not opposed to a choice as long as its done right .

as long as its the PA pension they use as the option and get it done ASAP its all good to me at least a good start anyway.

propat




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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Riddick on Thu 21 Jan 2016, 17:23

Many already know that the lump sum is not near as generous (I hate to use that term.....but it has been used by the VO and Equitas Society) or fair.

Consider......when the MVA/VAC get around to adjusting it so it is fair........it will be a larger sum (well....it should be).....this could fall into the wrong hands and a spending spree happen......but it would just make things so much better to opt for both.....I think Rex touched on it.

Take a portion cash (if needed) and the remainder as an annuity.

Depending on the disability award......the monthly pension might be negligible and make very little difference come the end of the month but a small lump some could be used for a variety of things......pay off a debit card and the outrageous interest rate, pay for a year or two of tuition, get the vehicle fixed plus??, throw it at the property taxes, go away for a much needed vacation and new memories.....etc.

Having cash in hand can allow for things a pension can't.

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Trooper on Thu 21 Jan 2016, 17:39

Very good an interesting points of views by all here...to me they should be looking at reverting back to the lifelong pension an give every Veteran who qualifies for a pension a lump sum amount equal to their first percentage assessment...together with their lifelong pension...the lump sum being a one time benefit.

This would put the Veteran in a better position an would be in my view be a better way to approach the choice Idea.
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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by bigrex on Thu 21 Jan 2016, 18:08

The thing with my proposal, is it doesn't cost the Government any more money, per Veteran, than if they take just a monthly pension. I like the thought of the lump sum being separate, but the GoC isn't going hand over that much additional money.
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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Guest on Thu 21 Jan 2016, 18:16

ya like troopers the best but im guessing it would not fly. big rexes is a common sense no cost approach that I see very little downside to . because of the no cost part im thinking the GOC could be convinced to give this a good look sometime down the road .

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by pinger on Thu 21 Jan 2016, 20:10

Just a crazy thought.

Riddick, you mentioned earlier " Having cash in hand can allow for things a pension can't. "
Yes... for a young disabled veteran. with family, a car, a divorce, a foreclosure, or bankruptsy.

Let me add, funeral expenses. Or somewhat Quality of End of Life. Not QOL.

Then again, like someone alluded to, we should be able to wipe our own ass.
Yet some can't physically, and frankly others can't mentally take care of stuff...

Just a little 2 cents.

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Trooper on Fri 22 Jan 2016, 06:04

In my time of applying for benefits it was common to start off with between 5 % an 20 % of approval assessment ...usually 5 % was the starting point unless of course it was severe enough that the percentage would start off much higher.

If they were to look into going back to this particular system...the one time lump sum payment would not be a huge cost as the majority of assessments would be low enough to lower the cost of that one time lump sum payment an if the Veterans condition or conditions were severe enough to get a much higher percentage...well they would deserve the much higher lump sum.

The Veteran could start the process of getting the lifelong pension increased as their condition or conditions worsen over time but the lump sum would not be increased as it would be a one time payment.
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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Riddick on Fri 22 Jan 2016, 08:14

Currently if someone is receiving a disability under the NVC and has received a lump sum....that lump sum is not a one time deal. If a re-assessment is done and the condition has worsened, they will receive another lump sum.

I do believe there is a two year period before a re-assessment will be allowed. I am not sure/have not heard if there any plans to change either? I just wish they would increase it to make it fair.

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by bigrex on Fri 22 Jan 2016, 08:50

Trooper, I agree that the initial assessment is usually low, but the average is still 15%, which is around $47000. So I can't see VAC paying that out, as well as the $600/mo in pensions (married with2 kids), for the same injury. But if the Veteran is still working, or even still in uniform, they could choose to take 5 years of that $600/mo, which would be $36000. Or even someone more severely disabled, even say 100% and already being medically released, could choose to take 50% of those 5 years as a lump sum, giving them an immediate $81000 as well as $1350/mo, if they are single. They would also be eligible for ELB and PIA/PIAS, so they would still have financial support until the full monthly pension kicks in after 5 years. This would also be a one time option though, and any subsequent reassessments or additional claims would be paid out as a pension.

I'm just thinking , because DND is no longer paying severance pay, anyone being medically released and moving back to their home town, will likely need money for down payments etc. Chances are they won't have enough in savings, because people can't plan on being medically released, years before their contract is up. I know I was budgeting for savings so I would have enough after 20 years, not 15.
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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by sabrelove on Fri 22 Jan 2016, 16:18

Bigrex wrote: "I'm just thinking , because DND is no longer paying severance pay, anyone being medically released and moving back to their home town, will likely need money for down payments etc."

If you are being medically released, you do get your severance pay.  The severance pay stopped accumulating 28 Feb 12 for voluntary releases.   Even if you cashed out your severance, then were medically released, you will be paid from 1 Mar 12 until your medical release date.

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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Trooper on Fri 22 Jan 2016, 16:56

Correct Sabrelove ;

"  Before: Upon release or resignation from the CF, members would receive a lump-sum
Severance Pay (Reg Force) or a Reserve Force Retirement Gratuity (Reserve Force),
based on their accumulated years of service.
* What’s New: Severance “accumulation” ceased effective 1 March 2012 for most
members (except for Colonels and above, and Legal officers in the rank of LCol and
above – see Q3 in Q&A.)
What you earned prior to 1 March 2012 is yours to keep, but you will not accumulate
further benefits.
There are exceptions for those being released medically or involuntarily (see Q5). But for
the rest of us, the number of years of service we had prior to 1 March 2102, including
partial years to a lifetime maximum of 30 years, will be the basis for the amount of
money we will receive as a severance benefit. "

More ;

Canadian Forces Severance Pay (CFSP)
6. When a member is released from the CF, how is eligible service for Canadian Forces Severance Pay (CFSP) calculated?

Under the new provisions, all severance benefits will be calculated as seven (7) days of pay for every year of eligible service, including partial years.

If a member releases under certain Items to the table to QR&O article 15.01, such as Item 3(a) or Item 3(b), they will continue to accrue eligible years of service until their date of release to a lifetime maximum of 30 years.

If a member received a payment in lieu (PiL) of a severance benefit prior to their release, their final benefit will be reduced by this amount.
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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Trooper on Sat 05 Mar 2016, 14:57

I wonder how much progress , if any , has been done thus far on the lifelong pension.

Also I wonder when we will hear a progress report on the lifelong pension.
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Re: Injured veterans to get choice over pensions or lump-sum payments

Post by Rifleman on Sat 05 Mar 2016, 15:39

Sorry to say trooper I really don't think anytime in the near future it seems to me he is dabbling in everything that really has nothing to do with vetrans priorities just my thoughts check his Facebook page

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