Actuarial Analysis - Follow up Report

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Actuarial Analysis - Follow up Report

Post by 6608 on Fri 02 Jun 2017, 09:47

Here is the actuarial analysis report on the NVC from ombudsman.....................



Executive Summary
This report evaluates the changes that were made to the NVC financial benefits since the 2013 OVO Report: Improving the New Veterans Charter: The Report and its accompanying Review: Improving the New Veterans Charter: The Actuarial Analysis. This updated actuarial analysis looks at the current suite of NVC financial benefits, considering the effects of eight different scenarios on lifetime compensation for Veterans. The scenarios include the five scenarios from the 2013 report of Veterans who are deemed TPI and three new scenarios: two scenarios of Veterans who are not TPI and one survivor scenario.

The key findings of this Report are:

Four new benefits and eight enhancements to the NVC were implemented, resulting in additional complexity. Communicating and administering the intricacies and interrelationships of these benefits to Veterans and their families has been challenging.
The increase to the Earnings Loss Benefit has had the most significant effect on NVC recipients in that it increases lifetime compensation for the greatest number of Veterans including those that are TPI, non-TPI and survivors.
The Permanent Impairment Allowance (PIA) and PIA Supplement (PIA-S) contribute significantly to the lifetime compensation for Veterans who are TPI.
New benefits such as the Family Caregiver Relief Benefit (FCRB), the Critical Injury Benefit (CIB) and the Retirement Income Security Benefit (RISB), while improving the financial situation for some Veterans, have a limited impact on the broader Veteran population, as few Veterans are eligible for these benefits.
It is unclear whether the needs of Veterans who are not TPI are being met.
While lifetime compensation to survivors has increased more under the NVC than under the Pension Act (5 percent more after tax), compensation after age 65 has not been studied to determine if the annual dollar values are meeting the financial needs of survivors.
Both lifetime and annual compensation totals are important. When you receive the compensation is as important as how much you receive. While the value of the lifetime total may be adequate, depending on when the Veteran receives these payments, there may be times when compensation does not fully meet the Veteran’s, or their family’s financial needs.
To better address the needs of Veterans, the Minister of Veterans Affairs and the Department of Veterans Affairs must review and assess the current financial benefits to reduce complexity and ensure that the needs of Veterans who are not TPI, and all survivors, receive the financial benefits they require over their lifetime, and more specifically, when they are required.

This report concludes that VAC has made a number of improvements to the NVC suite of financial benefits since the 2013 Actuarial Report; however, there remain areas requiring further review and improvement. As a result, the Veteran’s Ombudsman makes the following recommendations:

Recommendation 1: That the Minister of Veterans Affairs, by 1 April 2019, consolidate financial benefits to reduce complexity and better address the financial needs of Veterans and survivors.
Recommendation 2: That VAC assess the level of financial support it provides to Veterans who are not TPI to ensure that their financial needs are being met and publish the results of that assessment by 1 April 2018.
Recommendation 3: That VAC assess the level of financial support it provides to survivors to ensure that their lifelong financial needs are being met and publish the results of that assessment by 1 April 2018.
Recommendation 4: That VAC review when financial benefits are being delivered to Veterans and their survivors to ensure that their financial needs are being met and publish by 1 April 2018 the benchmarks used to measure that financial support.
Implementing these recommendations will make a positive difference in ensuring that ill or injured Veterans and their families receive the lifetime financial compensation they need and deserve as a result of their service and sacrifice to Canada.



Some interesting numbers in here like number of veterans in recipient of the certain benefits.......




http://www.ombudsman-veterans.gc.ca/eng/reports/reports-reviews/actuarial-analysis-follow-up#d





Cheers
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Re: Actuarial Analysis - Follow up Report

Post by Vet1234 on Fri 02 Jun 2017, 12:52

I was thinking the same when I read it. Quite surprising and informative.
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Re: Actuarial Analysis - Follow up Report

Post by Iceman on Fri 02 Jun 2017, 13:52

i was REALLY surprised when i read it that out of 69,739 PA personnel 7,096 people receive the Attendance allowance, and that out of 55,698, only 178 people receive the FCRB as of the summary date.


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Re: Actuarial Analysis - Follow up Report

Post by Trooper on Fri 02 Jun 2017, 16:10

The OVO is a go with the flow type of individual. He wants to stay in his position as long as he can. He does not cause waves and uses words like there's more reviews and improvements needed moving forward, these types of words fits well within his circle of the DMVA and MVA. Make no mistake, these three individuals look after themselves first. The OVO believes that the NVC is superior than the pension act, others may also believe that, I do not believe it for one minute.

Letter from the Minister


Ottawa, ON - May 30, 2017


http://www.ombudsman-veterans.gc.ca/eng/media/news-releases/post/43



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Re: Actuarial Analysis - Follow up Report

Post by Dannypaj on Sat 03 Jun 2017, 08:35

Implementing these recommendations will make a positive difference in ensuring that ill or injured Veterans and their families receive the lifetime financial compensation they need and deserve as a result of their service and sacrifice to Canada.
The Government of Canada maybe understanding our rightfully well intentioned request of lifetime financial compensation.
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