Canadian Soldiers Assistance Team (CSAT) Forum

New Pension for Life Delay

Page 2 of 2 Previous  1, 2

Go down

Re: New Pension for Life Delay

Post by BinRat on Mon 11 Jun 2018, 22:30

Hey Sigs Pigs...
1 point your actually 110% but ya, they only pay to 100%

I can take a boo at your numbers, though there will be a Plus or Minus since I don't know the month in each year that you got your award, so I was running some numbers based of getting each award in June of each year, so I have some numbers, But the one part I don't have, so if you can send me a PM with answer is Your age. Since to figure out the ongoing payments monthly / Lump I would need to know Your age, so I can figure out to your 83rd birthday, and get what your divided back monthly amount would be, or what you can take as a lump sum of that amount if you so desired.


So if you can PM me that info I can figure out the remaining amounts, Thanks

BinRat
CSAT Member

Number of posts : 262
Location : Komoka
Registration date : 2008-09-18

Back to top Go down

Re: New Pension for Life Delay

Post by SIGS PIGS on Tue 12 Jun 2018, 07:35

good morning BinRat,
I just turned 56 on June 03/18

SIGS PIGS
CSAT Member

Number of posts : 21
Location : Trenton Ontario
Registration date : 2017-02-02

Back to top Go down

Re: New Pension for Life Delay

Post by bigrex on Tue 12 Jun 2018, 18:55

was the initial 10%, increased to 20% in 2015? It's the only thing that makes sense, since otherwise it adds up to 110%. Unfortunately, making calculations for the PFL are very complicated, even for a single LSA. it involves what month you were approved for each award, how much of the top was assigned to each award, your age, and your life expectancy.

lets try looking at just your first 10% award separately, as an example.  If it was approved in Apr 2010, they would calculate exactly 9 years worth of a 10% PFL, retroactive ($115/mo x 108 months = $12420). Then, they deduct that amount from the previously paid LSA of $27607, plus say $3000 as part of the top up. $30607-$12420 = leaving a balance owing of $18187.

Now if they say that you have a life expectancy of another 28 year (to age 85), that balance owing is divided over those 28 years, $18187 / 480 months = a reduction of $54/ mo. So the PFL for that initial 10% award would be reduced to roughly $61/mo. These calculations will adversely affect older Veterans more, because that balance owing will have to be paid back over a smaller amount of time, meaning their PFL will be significantly less than someone in their 20's or 30's. even if their level of disability are the same.
avatar
bigrex
CSAT Member

Number of posts : 3288
Location : Halifax, Nova Scotia
Registration date : 2008-09-18

Back to top Go down

Re: New Pension for Life Delay

Post by SIGS PIGS on Wed 13 Jun 2018, 21:16

Thanks BigRex,

Nobody knows exactly what the formals is???

SIGS PIGS
CSAT Member

Number of posts : 21
Location : Trenton Ontario
Registration date : 2017-02-02

Back to top Go down

Re: New Pension for Life Delay

Post by bigrex on Wed 13 Jun 2018, 21:45

That's the problem. It's not a set formula, like (A + B) - C = D, that simply applies to each Veteran. There are so many factors, and variables involved, that even the experts who have come up with this scheme, will have to use a computer to calculate, how much each Veteran will be getting, going forward, if anything at all. My father is now sitting at 100%, but 80% of that wasn't approved until the last 5 years, since turning 65, so most likely his PFL will be zero.
avatar
bigrex
CSAT Member

Number of posts : 3288
Location : Halifax, Nova Scotia
Registration date : 2008-09-18

Back to top Go down

Re: New Pension for Life Delay

Post by pinger Yesterday at 20:59

Hiya SIG PIGS,

You ain't alone. April 2019. I don't have a clue either but I will go to VaC next Jan./Feb. and perhaps by that time they might (?) ... have a concise clue on the ramifications that effect my benefits.
And brown envelopes don't help.
Hell, We need retired military accountants.

Stay safe all. pinger.
avatar
pinger
CSAT Member

Number of posts : 1243
Location : Facebook-less
Registration date : 2014-03-04

Back to top Go down

Re: New Pension for Life Delay

Post by Sponsored content


Sponsored content


Back to top Go down

Page 2 of 2 Previous  1, 2

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum