On 7 July 2005, the Treasury Board (TB) Secretariat announced the following two changes to the three major public sector pension plans, i.e. those applying to the Public Service employees, the Canadian Forces members, and the RCMP members. Decrease in the reduction applied to the retirement pension at age 65 The Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) integration/ coordination provision embedded in the three relevant pension plans will be eventually modified in order to decrease the amount of the reduction applying to the retirement pension at age 65 (or upon any earlier disablement as applicable). Indeed, the reduction factor would gradually be lowered beginning in 2008 from the current level of 0.7°/o reaching 0.625°/o in 2012. Since many FSNA members have complained about the fact that this provision will not apply to pensioners born before 1943, FSNA's National President has written to the Minister of National Defence, copy to the President of the Treasury Board, to convey this concern. The recommendation to change the pension reduction from 0,7 to 0,625 still needs parliamentary approval. A detailed description of these changes is posted on the Canadian Forces Web sites: www.forces.gc.ca/dgcb/dpsp/en graph/faq_e.as
Supplement
Eval SOURCE RELIABILITY
A -completely reliable
Eval INFO CREDIBILITY
1 -cfm fm other source
COMPONENT
Source
(Extract FSNA Newsletter ""On Guard"" Vol 43 No 3)
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