Preparing for retirement: Royal Canadian Mounted Police pension
Congratulations! Planning for retirement is an exciting event in your life and requires some important decisions. The following questions and answers will provide you with a variety of tools and products to help you choose the benefits that are right for you.
You may want to know…
Can you increase your pensionable service and/or service in the force prior to retirement?
You may have periods of prior service that you can buy back as a way of increasing your pension. Any service buyback has to be made before you retire.
You may buy back all or part of a period of prior service. If it is for a portion only, it usually must be for the portion that occurred most recently.
If you want to estimate the cost of buying back previous service and see the resulting increase in your pension, please use the Personalized Pension Tools; Service buyback estimator, within certain Limitations. More details are available in the Service buyback package.
You must be connected to the Royal Canadian Mounted Police (RCMP) internal network to obtain access to the Personalized Pension Tools.
- You may increase your pension
- You increase protection for your beneficiaries
- You can reach 35 years of pensionable service earlier
- You can retire earlier
If you retire but haven't finished paying for an existing service buyback, the unpaid instalments will be deducted from your monthly pension payment. For more information, please refer to the Service buyback package.
You may also want to speak with your financial advisor about the pros and cons of buying back service.
What steps should you follow when preparing to retire?
- Step 1: Take the time to familiarize yourself with your pension options.
If you have at least two years of service in the force, you may be entitled to one or more of:
If you have less than two years of service in the force, generally you are entitled to some combination of the following:
You may also be eligible to transfer all or part of your accrued pension credits to another pension plan by way of a Pension transfer agreement regardless of the number of years of pensionable service.
Before requesting transfer of your pension credits by means of a Pension transfer agreement, compare the provisions and benefits of your new employer's plan to those of the RCMP. Take a close look at factors such as health and dental care coverage available at retirement.
More detailed information on the retirement process, required forms, and impact on insurance benefits can be found in the Pension Entitlement Information Package.
- Step 2: Find out the value of each of your pension options.
Examine your most recent personal Pension Benefit Statement, as it provides you with a summary of your entitlements and their approximate value. The Personalized Pension Tools; Pension Calculator can also help you estimate your pension.
- Step 3: Find out which of your insurance benefit plans continue after retirement.
- If you're entitled to receive an on-going pension benefit under the RCMP Pension Plan then you're eligible for coverage under the Public Service Health Care Plan (PSHCP). You must apply for this coverage
- Pensioners' Dental Services Plan (PDSP) is an optional plan that provides dental services coverage to eligible RCMP pensioners and their eligible dependents. It provides coverage for specific services and supplies that aren't covered under a provincial health or dental care plan. The plan used by your spouse and eligible dependents while you were an active RCMP member ends immediately when you retire
- RCMP Group Life and Accidental Death and Dismemberment Insurance plan coverage may continue if you're eligible to receive a pension benefit under the RCMP Pension Plan. Detailed information may be found on the Morneau Shepell website
- Step 4: Estimate what your financial requirements will be when you leave the RCMP
Who should you notify once you've chosen your retirement date?
You may contact RCMP National Pay Operations at 1-866-729-7293 for any pay related discharge questions and the Pension Centre for any pension related discharge questions. You must notify your commanding officer / supervisor once you've chosen your retirement date. This should be done at least four months in advance of your retirement date.
How do you choose a pension benefit option?
The Pension Centre will provide you with a Pension Benefit Options Statement which you must complete in order to choose your benefit option. Detailed information on the retirement process, required forms, and impact on insurance benefits can be found in the Pension Entitlement Information Package.
Why does your Royal Canadian Mounted Police Pension Plan bridge benefit stop at age 65?
The bridge benefit portion of your RCMP pension will stop when you reach 65 or earlier if you begin to receive Canada or Quebec Pension Plan (CPP/QPP) disability benefits. This is due to the Canada Pension Plan/Quebec Pension Plan Coordination of contributions and benefits.
Does your retirement date affect the pension increases (indexing) you receive?
Yes, your retirement date can affect the timing and amount of your indexation.
The Royal Canadian Mounted Police Superannuation Act (RCMPSA) provides for annual increases for all retirement and survivor benefits, based on a rise in the Consumer Price Index (CPI). Indexation is calculated on January 1 following your first year of retirement and is compounded each January 1 thereafter.
For Civilian Members, indexation is accumulated from your date of retirement and payable January 1 or the following year.
For Regular Members, however, the date that indexation rate becomes payable varies depending on your age and pensionable service on the date of retirement.
- If you retire with a pension at age 60 or older, indexation is accumulated from date of retirement and payable January 1 of the following year
- If you retire with a pension before age 60, the indexation rate accumulates annually, and becomes payable on the first of the month in which the earlier of the two following events occur:
- Your 60th birthday or
- The first day on which you are at least age 55 and where age plus complete years of pensionable service totals at least 85
For both Civilian and Regular Members, if you retire with a Deferred Annuity payable at age 60, annual indexation rates are pro-rated and compounded as above, and become payable as of the first of the month of your 60th birthday.
What happens if you've not yet finished paying your pension contributions or benefit/premiums contributions for your period of leave without pay when you retire?
Any pension and/or contributions still owing for a period of leave without pay will be deducted from your pension payment. Information on payment options can be found in the Pension Entitlement Information Package.
Any insurance benefit premiums or contributions still owing for a period of leave without pay also have to be paid when you retire. Please contact your insurance advisor, Morneau Shepell for more information.
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