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  #21  
Old 01-24-2014, 08:49 PM
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He shouldn't have taken any hit at 60. We all take a hit at 65 though, that is when we get clawed back, our regular pension is reduced by the amount of our CPP and then some. That is the issue as we all paid for the regular, we were not allowed to make full payments to a private RRSP, until maybe the 90s and in the private sector they do not get their pensions clawed back with CPP.

The calculations that have to be made is how much is the claw back - for example if on claw back my overall pension is reduced by say 100/month, then by drawing early at 60 (with a pension of say $500.00) I can conceivably save $30000.00 dollars by the time I am 65, that in itself will make up the difference easily for 300 months. What I do not know is since my CPP will be let's say the $500.00 at 60 and if I waited to 65 to draw $1000.00, will the clawback be based on the 65 year CPP or the 60 year CPP? That is the information I am waiting for.

On another note, my baby brother retired from the OPP a couple of years ago then took a D/Chief position here in the province, he says that is the only way he could collect his pension without penalty from the OPP or something like that. :-)
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  #22  
Old 01-24-2014, 08:57 PM
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Originally Posted by rcmpvet View Post
He shouldn't have taken any hit at 60. We all take a hit at 65 though, that is when we get clawed back, our regular pension is reduced by the amount of our CPP and then some. That is the issue as we all paid for the regular, we were not allowed to make full payments to a private RRSP, until maybe the 90s and in the private sector they do not get their pensions clawed back with CPP.

The calculations that have to be made is how much is the claw back - for example if on claw back my overall pension is reduced by say 100/month, then by drawing early at 60 (with a pension of say $500.00) I can conceivably save $30000.00 dollars by the time I am 65, that in itself will make up the difference easily for 300 months. What I do not know is since my CPP will be let's say the $500.00 at 60 and if I waited to 65 to draw $1000.00, will the clawback be based on the 65 year CPP or the 60 year CPP? That is the information I am waiting for.

On another note, my baby brother retired from the OPP a couple of years ago then took a D/Chief position here in the province, he says that is the only way he could collect his pension without penalty from the OPP or something like that. :-)
Yeah that makes sense....Wait for that info to arrive before you decide....I know guys that are working and are collecting it.....LOL.....

I left the Municipal side and came over to the dark side and the O Dots have treated me great.....Really like it here.....
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  #23  
Old 01-25-2014, 05:45 PM
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I left municipal and went boer to the O dots. Only 16 more years to go. Lol.
I heard you get a better pension if you complete your DARS at the end of each shift.
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  #24  
Old 01-26-2014, 01:05 AM
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I heard you get a better pension if you complete your DARS at the end of each shift.
Spoken like a true odot. Lol. Lol.
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  #25  
Old 03-11-2014, 12:04 AM
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OPP here. Is it summer yet???
Hey fahman where abouts are you in northern Ontario. I'm RCMP in BC but grew up in northern Ontario. Hit me a pm
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  #26  
Old 03-11-2014, 03:39 AM
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Hey fahman where abouts are you in northern Ontario. I'm RCMP in BC but grew up in northern Ontario. Hit me a pm
PM sent.
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  #27  
Old 03-17-2014, 12:27 PM
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Well the numbers are finally in on pension. Without going into full amounts this is how things stack up for us RCMP members, using my numbers:

1 - The month after I turn 65, my gross monthly RCMP pension is reduced by $574.94.

2 - That same month, if I draw CPP at 65, my CPP is 868.40/month.

3 - I gain (if you want to call it that) is $293.46/month.

4 - If I draw CPP early then it will be $576.62/month, gain is $1.68. However I stand to collect an additional $34,597.20 from age 60 to age 65.

5 - If I wait to collect CPP at age 70, it will be 1233.13/month, a net gain of $658.19/month on top of the RCMP pension. However, there will still be a reduction of $574.94/month from age 65 to age 70 regardless, unless you have not started to collect on the RCMP pension in which case the reduction will only start when you start to collect. Overall one stands to lose the $574.94/month until they start to collect CPP at 70 for a total loss of $34,496.40.

Long story short, take the CPP at 65 and depending on one's lifestyle, health, etc. one may want to consider taking the early CPP at 60.

Hopefully this will help others on the forum from the RCMP, either retired or hoping to in the near future.

Yes, this was a little off-topic but the questions came up in this thread.
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  #28  
Old 07-17-2014, 06:54 PM
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Hey there, Ontario LEO here. Just joined the site.

Stay safe everyone
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  #29  
Old 07-20-2014, 05:02 PM
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welcome to the site brother!!
u.s. coast guard veteran here
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