Pension For Life: New lifelong financial support for veterans
Transitioning out of the Canadian Armed Forces into the next chapter in your life shouldn’t have to come with any financial worries, especially if you’re ill or injured. That is why on December 20, 2017, the Minister of Veterans Affairs and Associate Minister of National Defence Seamus O’Regan announced the Government’s commitment to offer lifelong financial support for Veterans through the new Pension for Life benefits.
Pension for Life is a combination of benefits that provide the recognition, income support and stability to Canadian Armed Forces (CAF) members and Veterans who experience injury or illness related to their service, that they deserve. These new benefits will come into force on April 1, 2019 and be made up of:
- The Pain and Suffering Award which recognizes service-related pain and suffering. This monthly, lifelong payment is meant to recognize members and Veterans for any pain and suffering they experience due to service. Veterans can choose a monthly payment or to cash out the award at any time and receive the balance. The monthly payment gives CAF members and Veterans the flexibility to choose what works best for them and their families.
- Income Replacement Benefit which provides income support when you need it. The monthly benefit is designed to provide income support and recognize lost career advancement when you require financial assistance during your transition to life after service. The benefit is available to Veterans and their families, for life.
- Additional Pain and Suffering Compensation which provides additional support for those with exceptional permanent impairment. This monthly, lifelong benefit is for Veterans who are experiencing limitations returning to life after service because of the quality of life issues they face, as a result of their illness or injury.
The new benefits are intended to address concerns raised by CAF and Veteran communities—it will allow CAF members and Veterans living with a service-related illness or injury to choose the form of compensation that works best for them and their families. With existing well-being programs, Pension for Life is designed to help Veterans achieve their goals life after service, whether it be education, work or retirement.
For more information on Pension For Life, Veterans Affairs Canada provides Veterans’ Stories as examples of how these benefits can be used.
For more information on Pension for Life, visit Pension For Life.
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