Mr. Chair, I am happy to answer the member's excellent question.
This government was pleased to introduce a modernized pension plan for the Canadian Forces that benefits regular and reserve members of the Canadian Forces. This modernization was recommended in 1998 and now we are following through and getting the job done for the Canadian Forces.
All members of the Canadian Forces, regular and reserve, will benefit from the modernization of the pension system. These changes will improve the quality of life of our members. They will encourage Canadians to join the Canadian Forces. They will also encourage our regular and reserve force members to continue their service to Canada and Canadians.
For the regular force, the changes to current pension arrangements include a broader range of pension benefits.
The reserve force is the last large federal public sector workforce without a pension plan. It is estimated that in excess of 21,000 reserve force members will now be entitled to coverage under the Canadian Forces Superannuation Act.
Implementation of the new pension arrangements will give all CF members pension coverage comparable to the pension plans provided to other federal public sector employees, and the coverage will still take into account the exigencies of military service.
For example, the new pension arrangements include an immediate pension payable after 25 years of service in the CF and also provide an expanded opportunity for the portability of members' earned pension entitlements. This means that pension credits will not be adversely affected by members' military service and Canadian Forces members will have greater financial flexibility and security in planning their future.
The modernization of this pension plan is of benefit to all Canadian Forces members, both regular and reserve, but as the member has pointed out, it is also a historic recognition of the service of reservists. Their contribution to the defence of Canada and support of Canada's role in the world are appreciated by all Canadians. Canada's new government is pleased to extend pension benefits to our brave men and women in the army, navy and air force reserves.