ABOUT THE PLAN
Plan for a Better Tomorrow
As a member of the Healthcare of Ontario Pension Plan (HOOPP), you belong to one of the country’s most respected and financially secure defined benefit pension plans. Membership in HOOPP can bring you peace of mind and the freedom to enjoy retirement knowing the benefit you will receive.
This is due to the fact that HOOPP offers its members a lifetime pension based on a formula that takes into account earnings and length of service in the Plan.
Once you start receiving a pension, you receive it for life. It’s that simple.
And you’re not contributing to your pension alone. For every $1 you contribute, your employer is contributing $1.26 – making HOOPP a cornerstone of your retirement savings. While you are contributing to your pension with HOOPP, we are investing your contributions and those of your employer wisely – with a long term view. Visit our Learning Resources to learn more.
What are the benefits?
Early Retirement
Those who work in the healthcare sector know the high demands of working in the field. HOOPP recognizes this and offers valuable early retirement provisions such as retirement at age 55, an unreduced pension at age 60 (or earlier for those with 30 years of eligibility service at retirement) and a ‘bridge benefit’ that's payable to early retirees until they reach age 65.
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Inflation Protection
Every dollar counts - especially as members retire earlier and live longer. HOOPP's inflation protection is decided upon yearly and helps to safeguard the buying power of every pension dollar.
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Survivor Benefits
HOOPP understands that loved ones are an integral part of your life and that they may depend on you for income security.
HOOPP’s valuable survivor benefits are available whether you pass away before or after retirement.
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Disability Benefits
Should a disability leave you unable to work for extended periods of time, you may be able to build service in the Plan without having to make pension contributions. Those who are totally and permanently disabled may qualify for an immediate unreduced pension, based on service earned to date.
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When you’re on the move
It is not uncommon for healthcare workers to work at several employers throughout their entire career. Because HOOPP is a multi-employer plan - meaning we are offered at most healthcare establishments in Ontario - it's easy for you to grow your pension as you move from one HOOPP employer to another.
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HOOPP Connect – Members’ secure online resource
HOOPP's self-serve website for members and pensioners provides electronic access to your pension information. Using this online resource you can perform a number of transactions at your convenience!
Once the Terms of Use have been accepted and you have registered as a new user, you will be able to access the online convenience of HOOPP Connect.
HOOPP Connect gives you the option to:
- Receive your annual statement electronically
- Review your pension information online
- Estimate your pension income before you retire
