My Pension

Bridge Benefit

Working in the healthcare sector is demanding. So, it's no surprise that many members choose to retire before reaching age 65.

But early retirement may mean waiting until you are eligible to receive some government pensions.

BRIDGE THE GAP

HOOPP offers early retirement provisions, including an unreduced pension at age 60 and a bridge benefit that's payable if you retire while aged 55 to 64.

The bridge benefit is a monthly payment that supplements your basic lifetime pension until age 65 when full government pensions typically begin.

The bridge is intended to increase your basic lifetime pension to a full 2% of your average annualized earnings for each year of contributory service.

In other words, the full bridge equals 0.5% of your average annualized earnings up to the average Year's Maximum Pensionable Earnings (YMPE) at retirement for each year of contributory service.

It is important to note that the bridge benefit, as well as your basic lifetime pension, will be reduced – as shown in the Early Retirement Table – unless you have at least 30 years of eligibility service or are age 60 or older at the time of retirement.

The bridge benefit is payable until age 65 or your passing, whichever occurs first. It is not payable if you are receiving a HOOPP disability pension.