My Pension Value & Security
The Value of a HOOPP Pension
HOOPP pensioners know first-hand the value of the HOOPP defined benefit plan. Every HOOPP pensioner receives a basic lifetime pension based on HOOPP's pension formula.
When Janis Craig retired, she knew that, as a HOOPP member, once she started receiving a pension, it was for life.
“HOOPP lives up to my expectations of retirement pension as I am able to do lots in retirement without worry of funds running short,” she says, adding, “for future retirees: look forward to your future with no concerns.”
Some of the advantages of receiving a HOOPP defined benefit pension include:
- Reliable Payment Schedule
- Inflation Protection
- Pension Splitting
- Survivor Benefits
- Automatic Tax Deductions
When can I expect to receive my pension each month?
Enjoying your retirement means relying on regular pension payments. HOOPP offers reliable payments in or around the start of each month. And with direct deposit options, you never have to worry about receiving a cheque or having the money in your account. Please visit our Payment Schedule for specific dates for 2012.
How am I protected against inflation?
HOOPP’s inflation protection feature can help preserve the buying power of your pension over time – making every dollar count. Your service pre-2006 receives a guaranteed cost of living adjustment (COLA) equal to 75% of the Consumer Price Index (CPI), to a maximum CPI increase of 10%. For post-2006 service, HOOPP’s Board of Trustees votes annually on whether to provide inflation protection, and if there is an increase, how much it will be. Such ad hoc COLA increases range from zero to 100% of the previous year’s increase in the CPI, to a maximum CPI increase of 10%. The CPI is a monthly measure of the rate of inflation produced by Statistics Canada.
Do you offer pension splitting for my spouse or partner?
As of 2007, Canadian residents can allocate up to one-half of eligible pension income to their spouse or common-law partner – which is particularly beneficial for couples where one partner has significantly more pension income than the other.
There will be no change to how HOOPP reports or pays your pension income.
For more information, please visit the Pension Income Splitting on Canada Revenue Agency's website.
What are the terms for Survivor Benefits?
HOOPP recognizes that the need for financial security and protection extends beyond the individual Plan member. We know that there are people who depend on you for ongoing financial support. With this in mind, the Plan provides a range of valuable survivor benefits – whether you pass away before or during retirement. For more information, please visit our Survivor Benefits section.
How do taxes affect my pension?
By law, HOOPP must deduct taxes from your pension payment - much like the pay you received when you were working,
Deductions are based on the personal tax information you reported to us as a new pensioner. HOOPP can vary the amount of tax deducted from your HOOPP pension, if:
- You request that less tax be deducted.
- You have additional tax credits, such as a spousal credit, age credit, or tuition credit. A provincial or territorial TD1 form and a federal TD1 form must be completed as provincial tax credits are claimed on one form, and federal credits on the other.
- You request that more tax be deducted. Complete only the federal TD1 form and provide it to HOOPP.
