To help pensions keep up with inflation, HOOPP’s Board of Trustees has approved a 2025 full cost-of-living adjustment (COLA) of 2.36%. Based on this approval, retired and deferred members’ pensions will increase to reflect the higher cost of everyday goods and services.
The increase of 2.36% equals 100% of the rate of increase in the Consumer Price Index (CPI) in 2025.
The increase will be effective April 1, 2026.
What does this mean for you?
Retired before 2026? You will see your monthly pension payments increase on April 1, 2026. If you started your pension part way through 2025, you will receive a pro-rated increase.
Deferred your pension before 2026? You will see the increase to your future pension on your annual statement this spring. If you no longer work for a HOOPP employer and have deferred your pension, you benefit from any approved COLA both before and after you retire.
Active member still working? You can look forward to a secure lifetime pension when you retire, knowing that HOOPP may also offer inflation protection to help you keep up with rising costs during your retirement.
What is inflation protection?
When approved, inflation protection increases your pension to help your monthly income keep up with rising prices. We call it a cost-of-living adjustment, or COLA, but you may see it referred to elsewhere as “indexation” or “indexed to inflation.”
While COLA isn’t guaranteed every year, the HOOPP Board of Trustees understands the importance of inflation protection and is committed to helping pensions keep up with the cost of living. Each year, the Board reviews and decides whether to provide an increase.
At HOOPP, COLA is based on the Consumer Price Index (CPI), which is Statistics Canada’s measure of changes in the cost of living.
How does inflation protection help you throughout retirement?
The cumulative impact of COLA over time can have a significant impact on your pension.
For example, a HOOPP member who retired ten years ago now has a monthly pension that is about 30% higher than the day they retired — because of inflation protection provided by HOOPP. The price of groceries, gas, clothing, and travel have all increased over this period, and COLA helps members keep pace.
Inflation protection can help transform your “fixed income” into an “indexed income” so you can continue to afford the things you need (and want!) throughout your retirement.
Learn more about inflation protection.