These days, few people stay with one employer for their entire working life. You may work for different employers in the healthcare field as you build your career.
Portability is one of the advantages of being a HOOPP member. If you leave your job and go to work for another HOOPP employer, immediately or in the future, your pension can come with you!
What are my options for my pension if I leave my employer?
- Leave your pension benefits in HOOPP: This will allow you to begin your pension at a later date (as early as age 55) or to continue to grow your pension should you choose to work for a HOOPP employer in the future;
- Transfer your benefits to a locked-in retirement savings plan (e.g., LIRA): This option is only available if you are under age 55; or
- Transfer your benefits to a different pension plan with a non-HOOPP employer, provided your new employer accepts the transfer
If you don’t return to work for a HOOPP employer, you will build no further benefits in the Plan. However, you will still be eligible to receive a pension, based on the benefits you already earned. Your deferred pension is also eligible for any cost of living adjustment (COLA). Remember, the pension you receive in retirement is payable for the rest of your life.
Wondering which employers offer HOOPP? More than 490 employers across Ontario now offer the Plan. Check out the list of HOOPP employers or contact HOOPP Client Services for more information.