As one of the strongest and most stable pension plans in Canada, HOOPP is dedicated to delivering on the pension promise to you, our valued members. With over 460,000 members and 670 participating employers, membership continues to grow and we continue to expand access to retirement security for even more Ontario healthcare workers like you.
Last year, we welcomed 35 new employers to the Plan, including hospices, community care and family health teams. “We believe that Ontario’s healthcare workers, wherever they work, deserve a secure lifetime pension in retirement,” says Steven McCormick, Chief Pension Officer at HOOPP.
The benefits of growth
New members are important to the ongoing strength of the Plan and membership growth continued in 2023, with the Plan adding approximately 20,000 new members overall.
Expanding access to more healthcare organizations also helps ensure that you can progress in your career while continuing your membership in the Plan, even if you change employers. One of the advantages of being a HOOPP member is that your pension is yours to keep. If you leave your job, you are still a member of the Plan, so you can keep your pension with HOOPP. And if you join any of the more than 670 participating employers across Ontario, you can continue building your pension with HOOPP. More employers joining the Plan creates more flexibility for you.
In addition to supporting members in retirement, HOOPP is also a major contributor to the Canadian economy, paying out more than $3 billion in pension benefits annually. Did you know that HOOPP members make up more than 1% of Canada’s population? This creates a significant impact for local economies because our retired members spend their pension income in their communities, which enriches both the member’s retirement and the economic growth in the area where they live.
The value of retirement security
Defined benefit pension plans, like HOOPP, are an efficient and effective way to save for retirement. As many of us are feeling the effects of inflation, volatile markets and a lack of affordable housing, Canadians of all ages continue to recognize the value of pensions and the opportunities they bring. In fact, according to the 2024 Canadian Retirement Survey, the vast majority (86%) believe it’s in everyone’s interest for more people to have better retirement savings and most (78%) agree that the pensions we build today are the fuel for tomorrow’s economy.
We believe that when more Canadians have access to a secure retirement, we all benefit. HOOPP has served Ontario’s healthcare community for more than 60 years by providing a secure lifetime pension in retirement. We look forward to continuing to serve and grow our membership in 2024 and beyond.