Your HOOPP pension can help contribute to a stable, predictable income in retirement. When you pass away, survivor benefits can help provide for your loved ones.
If you have a spouse
When you retired, you were asked to choose whether you would like to provide your surviving spouse with a monthly lifetime pension of 60%, 80% or 100% of your monthly pension. When you pass away, the monthly pension that your spouse will receive is based on the choice that you made.
Keep in mind that the person who was your spouse when you retired is, by law, entitled to receive survivor benefits, even if you later divorce or remarry.
If you don’t have a spouse
If you didn’t have a spouse at retirement, and you pass away before receiving 15 years of payments (180 payments), your beneficiary(s) will receive your monthly pension for the balance of the 15-year period. If your beneficiary(s) also passes away before 180 payments have been made, the value of the remaining pension payments will be paid to your beneficiary's estate as a lump sum.
If you get married or remarry during your retirement, you may be able to provide your new spouse with a HOOPP survivor pension. Some conditions apply. For more information, call HOOPP Client Services.
It is important to name a beneficiary(s) even if you have a spouse. If there are any HOOPP benefits remaining after both you and your spouse have passed away, they will be paid to your beneficiary(s). You can update your beneficiary information by completing a Beneficiary Designation form and sending it to HOOPP.