Whether you’ve joined HOOPP recently or you’ve been in the Plan for years, it’s never too early to ask “When can I retire?” With HOOPP, you have options!
Retire as early as age 55
You can retire as early as age 55, usually with a reduction in your pension.* Your pension is reduced if you start collecting it at a younger age because you will probably receive it for a longer time. If you choose to retire at age 55, you will receive a monthly bridge benefit in addition to your HOOPP retirement pension. The bridge benefit is temporary; it is paid until you reach age 65 because that’s the age when Canada Pension Plan and Old Age Security typically begin.
*If you’ve reached 30 completed years of eligibility service, your pension will not be reduced.
Work until age 60
Once you’ve reached age 60 you can retire without any reduction in your pension. On the other hand, if you choose to continue working, your pension will continue to grow!
Retire after age 65
If you work past age 65, you can keep contributing to HOOPP and building benefits until November 30 of the year in which you turn 71. Pensions that start after age 65 are also increased to reflect the fact that you are starting your pension payments later.
To learn more about early retirement reductions, check out HOOPP's retirement table. You can also use the HOOPP pension calculator to help you estimate how much you will receive each month. For more information, contact HOOPP Client Services.