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HOOPP

Explore the pension formula

Explore the pension formula

Explore the pension formula

The Plan How Your Pension Works Explore pension formula

How does the pension formula work?

The more service you have, the greater your pension will be.

The monthly lifetime pension you will receive in retirement is determined using a formula that is based on your earnings and how much service you have built in the Plan.

Want to see the pension formula in action?

Put yourself in Tracey’s shoes and explore the example below to see how her pension can change depending on:

  • her age when she joined HOOPP,
  • if she worked full-time or part-time hours,
  • her average annualized earnings, measured over her best five consecutive years.

Try out different scenarios and see for yourself how the pension formula works.

Keep in mind: This example assumes that a member retires at age 65. However, members may retire at an earlier age with no reduction to their lifetime pension. Learn more about Early Retirement Benefits.

You work hard. Your pension works hard for you.

HOOPP has periodically approved benefit improvements for eligible active members. These enhancements build on each other to help provide even more security in retirement. Learn more about benefit improvements.

This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.