Typically, the pension you receive in the long run will be more than your total contributions. In fact, most members receive their contributions back in the form of pension payments within three to four years after retiring.

A defined benefit (DB) pension like HOOPP is reliable because it’s based on a formula, not stock market returns. You’ll receive a stable and secure monthly income for as long as you live – even if you live to be over 100 years old!

Since your employer automatically deducts your contributions from each pay cheque, you don’t pay any taxes on that portion of your salary. You’ll see this reflected on your T4 each year.

When you join, you automatically contribute to the Plan each pay period. Your employer also contributes $1.26 for every dollar you contribute. Since HOOPP’s team of investment professionals work to keep your pension secure until you need it, you don’t have to make investment decisions or stress about market fluctuations.

If you leave your job and move to another healthcare organization that also offers HOOPP, you can continue to grow your pension. There are more than 700 organizations that offer the Plan across Ontario.

With HOOPP, you get a lot of great benefits that would be hard to find elsewhere, like early retirement options, survivor benefits for your loved ones, inflation protection, when applicable, and more.