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HOOPP

Early Retirement

Early Retirement

Working in the healthcare sector is demanding; it’s no surprise that many members choose to retire before reaching age 65.

As a member of HOOPP, you can choose to retire as early as age 55. Your pension will be reduced to reflect the fact that you are likely to receive it for a longer time. If you retire before age 65, you will receive a monthly bridge benefit in addition to your retirement pension. It will be paid until you turn age 65, the age when you can begin receiving Canada Pension Plan (CPP) and Old Age Security (OAS).

HOOPP bridge benefit 

Here’s an example that shows how a bridge benefit can factor into early retirement planning.

early-retirement-joan

Joan decides to retire at age 60 and has 30 years of contributory service. Her average annualized earnings are $60,000. She would receive a pension of $31,767 per year and an additional $4,223 per year in bridge benefits from HOOPP until age 65. 

We can see from this example that Joan’s monthly pension plus her bridge benefit equals about 2% of her average annualized earnings for each year of contributory service. 

bridge-benefit

Remember, if you do not have 30 years of eligibility service and you retire before age 60, your bridge benefit and your retirement pension are reduced, as shown in the Early Retirement table.

The bridge benefit is payable until you reach age 65 or pass away, whichever occurs first. It is not payable if you are receiving a HOOPP disability pension.

Learn more about how to choose a retirement date to maximize your pension.


How to get a pension estimate

There are three ways you can see an estimate of your HOOPP defined benefit pension:

1

Annual Statement

Your HOOPP Annual Statement provides a snapshot of your benefits as of December 31 of the previous year, including an estimate of your future pension. This can be mailed directly to your home or sent electronically to your account on HOOPP Connect, HOOPP’s online member resource, depending on how you choose to receive it.

3

Online pension income projections

On HOOPP Connect, you can use your own pension data to estimate your future HOOPP pension. You can also estimate Canada Pension Plan and Old Age Security income. When you generate estimates, you can save your projections and compare different scenarios side by side. For instance, you can calculate your pension based on your desired retirement age and see how up to three projections compare, all on one screen.

3

Pre-retirement estimate

As you approach your expected retirement date, we encourage you to call us for a personalized pension estimate based on this date. This will provide you with the most up-to-date financial information you need to help you make your retirement decision.

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.