The value of HOOPP
With a defined benefit pension plan (DB) like HOOPP, you will receive more in pension payments than your total
contributions. The following scenarios are intended to help you understand your contributions, and the amount you
will receive in retirement.
To assist in your understanding of this information, please refer to our glossary of pension-related terms.
What you and your employer contribute
The amount you contribute is based on how much you earn and the Plan’s contribution rates. The current rates are 6.9% up to the year’s maximum pensionable earnings (YMPE) and 9.2%
above the YMPE. These rates have been in place since 2004.
How your pension is calculated
The monthly 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.
To calculate your monthly pension, we use:
- Your average annualized earnings (measured over your best five consecutive years)
- Years you contributed to the Plan
- Average Year’s Maximum Pensionable Earnings (YMPE)
For each year of contributory service, you receive 1.5% of your average annualized earnings up to the average YMPE, plus 2% of your average annualized earnings above the average YMPE. The rate is lower on earnings up to the YMPE to reflect that you’ll also receive Canada Pension Plan benefits on these earnings.
*If you were eligible for HOOPP's past service benefit improvements effective January 1, 2018, April 1, 2021, and/or January 1, 2023, you may receive 1.75%, 1.9% or 2% of your average earnings up to the average YMPE (instead of 1.5%) for all or a portion
of your contributory service. If you are eligible to receive a bridge benefit, it will also be calculated differently for any service for which you receive an improved lifetime pension. Learn more about the recent benefit improvements.
Early retirement and bridge benefits
If you retire between the ages of 55 to 65, you will receive a monthly bridge benefit, in addition to your monthly retirement benefit. The bridge benefit is payable until you turn 65 when government pensions typically begin.
Learn more about
retiring early.
Plan features provide added benefits
In addition to a DB pension from HOOPP, other valuable member features are available to help provide you and your loved ones with security and peace of mind throughout your working
years and into retirement. Plan features include:
HOOPP resources keep you in the know
HOOPP is committed to providing you with relevant information related to your pension. We offer a variety of ways for you to obtain what you need or get in touch with us.
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.
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