HOOPP is a defined benefit (DB) pension. That means your pension is defined by a formula that uses your pensionable earnings and how long you’ve been a contributing member of the Plan.
Your employer deducts your contributions from each pay. Contributions are tax deductible and will be reflected on your T4 slip.
Member and employer contributions are then invested in the HOOPP Fund. For every pension dollar paid by HOOPP, approximately 80 cents comes from investment returns.
When you retire, you will receive a monthly pension from HOOPP. Once you begin receiving your pension, it will be paid for the rest of your life. You will not outlive your pension. That’s HOOPP’s pension promise. Your monthly pension is based on your earnings and the length of time that you’ve been a contributing member of the Plan.
As of 2016, HOOPP is 122% funded, meaning we have enough assets to deliver on our pension promise to members now and into the future. Learn more about HOOPP’s investment performance and commitment to service excellence in the 2016 Year in Review.