You might not know it, but joining HOOPP could be the start of something great. When you work for a HOOPP employer, you can become a member of one of the largest and most respected defined benefit (DB) pension plans in Canada. We have more than 435,000 members who can count on their HOOPP pension as a source of reliable income in retirement for life.

Over the course of your career, you may have one or more opportunities to join HOOPP.

If you’re a full-time employee at a HOOPP employer, you’re automatically a member. If you’ve recently joined the Plan or want to get to know your pension better, you can learn more about what you need to know as a HOOPP member.

If you’re a part-time or non-full-time employee working for a HOOPP employer, you have the option to join the Plan. Check with your employer to find out if you are eligible to join.

Watch this video to learn why it's great to be a HOOPP member.

• You get more than a lifetime pension.
  With HOOPP, you get a lot of great benefits that would be hard to find elsewhere, like survivor benefits for your loved ones, early retirement benefits and more. 
  


• Your pension is an investment in your future, not an expense.
  Your contributions each pay period go towards providing you a secure retirement income for life – and you’ll get a lot more than you put in. Plus, for every dollar you contribute, your employer contributes $1.26.
  


• Your retirement security is one less thing to worry about.
  Your HOOPP pension is based on a formula, not stock market returns. Unlike other retirement savings plans, you don’t have to make investment decisions or stress about market fluctuations. HOOPP makes it easier to prepare for tomorrow so you can focus on what matters most today. 
  


• You’ll pay less taxes.
  Since your employer automatically deducts your contributions from each pay cheque, you don’t pay tax on that portion of your salary. This means that you get to save your hard-earned dollars by lowering your taxable income on your T4 slip each year.
  


• You can count on HOOPP.
  We’re not driven by profits and we don’t charge fees to manage your HOOPP pension. Our sole mission is to deliver on our pension promise of providing you with a reliable monthly pension for the rest of your life.  

At HOOPP, we understand that over a career, change is quite common. While your working circumstances may change, the need to be ready for retirement doesn’t. HOOPP is a multi-employer pension plan, which means you can continue to grow your pension at any of the more than 630 healthcare employers across Ontario that currently offer HOOPP.

The sooner you join the Plan, the more you’ll be able to maximize your lifetime pension. With a HOOPP pension, you can retire as early as age 55. When it comes to choosing a retirement date, the choice is yours.

By becoming a HOOPP member, your retirement security is one less thing for you to worry about. No matter where you are in your career, any amount of time in the Plan will help you build a secure future.

Want to see for yourself?

No matter your age or earnings, HOOPP makes it easy and affordable to build a secure financial future. Let’s meet four part-time employees, like you, that join HOOPP at different stages of their lives. You can see how their financial futures change once they join HOOPP and what their total pensions look like by age 80:

* The above examples are for illustrative purposes only. The annual pension will be different from the amounts shown. YMPE 2023 has been used to determine the contributions and pension amounts. The above examples are based on an assumed “annualized earnings” (as defined in the HOOPP plan text); average year’s maximum pensionable earnings (YMPE) of $66,600 each year; no hourly earnings increases; part-time hours worked with full-time equivalent of 37.5 hours per week; does not include any cost of living adjustments that may be provided; assumes that employee contribution rates do not change; and does not consider inflation in any way. The monthly pensions assumes that for each year of contributory service, you receive 1.5% of your “annualized earnings” up to the YMPE, plus 2% of your “annualized earnings” above the average YMPE. No historical benefit improvements on past service are included, all assumed to join the plan post January 1, 2023.

More reasons to join

• Research shows that a defined benefit pension plan, like HOOPP, is the most efficient way to save for retirement.
• As a HOOPP member, you could retire as early as age 55 and receive an additional monthly benefit until age 65.
• Plus, HOOPP provides survivor benefits to help care for your loved ones when you pass away.
• Approximately 60% of employees in Ontario don’t have the opportunity to join a workplace pension, but you do.

Are you ready to start building your lifetime pension? Joining is easier than you may think. All you have to do is inform your HR department, and we’ll take care of the rest. It’s that simple.

Learn more about how the HOOPP pension works.