HOOPP

Leaving your HOOPP Employer

As a HOOPP member, you are entitled to a pension when you retire. If you leave your HOOPP employer before it’s time to start your pension, you can simply keep your pension in the Plan and receive it when you decide to retire.

Choosing to keep it with HOOPP, also known as deferring your pension, gives you flexibility. Your pension will stay secure in the Plan and, if you start work with another HOOPP employer, you can continue to build your valuable benefit.

Watch our video which highlights the benefits of keeping your pension with HOOPP versus the risks associated with taking it out of the Plan.

Small pension rule

If your pension is considered a small pension under rules set out by the Pension Benefits Act, you may choose to keep your pension with HOOPP, or receive a lump-sum payment for the value of your pension, less taxes. You also have the option to transfer the value of your pension to an registered retirement savings plan.

When you leave your job your employer will notify us. A dedicated Member Services specialist will reach out to you to walk you through your options and answer any questions so you can be sure that you have all the information you need about your pension.

Your dedicated specialist will send you an information package with personalized details about your pension benefit and other available options, such as transferring your pension to another employer’s plan, or a retirement account. Your options will depend on your age, the value of your benefit and what kind of pension plan, if any, your new employer offers. Please note that if you are 55 or older, you have the option to start receiving your monthly pension immediately.

In general, when you leave your HOOPP employer, there are three options for your pension:

Keep your pension with HOOPP (defer your pension)

Keeping your pension with HOOPP means you can keep your benefit secure in the Plan to collect your pension later when you reach retirement age. HOOPP gives you the flexibility to start your lifetime pension anytime between the ages of 55 and 71. Learn more about your retirement options.   

Here are three great reasons to consider keeping your pension with HOOPP:

Your pension payments can grow as the cost of living goes up. Each year, our Board of Trustees decides whether to provide a cost of living adjustment (COLA) to HOOPP pensions. This valuable benefit increases the amount of your monthly pension payment to help it keep up with rising prices. The COLA your pension receives depends on when you earned service in the Plan. Learn more about inflation protection.

You can keep building your pension with another HOOPP employer. If you are considering staying in the healthcare field, it’s a great idea to keep your pension with HOOPP. You may even be able to combine the service that you earned during your membership at your previous HOOPP employer with the service that you earn at your new job. By combining your membership periods, you can increase your benefit and retire earlier, potentially without a reduction to your pension.

leaving-hoopp-employer

If you don’t go on to work for another HOOPP employer, you won’t be able to make contributions to keep building benefits in the Plan. But you will still be eligible to receive a pension based on your previous earnings and service.

Thinking about working with another HOOPP employer? View our list of HOOPP employers to see which hospitals and community health organizations belong to the Plan.

Your HOOPP pension offers additional security for you and your family. You have the security of receiving a lifetime pension from a world-class pension plan, without having to worry about making investment decisions or paying for advice. Your HOOPP pension includes survivor benefits, which are designed to help protect your loved ones if you pass away before or after retirement. Learn more about planning for your loved ones.

If you decide not to defer your pension, there are options to transfer the commuted value of your benefit out of HOOPP. Transferring it out of HOOPP is a big decision — one that you need to consider carefully. Once you make the transfer, you will have no further benefits in the Plan. You can learn more about these options below.

Transfer to a different defined benefit pension (DB) plan

If you are under age 65, you may be able to transfer your HOOPP benefit to your new employer’s defined benefit (DB) pension plan if they offer one. We will work with you, if needed, and coordinate with the administrator of your new employer’s plan to make a tax-free transfer, where eligible. 

Transfer to a locked-in retirement account or defined contribution (DC) plan

If you are under age 55, you can transfer the value of your pension to a locked-in retirement account (LIRA) or a defined contribution (DC) pension plan. Or you can use these funds to purchase a deferred annuity from a licensed insurance provider.

Annuities are insurance products that are intended to provide a regular income stream in retirement. These options typically come with additional fees and costs. You may also be responsible for the investment decisions. As a result, you could end up with less money in retirement than you expected.

Transfers to plans outside of Canada are not available. Time limits may also apply. 

We're here to help!

You can learn more your options in our Leaving your HOOPP Employer booklet, or contact Member Services for more information.

> Leaving your HOOPP employer booklet (PDF)
pdf
pdf

We're here to help!

You can learn more your options in our Leaving your HOOPP Employer booklet, or contact Member Services for more information.

> Leaving your HOOPP employer booklet (PDF)
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.