HOOPP

Leaving a HOOPP Employer

When you are leaving your HOOPP employer, you may be wondering how to transfer your pension. The good news is that with HOOPP, you don’t have to! You can continue to build your benefits in the Plan with a new HOOPP employer.

When you leave your job, your employer will notify us, and HOOPP will automatically send you an information package with personalized details about your pension benefits and your available options.

These options, depending on your age, include:

Leaving your pension benefits in HOOPP

If you leave a HOOPP employer, deferring your pension means you can choose to leave your benefits in the Plan to collect later as a pension once you reach retirement age.

This option also allows you to continue building your pension if you join another HOOPP employer. You can link the periods of HOOPP membership that you earned at your previous HOOPP employer with the service that you will earn by contributing to HOOPP at your new job.

Finding a HOOPP employer isn’t difficult. Most Ontario public hospitals and various community health organizations participate in the Plan. If you’re thinking about moving from one HOOPP employer to another, HOOPP can help you learn more. View our list of HOOPP employers to see which hospitals and community health organizations belong to the Plan.

If you don’t return to work for a HOOPP employer, you will build no further benefits in the Plan. But you will still be eligible to receive a pension, based on the previously earned benefits that will begin at retirement and last the rest of your life.

Small pension rule

If your annual pension payable from HOOPP at age 65 is equal to 4% or less of the year’s maximum pensionable earnings (YMPE) in the year you terminate, you are considered to have a small pension. You will have the option to receive either a monthly lifetime pension from HOOPP or the value of your pension in a one-time lump-sum payment.

The one-time payment can be taken in cash (less applicable withholding taxes) or you may be able to transfer your funds directly to a locked-in vehicle such as a registered retirement savings plan (RRSP), or another pension plan if that plan will accept the funds.

Transferring your benefits out of the Plan


The options for transferring your benefits out of HOOPP will depend on whether you are:

Under age 55

  • In most cases, provincial pension law prohibits you from taking your termination benefit in cash. The money must remain locked in to provide you with a retirement income. For example, you can transfer the commuted value (CV) of your HOOPP benefit, subject to Income Tax Act limits, to a locked-in retirement account (LIRA). You may also be able to purchase an annuity.
  • If you go to work for a non-HOOPP organization, you may be able to transfer your benefits to your new employer's pension plan. Check to see if they have a reciprocal transfer agreement with HOOPP or if they’ll allow you to transfer the commuted value of your pension into their pension plan.
Age 55 or older

  • You are eligible for HOOPP early retirement.
  • You may transfer your pension to another defined benefit (DB) registered pension plan until the age of 65.
leaving-hoopp-employer

Please note 

If you transfer your money out of HOOPP, you may receive a pension adjustment reversal (PAR). A PAR will restore contribution room in your RRSP.

Transferring your benefits to another employer’s pension plan


If you go to work for a non-HOOPP employer, you may be able to transfer your pension benefits to the other employer’s pension plan, depending on your age, and if both plans agree to the transfer.

Transfers to plans outside of Canada are not available. Time limits may also apply. This option is not available if you are 65 or older when you terminate employment.

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For more information on your options, please contact HOOPP Member Services.
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We're here to help!
For more information on your options, please contact HOOPP Member Services.
> Contact 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.