Retirement may seem like a distant goal, but as a new HOOPP member you can start planting the seeds for a secure financial future.

When you retire, you will receive a monthly income that starts in retirement and is paid for the rest of your life. HOOPP also offers inflation protection, benefits for your loved ones when you pass away, and portability that allows you to take your pension with you if you leave your employer.

We know that you may have some questions about HOOPP and our Plan features. We are here to help!

Let’s get started. Your enrolment checklist:

How does my HOOPP pension work?

HOOPP is a defined benefit (DB) pension, meaning that your pension benefit is defined by a formula that uses your earnings and how long you’ve been a contributing member of the Plan. Your employer automatically deducts your contributions from each pay cheque.

Contributions you and your employer make every month are invested in the HOOPP Fund. For every pension dollar paid by HOOPP, approximately 75 cents comes from investment returns.

When you retire, you will receive a monthly pension from HOOPP that will be paid for the rest of your life.

If you retire before age 65, you will also receive a bridge benefit that will be paid until you turn 65. You may receive a inflation protection that helps your monthly payments keep up with the cost of living.

Learn more about how your contributions and pension in retirement are calculated.

Buying back service

You may be eligible to buy back service from a period of time when you worked for a HOOPP employer but were not contributing to the Plan. When you buy back service, you gain additional weeks of contributory service in the Plan, increasing your overall pension at retirement. The younger you are when you buy back service, the more cost effective your buyback will be.

Learn more about buying back service.

Transferring past service into HOOPP

If you have funds in another pension plan, you may be able to transfer them to HOOPP in order to increase your HOOPP pension in retirement. If you think you may be eligible to transfer other pension funds into HOOPP, our Member Services team would be happy to assist you. Did you know your pension is portable across all HOOPP employers across Ontario? If you leave your job and go to work for another HOOPP employer, your pension can come with you. Here is a list of organizations that offer HOOPP.

Privacy

HOOPP is committed to safeguarding your privacy. We collect, use and disclose our members’ personal information only for the purpose of administering the Plan; this refers primarily to administering pension benefits and paying pensions after retirement.

For more information on HOOPP’s privacy policies and practices, please review our Privacy page.