While retirement means different things to different people, it’s a time of change for everyone.
There are several things to consider when planning for retirement. Remember, we’re here to answer your questions and provide information
to help you make the right decisions for your personal circumstances.
Choosing a retirement date
One of the biggest decisions you may ever make is when to retire. Understanding the role your HOOPP pension will play in your overall retirement landscape and how different retirement dates impact your pension is an important step in determining your retirement date. Learn more about what you should consider when choosing a retirement date.
Choosing a spousal benefit option
You can have peace of mind with HOOPP’s survivor benefits, which are a key feature of the Plan and can help provide financial security for your spouse or beneficiaries. Learn more about HOOPP’s survivor benefits and what you should consider when selecting a spousal benefit option.
Canada Pension Plan and other government benefits
In addition to your HOOPP lifetime pension, you may also receive Canada Pension Plan (CPP) retirement benefits and qualify for Old Age Security (OAS) and Guaranteed Income Supplement (GIS). Together, these pensions can help form a significant portion of your retirement income. Learn more about what to consider when deciding when to start your government benefits.
Taxes and your retirement income
You’ve worked hard for your pension. That’s why, before you retire, it’s important that you understand the impact of taxes on your retirement income. Learn about important considerations about taxes and your pension.
Find out what your pension will be
One of the key advantages of your HOOPP pension is that you can predict what your monthly pension will be before you retire. Visit HOOPP Connect and use the Pension Estimator to model different retirement scenarios personalized for you, using different retirement dates and future salary increases.
Preparing for retirement
Initiating your retirement is as simple as letting your employer know that you’re ready.
What to expect
Your employer will notify us on your behalf, we’ll take care of the rest!
We will assign you a personal Retirement Specialist who will be there with you every step of the way to ensure you transition smoothly into retirement. Your Retirement Specialist will:
- Contact you to explain your pension and answer your questions.
- Mail you a retirement package that includes key forms and estimates of your pension amounts for the different payment options available to you.
- Help you complete the forms and guide you throughout the entire process.
Helpful tips
- Before you retire, please use HOOPP Connect to confirm that we have your current personal information such as your home address, email, phone numbers, and spousal and beneficiary designations.
- Use My Mailbox to view your personalized retirement package, submit required documents and communicate with us.
- If you also have pension benefits with non-HOOPP employers and would like to begin collecting them at the same time, you’ll also want to notify those employers.
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.
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