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HOOPP
Members Life Changes Planning for Retirement Government Benefits

Your HOOPP pension and government benefits

As a HOOPP member, when you retire you’ll receive a secure monthly income for the rest of your life. In addition to your HOOPP pension, you'll also receive Canada Pension Plan (CPP) retirement benefits and depending on your income, Old Age Security (OAS).

This page provides an overview of how government benefits and your HOOPP pension work together to provide a significant portion of your retirement income. For questions related to your pension situation, please reach out to our Member Services team for personalized assistance.

Canada Pension Plan (CPP)

When should I take CPP?

That depends on your personal circumstances. While 65 is the standard age at which you can take your CPP, you can also choose to receive it as early as age 60 or delay until age 70. Keep in mind: you don’t need to start taking your CPP at the same time that you start your HOOPP pension.

If you take your CPP before you turn 65, you’ll receive 0.6% less for each month prior to you turning 65. However, if you take your CPP after you turn 65, you’ll receive an increase of 0.7% for each month you delay it, until age 70.

The table below shows an example of how taking your CPP at different ages can affect the total benefit you receive.

Age you take your CPP Impact on your total CPP benefit
Age 60 36% reduction overall
Age 65 Full, unreduced CPP benefit
Age 70 42% increase overall
As you decide when to start collecting your CPP, consider: 
  • How much income will you need in retirement?
    Your lifestyle, health and family situation may influence when you decide to start your CPP pension. Once you stop working, you can take CPP early if you need to.
  • Does it make sense to delay taking your CPP until age 65 or later?
    Your HOOPP pension and/or other sources of income (such as personal savings or part-time income) may help supplement your income in early retirement. By waiting to take CPP, you may get a higher CPP pension.

For more information to help you decide when to start your CPP and OAS, visit Service Canada’s Retirement Hub.

Does my HOOPP bridge benefit stop when I take my CPP?

No. If you retire before age 65, you will receive a monthly bridge benefit in addition to your retirement pension. Your bridge benefit will continue to be paid until age 65 or you pass away – whichever happens first – and does not stop if you take your CPP early.

How much can I expect to receive from CPP?

The amount of your CPP benefits depends on your age when you start receiving it, how much and how long you’ve contributed, and your average earnings. On average, Canadians who start their CPP at age 65 only qualify for about 60% of the maximum retirement benefit.

For an estimate of how much you’re eligible to receive, please:

  • log into your My Service Canada Account
  • use the Government of Canada’s online Canadian Retirement Income Calculator 
  • request a mailed estimate by contacting Service Canada
Did you know?

Your CPP pension is indexed to inflation, which means that it will increase over time as the cost of living goes up.

Why am I not eligible for the maximum CPP benefits?

To receive the maximum CPP benefits, you must generally:

  • contribute to CPP for up to 39 years from the age of 18
  • have an annual salary that meets or exceeds the Year’s Maximum Pensionable Earnings (YMPE)* for each year you contribute to CPP

The amount of CPP benefits you'll receive can also be impacted by factors such as a late entry to the workforce, a gap in your career or early retirement.

What happens to my CPP benefit when I pass away?

In the event of your death, your eligible spouse or common-law partner may receive the CPP survivor benefit, which is subject to:

  • whether your spouse/partner is younger or older than age 65
  • the time and amount they’ve contributed to CPP

To learn more about CPP benefits, please visit canada.ca/cpp.

Old Age Security (OAS)

For OAS, you can start receiving this monthly, taxable benefit at age 65, assuming you meet certain requirements related to Canadian residency. The amount you could receive depends on how long you have lived in Canada since turning age 18, as well as your annual income. If eligible, you may need to apply before you can start collecting your OAS benefit. You may wait to start your OAS pension up to age 70, with an increase for each month that you delay it.

In some cases, those receiving OAS may also be eligible to receive the Guaranteed Income Supplement (GIS), which is a monthly, non-taxable benefit available to lower-income individuals living in Canada who qualify based on having an annual income below the government’s specified maximum.

To learn more about OAS and GIS, please visit canada.ca/OAS.

Making the most of your retirement

When it comes to retirement planning, consider all your retirement income sources and personal circumstances carefully, and obtain estimates before making any decisions.

We also encourage you to visit the Pension Estimator tool on HOOPP Connect for personalized details of your HOOPP pension at different retirement ages. To receive estimates of your CPP benefits, please log into your My Service Canada Account or contact Service Canada.

Our pension experts are here to help if you have more questions about your CPP, OAS and HOOPP pension benefits. Please contact our Member Services team at 416-646-6445 or toll-free at 1-877-43HOOPP (46677), Monday through Friday, 8 a.m. to 5 p.m., Eastern Time.

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.