As a HOOPP member, you belong to one of Canada’s strongest pension plans. Our sole mission is to fulfil our pension promise by providing secure and reliable retirement income to our members. That’s why we are pleased to share that, supported by the Plan’s strong funded status, HOOPP’s Board of Trustees has approved an increase to your pension.
Here’s what you need to know
Eligible members active in the Plan on or after January 1, 2023, will now receive a larger lifetime pension for each year of contributory service before 2023.* This increase builds on previous improvements announced in 2017 and 2021. That means you’ll get even more from your pension!**
What the increase will look like
As an example, a member working full-time with average earnings of $60,000 and 10 years of service in the Plan before 2023 will receive an extra $1,310 per year from their lifetime pension once they retire.
With the same earnings and 5 years of service before 2023, the member’s lifetime pension would increase by $865 per year. With 20 years of service, they would receive an additional lifetime pension of $2,200 per year.†
Get an estimate of your pension
Visit HOOPP Connect, your secure member site, and use the Pension Estimator to estimate your future HOOPP pension using your latest information and the retirement dates you choose. Estimate your pension today.
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What if you’re about to retire or leave your HOOPP employer?
If you leave your HOOPP employer(s) after June 1, 2022, you’ll receive the improvement effective January 1, 2023, if you meet one of the following criteria:
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You started your pension between July 1, 2022, and January 1, 2023.
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You were eligible to start your pension (age 55 or older) when you left your employer(s) and remain a deferred member as of January 1, 2023.
Note that eligible members will be able to view their updated pension estimates including the benefit improvement, on HOOPP Connect after January 1, 2023.
That’s not all. Based on HOOPP’s Plan strength, the Board has decided to keep contribution rates stable until at least the end of 2024; our contribution rates are some of the lowest when compared to similar pension plans. HOOPP also approved a 2021 COLA of 4.8% for our retired and deferred members.
We recognize the last few years have been challenging, and we are pleased that the Plan is in a position to provide our members with an increased lifetime pension and greater peace of mind in retirement.
If you have any questions, we’re here to help. Contact our Member Services team.
*Eligible members will receive a lifetime pension based on 1.9% of their average earnings up to the average year’s maximum pensionable earnings (AYMPE) for contributory service before 2021 and based on 2% for contributory service in 2021 and 2022.
**Members who retire before age 65 will receive a monthly bridge benefit from HOOPP, along with their lifetime pension. Since eligible members will receive a larger lifetime pension as a result of this improvement, the bridge benefit will be adjusted. This means that when the bridge benefit ends at age 65, members will see less of a change in their overall pension from HOOPP.
†These examples use approximate amounts and assume retirement at age 65 on January 1, 2023.