What you need to know

Eligible members active in the Plan on or after July 1, 2024, will now receive a larger lifetime pension for contributory service in 2023.* This increase builds on previous improvements, which means you’ll get even more from your pension.**

What the increase will look like

Eligible members will receive an increase in their annual lifetime pension of up to $315.†

Note that eligible members will be able to view their updated pension estimates including the benefit improvement, on HOOPP Connect on July 1.

The good news doesn’t stop there

HOOPP announced that contribution rates will remain unchanged until at least the end of 2026. Our contribution rates have not changed since 2004 – that's more than 20 years of stability for members and employers. HOOPP also provided a cost of living adjustment of 3.40%, effective April 1, 2024, for retired and deferred members, to help pensions keep up with rising prices.

We are pleased to be in a position to provide our members with an increased lifetime pension, enhancing retirement security and peace of mind. If you have any questions, please contact our Member Services team.

*Eligible members will receive a lifetime pension based on 2% of their average earnings (instead of 1.5%) up to the average year’s maximum pensionable earnings (AYMPE) for contributory service in 2023.

**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 because 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.

†Members working full time and receiving full contributory service in 2023 and with earnings at or above the AYMPE as at July 1, 2024.