Buybacks
Buying back past service may help you retire earlier
Increase your pension with a buyback
Buying back past service may help you retire earlier
Did you know there are ways to increase your HOOPP pension? During your career, you may have a period of time when you worked for a HOOPP employer but were not a member of the Plan, or you may have taken a leave of absence from work. You can buy back this service to increase your pension at retirement.
A buyback allows you to purchase eligible periods of service to maximize your pension in retirement. More years of service means that you will receive a bigger pension and possibly retire earlier than you originally planned.
The best time to buy back service
In general, the sooner you complete your buyback, the lower the cost will be. You can buy back service at any time before you retire, but as your age, earnings, and years in the Plan increase, so does the cost of your buyback.
You can use your RRSPs
If you have a buyback opportunity, you can use cash or funds in a registered retirement savings plan (RRSP) to pay for your buyback. Keep in mind that you can purchase all the service, or only a portion based on the funds you have available. This means that you can buy a portion now, and buy the rest later.
Getting started is easy
Request a buyback estimate from Member Services. Please note, you must be a HOOPP member to request a buyback estimate.
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Increase your pension with a buyback
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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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