One of the many great features of your HOOPP pension is the ability to transfer benefits from a previous pension plan into HOOPP to increase your pension in retirement. Here's how.
It’s now easier to transfer benefits with HOOPP
We are simplifying the transfer process between HOOPP and other Ontario pension plans
Your HOOPP pension plan provides you with a secure, predictable retirement income. One of the many great features of your HOOPP pension is the ability to transfer benefits from a previous pension plan into HOOPP to increase your pension in retirement. If you decide to work for an employer that does not offer HOOPP, you have the option of transferring your benefit to your new plan, if eligible, or you can keep your pension with HOOPP, one of the strongest and most reliable pension plans in the world.
Currently, there are two methods to transfer benefits to and from HOOPP. You can complete a commuted value transfer, which is available to eligible members with the majority of Ontario pension plans. This is the most commonly used and fastest way to transfer into or out of HOOPP. You can also complete a transfer through one of the reciprocal transfer agreements (RTAs) that HOOPP has with a select number of defined benefit pension plans (also known as a reciprocal transfer).
What is changing?
To simplify the transfer process, HOOPP will be exiting all existing RTAs with other pension plans by the end of 2022 and continue to offer the ability to transfer benefits through a commuted value transfer, a method that is easier and faster for our members. That means less time spent completing your transfer and more time focusing on what matters most to you.
Starting August 31, 2022, HOOPP will no longer be able to process new transfer requests under the RTAs with the following plans:
- Major Ontario Pension Plans (MOPPS)*
- Hospital for Sick Children Employee Pension Plan (Sick Kids)
- Pension Plan for the Employees of the Ontario Public Service Employees Union (OPSEU)
Remember, you will still be able to complete a commuted value transfer with the above plans, if eligible.
*See the full list of plans under the MOPPs agreement.
Who is impacted by this change?
This change may impact you if you have benefits in one of the plans cited above and are thinking of moving your benefits into HOOPP. You may also be impacted if you are thinking of leaving or have left your HOOPP employer and are considering transferring your HOOPP pension to one of those plans.
Keep in mind that if you leave your HOOPP employer, you don’t need to transfer your benefit out of HOOPP. You can remain a HOOPP member and keep your pension securely in the Plan until you’re ready to retire and enjoy the benefits of your HOOPP lifetime pension, including survivor benefits to protect your loved ones and inflation protection. Learn about the advantages of keeping your pension with HOOPP.
Important deadlines if you are impacted by this change
If you have a reciprocal transfer in progress or are considering initiating one, please make note of the deadlines below:
Deadlines for required documents
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MOPPs
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Sick Kids & OPSEU
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Deadline to submit your request for a transfer quote
(Request for Transfer Quotation form)
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August 30, 2022, or earlier if another deadline was communicated to you
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August 30, 2022, or earlier if another deadline was communicated to you
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Deadline to submit your completed election form to proceed with the transfer
(Determination of Transfer Value and Request for Transfer form or Determination of Transfer Amount and Request for Transfer form)
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December 30, 2022
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Within 90 days of the issue date stated on the form
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We’re here to help
If you have comments or questions about transferring benefits in or out of HOOPP, please contact our Member Services team at 416-646-6445 or toll-free at 1-877-43HOOPP (46677), Monday to Friday, 8 a.m. to 5 p.m., Eastern Time.
You may also submit comments about these changes to the pension regulator at:
The CEO - Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toronto, ON M2N 6S6.
/members/member-news
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It’s now easier to transfer benefits with HOOPP
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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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