We are pleased to announce that HOOPP's Board of Trustees has decided to keep member and employer contribution rates unchanged until at least the end of 2023. 

This decision reflects our strong track record of managing the Fund and our desire to keep the Plan affordable, especially through the ongoing market and economic uncertainty caused by the pandemic. 

HOOPP’s contribution rates have not changed since 2004 and, over that time, we have been able to maintain and provide several significant benefit enhancements to our members and employers.  

What are contribution rates?

They are rates that are set by our Board to determine how much members and employers contribute to the HOOPP Fund. Member contributions are based on a formula that considers how much they earn and the current contribution rate. The contributions are then invested through the HOOPP Fund and go toward paying pensions.  

Why is this news important?

By keeping our contribution rates stable we can keep the Plan affordable for our members and employers. That means we can offer more value for the cost, attract more employers to the Plan and provide more Ontario healthcare workers with a secure pension in retirement. 

HOOPP has been able to keep our rates stable because we remain strong and healthy, we have a favourable funded status and we have some of the lowest operating costs among major pension plans in Ontario.