Your HOOPP pension is designed to provide you with a stable retirement income. It also offers valuable survivor benefits, which can help take care of your loved ones whether you pass away before or after retirement. When you are thinking about the future and estate planning, it is important to understand your survivor benefits, the difference between a qualifying spouse and beneficiaries, and how your will could impact those beneficiaries. Let’s take a closer look.
Spouse vs. beneficiary
If you have a qualifying spouse, they are first in line to receive your survivor benefits. You don’t have to name them as your beneficiary as they are automatically entitled to receive survivor benefits if you pass away before or after retirement. Your qualifying spouse also has the option of waiving their right to a spousal pension.
Your designated beneficiaries will receive any applicable survivor benefits if you don’t have a qualifying spouse or if your qualifying spouse has waived their spousal rights. Your beneficiary can be one or more individuals, such as your parents or children, an organization, such as a charity, or your estate. If you don’t have a qualifying spouse or name a beneficiary, any applicable survivor benefits will be paid to your estate.
You can review your spousal and beneficiary information on HOOPP Connect, your secure member site, and on your annual statement. Learn more about how to plan and protect your loved ones, whether you pass away before or after retirement.
Do you have a qualifying spouse?
In general terms, your qualifying spouse is the person who you are married to, provided you are not living separate and apart, or you have been living with continuously in a common-law relationship for at least one year, or earlier, if you are the parents of a child.
To be eligible to receive a spousal lifetime pension, your spouse must meet the definition of a qualifying spouse, as set out in the HOOPP Plan Text, at the applicable time. This generally occurs at retirement, when you must declare or confirm your qualifying spouse and elect your spousal benefit option. If you pass away before you retire, your qualifying spouse is determined on the date you pass away.
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Your will vs. your HOOPP beneficiary designations
There are several ways to designate a beneficiary for your HOOPP pension, including online through HOOPP Connect or in your will. If your will was made more recently than your last beneficiary designation with HOOPP, it can impact your designations by either:
- naming someone else as your beneficiary or,
- cancelling (or revoking) your prior beneficiary designations with HOOPP.
When preparing or updating your will, be sure to ask a lawyer how it could affect your HOOPP survivor benefits.
The most recent designation will take priority. Updating your HOOPP beneficiary designation can help ensure that any survivor benefits will be distributed according to your wishes.
Today’s preparation is tomorrow’s peace of mind
We know how essential it is for your loved ones to be protected today and in the future. Keeping your information up to date can give you and your family peace of mind.
- Active and deferred members: To view and update your HOOPP beneficiary designations, please visit HOOPP Connect. Once you’ve signed in, select Update my Personal Information and then open the Beneficiary tab.
- Retired members: To update your HOOPP beneficiary designations, you can complete the Spousal and Beneficiary Designation Form and send it to HOOPP.
We’re here to help
If you have any questions about survivor benefits or your pension, 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. EST.