You’ve got a deferred HOOPP pension – now what?
Here’s how we continue to support you on your journey to retirement
You may change employers, and even careers, many times over the course of your lifetime – but that doesn’t mean anything needs to change when it comes to your HOOPP pension. When you left your employer, you kept your pension with HOOPP to collect once you’re ready to retire – this is called deferring your pension. Let’s explore what that means for you.
Even though you’re no longer making contributions to your pension, it will remain safe and secure with HOOPP and you’ll continue to have access to valuable Plan features.
Whether retirement is in the distant future or fast approaching, remember:
- You should keep your contact information updated on HOOPP Connect, including your personal email address. By doing this, you're helping ensure that we can deliver all the pension information you need, when you need it.
- You can continue building your pension if you return to work for one of the more than 630 HOOPP employers in Ontario during your career.
- Your pension payments can grow as the cost of living goes up. Learn more about how inflation protection can help your pension keep up with rising prices.
And we’ll help you stay informed about your pension with:
- HOOPP Connect, your secure online member portal and one-stop pension resource. You can use the Pension Estimator to keep track of how your pension increases over time and help you decide the right time to start collecting it. Plus, you can also keep your personal information up to date and access your HOOPP documents.
- Annual statements, which are sent to you each spring and show how much your pension has grown with cost of living adjustments (COLA) since you became a deferred member. Plus, you’ll find out how much your pension will be at different dates.
When should you start your pension?
Like all HOOPP members, you can start your deferred pension as early as age 55. However, the closer you get to age 60, the better your early retirement benefit will be. Of course, if you already have 30 years of eligibility service, you are not subject to any early retirement adjustment. For many members, starting their deferred pension earlier could be the right decision.
If you left your HOOPP employer, there’s no advantage for you to delay your pension after age 60 as you are not building contributory service and no longer have an early retirement adjustment. Plus, if you retire between age 55 and 65, you will receive a bridge benefit until age 65.
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We’re here to help
Our Member Services team offers personal service to help you make informed decisions throughout your pension journey. Our pension experts can be reached at 416-646-6445 or toll-free at 1-877-43HOOPP (46677), Monday to Friday, 8 a.m. to 5 p.m., Eastern Time.
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You’ve got a deferred HOOPP pension – now what?
Deferred
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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