Buyback Estimator

What is a buyback?

During your working life there may be times when you take a leave of absence, for example, to have a baby or to travel. Or perhaps there was a time when you worked for a Healthcare of Ontario Pension Plan (HOOPP) employer but were not a contributing member of the Plan. As a result, there may be gaps in your contributory service. Buying back those periods is a way to increase your pension at retirement.

When you buy back service, you gain additional weeks of contributory and eligibility service in the Plan. You can buy back service at any time before you retire or terminate your membership with HOOPP. However, as your age, earnings, and years in the Plan increase, so does the cost of the buyback.

Please note that deferred members are not eligible to buy back service.

Our HOOPP Buyback Estimator calculates an estimated cost of buying back service in the Plan based on your age, earnings, service to date, and the service that you are purchasing in HOOPP. It also shows your estimated monthly pension with and without a buyback. 

For more information about what periods of time you may be eligible to buy back, and to learn how this can help increase your pension at retirement, visit Buying Back Service. You can also contact Member Services.

Notes and disclaimer

The estimates provided by the HOOPP Buyback Estimator do not convey any actual entitlement to benefits and are not binding on HOOPP. They are rough estimates only based on user-entered data.

To estimate your pension and calculate the value of your buyback over time, the HOOPP Buyback Estimator assumes that for each year of contributory service, you receive 1.5% of your average earnings up to the average year’s maximum pensionable earnings (YMPE), plus 2% of your average earnings above the average YMPE.  It does not reflect the increase to 1.75% of your average earnings up to the YMPE for service before Jan. 1, 2018.

If the service you are interested in buying back results in a key milestone, such as 15 years of eligibility service, the cost of the buyback will reflect the value of that service. Reaching such milestones means any early retirement reductions that might be applied to your pension will be significantly reduced.

The Buyback Estimator may give an understated result if you are calculating the cost of buying back part-time service, or purchasing multiple periods of service. That is because the buyback calculator does not factor in the impact of receiving a full year of eligibility service for each year of part-time service. If you are in this situation, your quote may show a higher amount than the estimator determines.