Planning to retire?

For information about choosing a retirement date, obtaining a pension estimate and the processes leading up to receiving your first pension payment, please visit planning for retirement.

Already retired?

You know first-hand the value of a HOOPP pension. You have the peace of mind knowing that your pension will be paid on a regular monthly schedule and that it may provide inflation protection and benefits for your loved ones after you pass away. This page includes information on: HOOPP’s pension payment schedule, taxes and frequently asked questions.

Plan features

In addition to retirement income for life, your HOOPP retirement pension has other valuable features and benefits. Learn more about your HOOPP pension features.

Frequently asked questions

Q. Can I receive my pension as a direct deposit if I move outside Canada?

A. If you have Canadian bank account, we can pay your pension by direct deposit. If you don’t have a Canadian bank account, you may still have the option to have your monthly pension payment sent electronically to your local bank account, depending on where you live. Call our Member Services team for more information.

Q. Is my pension protected against inflation?

A. We know that when you’re retired, every dollar counts. HOOPP may provide inflation protection to help safeguard the buying power of your pension. Each spring, you will receive a pension statement indicating your pension amount after your cost of living adjustment (COLA), if applicable, is applied.

Learn more about how COLA can protect your pension.

Q. What if I decide to return to work?

A. Retirement opens up a whole new world of possibilities, including going back to work. Your HOOPP pension will not be affected if you get a job with a non-HOOPP employer. If you work for a HOOPP-employer, you may choose to temporarily suspend your pension and re-enroll in the Plan.

To learn more about how your pension may be affected if you return to work after retirement, visit Working After Retirement.

Q. What happens to my pension when I pass away?

A. Survivor benefits are a key feature of the Plan and can help provide financial support for your loved ones when you pass away.

Learn more about planning for loved ones.

Taxes & your pension

By law, we must deduct taxes from your pension payment, similar to when you were working. Deductions are based on basic federal and provincial income tax guidelines and the personal tax information you reported to us when you retired. HOOPP can vary the amount of tax deducted from your HOOPP pension, if:

• You have additional tax credits, such as a spousal credit, age credit, or tuition credit
• You request that more tax be deducted.

To make changes, complete Canada Revenue’s Personal Tax Credit forms.

Receiving your tax slip

Each year, we provide T4A (Statement of Pension, Retirement, Annuity, and Other Income) tax slips for members who received pension payments in the previous calendar year. Tax slips are mailed out by February 28th every year, to allow you the necessary time to file your taxes.

For your convenience, you can also find copies of your tax slips in the My Inbox section of HOOPP Connect.

Go Paperless

Switch to online-only Annual Statements and tax slips to access your information quickly while helping the environment. Visit HOOPP Connect and go to Update my Personal Information to get started.

Income splitting

Canadian residents can allocate up to one-half of eligible pension income to their spouse or common-law partner for tax purposes. This is particularly beneficial for couples where one partner has significantly more pension income than the other. This does not change how we report or pay your pension income. For more information on pension income splitting, please visit Canada Revenue Agency's website.