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.

Keep HOOPP in the loop!

Change is part of life, even in retirement; we ask that you keep us informed if you:

• move
• change your email or mailing address
• update your banking information
• appoint a third-party representative to help manage your finances
• need to report the passing of a spouse

Visit HOOPP Connect or contact our Member Services team.

Your annual statement

Every spring, you’ll receive an annual pension statement which will highlight all your most important pension information up front, in a simple and easy-to-read format. There you can:

• see your monthly and annual pension amounts
• view any new cost of living adjustment (COLA) increases*, as approved by the Board of Trustees, and see how much COLA has helped your pension grow since you ended your employment.
• check your personal information to ensure it is correct

Your statement will be available on HOOPP Connect and mailed to you unless you have chosen to receive a digital copy.

* Your annual statement shows you the value of any inflation protection that may be applied to your pension on April 1 each year.

Taxes & your pension

By law, we must deduct taxes from your pension payment, similar to when you were working. Deductions are based on federal and provincial income tax rules 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.

If you have taken a lump sum payment

If you have received a lump-sum payment from HOOPP upon termination of membership, or as a survivor, beneficiary or former spouse of a HOOPP member, HOOPP will mail a paper copy of your tax slip by February 28th each year.

Your digital tax slip can also be accessed through your CRA My Account portal. The CRA provides the option to register through a Sign-In Partner (e.g. your preferred bank). For more information, visit the Register for the CRA sign-in services page.

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.

Authorizing others to support you

Over the course of your life, there may come a time when you need someone's assistance to manage your personal affairs, or you may want to authorize HOOPP to share your private pension information with a third party. Learn more about your options when authorizing others to support you.

Other benefits of being a HOOPP member

In addition to retirement income for life, your HOOPP retirement pension has other valuable features and benefits. As a HOOPP member, you have access to survivor benefits, which are a key feature of the Plan, and can help protect your loved ones whether you pass away before or after retirement. Plus, HOOPP may provide inflation protection through a cost of living adjustment (COLA). This valuable benefit can help your pension keep up with the rising cost of living and maintain its buying power throughout your retirement.

Returning to work after retirement

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.

Learn more about returning to work after retirement.

Frequently asked questions

Check out some of the most frequently asked questions asked by retired members below.