Is the amount of my HOOPP pension going to change?
No, your HOOPP pension will not change and is calculated according to HOOPP’s pension formula.
Is my pension going to be impacted by COVID-19?
While COVID-19 has had considerable impact on financial markets and the economy, HOOPP has an excellent track record of successfully weathering market volatility and downturns.
HOOPP manages and invests for the long term, maintaining a large and very diverse portfolio, and applying investment strategies that ensure our assets match our liabilities. As such, we are well positioned to deliver on the pension promise.
I’m retired, but want to return to work to help, what are my options?
Retired members who rejoin the workforce at a HOOPP employer have two options:
- You can continue to receive your pension along with your employment income and not re-enrol in HOOPP; or
- You can temporarily suspend your monthly pension payments and re-enrol in HOOPP.
If you have any questions, please contact our Member Services team at 416-646-6445 or 1-877-43-HOOPP(46677).
What happens to my pension when I pass away?
Your pension provides survivor benefits, which are designed to help protect your loved ones if you pass away before or after retirement. You can learn more about survivor benefits in the Planning for Loved Ones section.
Checking to make
sure your spouse and beneficiary information is up to date can give you peace of mind, and it takes only a few minutes. Active and deferred members can use HOOPP Connect to make updates. If you have any questions, or if you are a retired member
and wish to change your beneficiary designations, please call our Member Services team at 416-646-6445 or 1-877-43-HOOPP(46677).
Can I withdraw or borrow funds from my pension?
No, members of a defined benefit pension plan such as HOOPP are not permitted by law to withdraw or borrow from their retirement pension. The Ontario Pension Benefits Act restricts access to your pension before retirement and protects your pension
from creditors while it remains in the Plan.
If you leave your HOOPP employer before it’s time to start your pension, you will then have the option to keep your pension with HOOPP or transfer it out of the Plan. Transferring your benefit out of HOOPP is a big decision — one that you need to consider carefully.
If you have been advised to withdraw your benefit from the Plan, please be aware that there are many responsibilities – and risks – involved in withdrawing your benefit to invest and manage on your own. We encourage you to learn more about the benefits of keeping your pension with the Plan when leaving a HOOPP employer. Before you make any decisions, contact Member Services.
What precautions is HOOPP taking?
Following the advice of Canadian health experts and authorities, HOOPP has taken the following precautions to mitigate the risk of potential spread of COVID-19:
- Member events/meetings: We are replacing all our in-person member events and meetings – both inside and outside the HOOPP offices – with webcasts, phone calls and/or online communications.
Timely communications will be shared with members/registrants and employers regarding any changes that are made to upcoming events.
- HOOPP staff: We implemented a work-from-home policy for all employees who can perform their functions remotely, and suspended all business travel.
Will COVID-19, or your precautionary measures, impact HOOPP’s ability to function day-to-day?
No. HOOPP will continue to function effectively and our Member Services team will remain available to support our members’ needs.
Will the Ontario government’s temporary pay increase and lump-sum payments be treated as pensionable earnings?
The Ontario government recently announced a temporary increase to the hourly wage for front-line workers such as those working in long-term care, retirement homes, community care, home care and some hospitals. Additionally, those working more than
100 hours per month will receive a monthly lump-sum payment for four months.
HOOPP defines pensionable earnings as the regular wages or straight-time pay that you receive as part of your base earnings. Since the pandemic payments are temporary in nature and not part of your regular base earnings, they are not pensionable
and you will not make HOOPP contributions on these payments.
Will I be eligible to receive continued HOOPP benefits for my unpaid emergency leave?
Recently, HOOPP announced that any member that takes an unpaid emergency leave, or is within the first 15 weeks of an unpaid health leave, will receive contributory service at no cost. Eligibility for this benefit is based on the specific type of
leave you were placed on by your employer (i.e. infectious disease or declared emergency leave) and whether or not you received earnings while on leave. We have provided education and resources to your employer in order for them to determine
if you should make contributions for this leave period.
In the coming months, we will be collecting this information from your employer and applying the contributory service. Early next year, HOOPP will send a letter to qualifying members, confirming that this service has been granted
for the period of emergency declared by the government of Ontario. This information will also be reflected on the 2020 Annual Member Statement.
Where can I go if I have questions about my pension?
Our Member Services team is always willing to answer your questions. You can reach us at (416) 646-6445 or 1-877-43-HOOPP(46677), Monday to Friday, 8:00 a.m. to 5:00 p.m.
HOOPP Connect also remains available to provide you with detailed information about your pension, when and where you need it.