This Value Comparator tool will help you understand the future value of your HOOPP pension, based on the information you input. The results of this Comparator tool do not reflect what your actual HOOPP pension payments will be, because your future pension payments cannot be calculated accurately until you retire. What this tool will do is give you an idea of how your HOOPP pension might compare to other types of retirement income options, in this case an annuity and an RRSP/RRIF.
To compare the value of your HOOPP pension to the above specified types of retirement incomes, four key numbers are needed:
- your age at retirement
- your years of eligibility service
your contributory service
- your average annualized earnings at retirement
- your contributions to HOOPP
The more accurate the information you enter is, the more accurate your projected estimates will be. HOOPP strongly recommends you use your most current annual statement with this Comparator tool.
This Comparator tool makes estimates that necessarily involve several assumptions, all of which may change over time. Actual future amounts may vary considerably from what this Comparator tool might estimate.
This Value Comparator tool is for informational purposes only and is not to be relied on for individual financial advice or retirement income planning. You should not use this Comparator tool to make final retirement decisions.
This Comparator tool does not convey any actual entitlement to benefits. Your benefit entitlements, based on verified data, will be paid in accordance with the HOOPP Plan text and applicable law.
Before you make a decision to retire, contact your employer or HOOPP for a more accurate pension estimate. You can reach HOOPP Client Service at 416-646-6445 or 1-877-43HOOPP (46677).
No responsibility is accepted by or on behalf of HOOPP for any errors, omissions, or misleading statements obtained through the use of this Comparator tool. The data, information or results obtained through the use of this comparator tool have no legal authority, do not convey any actual entitlement to benefits, and are not binding on HOOPP.
- For all calculations, we have assumed that your qualifying spouse (if any, as defined in the Plan) dies before you.
- All temporary bridge pensions are excluded, including the transitional bridge benefit.
- Inflation and cost of living adjustments are not included to pensions after retirement.
The estimated cost of an annuity is based on several factors, all of which could change over time. The assumptions used in reaching this estimate are within reasonable parameters, however, other assumptions would be reasonable and as such this estimate is approximate. The cost of an annuity was estimated based on a 3.0% per annum and mortality rates from the 1994 Uninsured Pensioner Mortality Table with generational projection using scale AA.
- Yearly Maximum Pension Earnings (YMPE) is assumed to increase at 3% per annum until retirement.
- Inflation and cost of living adjustments to pension are assumed to be 0% per annum after retirement.
- Interest on contributions with interest is assumed to increase at an interest rate of 1.5% per annum.
- For members with no statement, in order to calculate current member contributions with interest, past historical annualized earnings are assumed to decrease at 2% per annum from the current average annualized pensionable earnings.