Few people stay with one employer for their entire working life. You may work for a number of HOOPP employers in the healthcare field as you build your career.
One of the advantages of being a HOOPP member is that your pension is portable. If you leave your job and go to work for another HOOPP employer, immediately or in the future, your pension can come with you!
Rejoining HOOPP
If you already have a HOOPP pension from a past job and you join HOOPP again before retiring, you may be able to combine your old and new memberships. That usually means you’ll get a bigger pension when you retire, because:
- if your earnings are higher now, they will be used to boost your total pension for all your service
- combining service can give you a better early retirement adjustment if you retire before age 60
If your pension from your past job got any cost-of-living adjustments (COLA) before you rejoined, HOOPP will keep an eye on your combined pension to make sure that combining memberships
worked in your favour. If combining hasn’t resulted in a higher pension by the time you retire or leave your employer, we’ll treat your memberships as separate instead, so you get the better outcome either way.
For most members, combining memberships leads to a bigger pension in the long run.
Buying back service
If you’re rejoining HOOPP, you may be able to increase your pension by buying back service. Did you know that if you used to have a pension from HOOPP but you took it out of the Plan, you can buy it back? You might even be able to buy service in
HOOPP for a time you belonged to a different pension plan. Learn more about buying back service.
Learn more
Who is part of the Plan?
Learn more about the healthcare organizations across Ontario that are part of the Plan.
Changing Jobs?
Learn more about your options for your pension when changing jobs.
I left my employer. What can I expect next?
If you leave your job at your HOOPP employer, they will let us know. HOOPP will automatically send you the personalized details about your pension benefits and the options available to you.
Depending on your age, these options include:
- staying a HOOPP member, also known as deferring your pension.
- taking your pension out of HOOPP, either by transferring it to your new employer’s pension plan or transferring it to a locked-in retirement savings account.
Make sure your personal email address on record is up to date so you can be notified immediately when your options are available.
If you are age 55 or older and are interested in starting your pension, please let your employer know.
Visit Leaving your HOOPP employer for more information on your options and what to consider when making your decision.
If I leave my HOOPP employer and keep my pension in HOOPP, will it continue to grow?
If you stop working for a HOOPP employer, you can stay a member of the Plan (known as deferring your pension). As a deferred member, your pension can grow with any approved cost of living adjustments both before and after retirement.
Here are some of the other reasons to consider keeping your pension with HOOPP:
- If you stay in healthcare and move to another HOOPP employer, you can continue to contribute to the Plan to build your pension.
- Your pension payments can grow as the cost of living goes up.
- Your pension offers survivor benefits to provide additional security for you and your family.
- You can start your deferred pension as early as age 55.
- You will never outlive your pension.
This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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