Benefits of HOOPP

HOOPP has a strong history of providing a defined benefit plan to Ontario's healthcare community. It's one of the biggest and most respected pension plans in the country and is an industry leader among multi-employer plans.

Defined benefit advantage

As a defined benefit pension plan, HOOPP provides members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once members start receiving a pension, they receive it for life.

For more information on how defined benefit plans are different from other plans, visit the Defined Benefit Advantage.

Early retirement

Working in the healthcare sector is demanding – physically and emotionally. So, it's no surprise that many of our members opt out of the workforce before reaching age 65. In recognition of this fact, HOOPP offers generous early retirement provisions, including an unreduced pension at age 60 and a bridge benefit that's payable from your early retirement date to age 65.

Partial inflation protection

Members are retiring earlier and living longer, which gives inflation more time to erode the buying power of their retirement income. With this in mind, HOOPP provides partial inflation protection – a valuable benefit designed to limit inflation's impact over the long term.

Survivor benefits

Pensions fund families, not just individuals. That's why HOOPP provides survivor benefits, including:

• monthly lifetime pension for a surviving qualifying spouse
• 15-year payment guarantee, if a member doesn't have a spouse

Disability benefits

If members are unable to work for health reasons, they may be able to build service in the Plan while they are off work – without them or their employer having to make pension contributions. If a member becomes totally and permanently disabled, the member may qualify for an immediate pension, based on the service built up to the disability date.

Transfers and portability

Few people today stay with one employer for their entire career. Because HOOPP is a multi-employer plan, members can link pension service as they move from one HOOPP employer to the next, thereby building a bigger benefit, and minimizing early retirement reductions.

Finding a HOOPP employer isn't difficult – more than 300 healthcare employers across Ontario, including most public hospitals, participate in the Plan.