Make no mistake – a HOOPP pension is a valuable benefit. After all, it’s specifically designed to help members replace a portion of their pre-retirement income with a lifetime pension benefit.

A HOOPP member starts building a pension as soon as they start contributing. And the longer they contribute, the bigger that pension will be.

Consider Joanne, a member who joins the Plan at age 30 with a salary of $45,000. Assuming Joanne receives a 3 per cent salary increase each year, and retires at age 60 with 30 years of service in the Plan, she can expect to receive a lifetime HOOPP pension of about $50,100 each year. If Joanne lives to age 81, she would receive a total of $1,130,000 in pension payments (including bridge payments to age 65) – and that’s not including any  cost of living adjustments she may receive.

The story is just as compelling for part-time workers. John works 20 hours a week and joins HOOPP at age 35 with average annualized earnings of $45,000 (the earnings are based on what John would make if he worked full time). He receives a 3 per cent salary increase each year and retires at age 60 with 12.5 years of contributory service and 25 years of eligibility service in the Plan. Based on these circumstances, John can expect to receive a lifetime pension of about $18,000 annually. Assuming John lives to age 81, he will receive pension payments totaling $406,000 (including bridge payments to age 65), not including any cost-of-living adjustments.

Of course, these examples are for illustrative purposes only. The pension paid to a particular member will depend on his/her personal circumstances (for example, how much they earn, when they retire, and how many years of service they have).

At HOOPP, we can’t promise members the golden egg of fairy tale fame. But we can promise the next best thing – the opportunity to build a solid foundation for a financially secure future.