Building My Pension
Your HOOPP benefits are determined using:
- your contributory service
- your average annualized earnings (measured over your best five consecutive years)
- HOOPP’s 1.5/2 per cent pension formula
As a member, you earn contributory service when you earn pensionable income at a HOOPP participating employer and make contributions to the Plan.
You may also build contributory service by transferring in benefits from a previous employer, by making a past service purchase, contributing for an unpaid leave, or – if disabled – by receiving free accrual.
Contributions
You and your employer both contribute to the Plan. Find out this year’s contribution rates and when you contribute and when you don’t.
To help build your pension consider contributing during leaves and contributing at all HOOPP employers.
Past service purchase - buying back service
Do you have a period when you worked for a HOOPP employer but didn’t contribute? This can be a waiting period, maternity leave or other periods .
You can buy back that period through HOOPP’s past service purchase provision. Find out what are the advantages and how much it will cost.
