Deferred Pension

You can choose – upon terminating from HOOPP – to leave your benefits in the Plan to collect later as a lifetime pension. This is called choosing a deferred pension.

You'll be eligible for a deferred pension from HOOPP if you are vested when you terminate.

The portion of your deferred pension based on contributory service built before 2006 receives annual inflation protection – even during the years before you are old enough to collect it. Any portion of your deferred pension based on contributory service built after 2005 will not receive a guaranteed inflation adjustment. However, inflation protection can be provided on an ad hoc basis at the discretion of HOOPP’s Board for post-2005 service.

You can begin collecting a deferred pension at age 60 without any reduction, or as early as age 55, usually with a reduction. A reduction is applied because a pension paid at an earlier age is usually paid for a longer period.

You'll also be entitled to a bridge benefit, payable to age 65 if you start to collect your deferred pension while aged 55 to 64.

Small pension rule

HOOPP has a small pension rule. If your annual HOOPP deferred pension works out to less than two per cent of the year's maximum pensionable earnings ($874 in 2007), HOOPP will pay your full pension entitlement to you as a one-time lump sum, and you will not have the option of collecting a lifetime benefit from HOOPP.