Transferring Benefits Out of HOOPP – 55 Or Older

If you are vested (have belonged to HOOPP for two or more years) and are age 55 or older upon termination, you have fewer transfer options.

This is because you qualify for an immediate early retirement pension from HOOPP. If you're less than 64, you'll also receive a bridge benefit when you retire.

Transfer to another plan

If you go to work for a non-HOOPP organization, you may be able to transfer your benefits to your new employer's registered pension plan. HOOPP has reciprocal transfer agreements with a number of pension plans. If you join one of these plans, you'll be able to transfer your HOOPP benefits under certain conditions.

Special rules apply if you are transferred to a new organization under a divestment – a sale, assignment, or disposition of business. Ask your employer for details.

Even if your new employer's pension plan doesn't have a transfer agreement with HOOPP, it may still allow you to transfer the commuted value of your pension into its pension plan. Ask your new employer if it will accept such a transfer, and if there are any time limits that apply.

There are Income Tax Act limits on how much of your funds can be transferred out of HOOPP on a tax-sheltered basis. HOOPP will let you know about any limits that apply to you when you receive your termination options.

If you transfer your benefits out of HOOPP, you are no longer eligible for a HOOPP pension.

Rules after 65

Once you reach age 65, you cannot transfer your HOOPP benefit out of the Plan. You are, however, eligible to retire and begin collecting your HOOPP pension. You must begin collecting your pension by November of the year in which you reach age 71.