Considering a Deferred Pension

Is a deferred pension the choice for you?

A deferred pension is what you’ll receive if you terminate from HOOPP and choose to leave your benefits in the Plan. You’ll be able to collect your deferred pension after you reach retirement age.

Key features of a HOOPP deferred pension:

• payable on an unreduced basis at age 60, but can be received as early as age 55, usually with a reduction.
• receives annual guaranteed or ad hoc cost of living adjustments even before you start collecting it
• if you start collecting it age 55 to 64, you’ll also receive a bridge benefit from when your pension starts until age 65 or you die, whichever occurs first (Different rules apply if you elected a deferred pension before 1999)
• offers the same survivor benefits as other HOOPP pensions
• if you change your mind, you can transfer it – subject to Income Tax Act limits – to the pension plan of a future employer, provided that plan will accept it. You can also transfer your benefits to a LIRA (or a LIF or LRIF, if you’re age 54) at any time before age 55. Such withdrawals can be risky, before transferring out of HOOPP understand what you’re giving up

If you face a life expectancy of two years or less, you can apply to HOOPP to withdraw the commuted value of your deferred pension as a lump sum. Should you find yourself in this situation, contact HOOPP for more information.

Consider decision pending option

If you’re moving to another HOOPP employer or looking for work, you can choose the “decision pending” option.

Under this option, your benefits remain in HOOPP for up to six months. If you find work with a HOOPP employer, your contributory service will resume when you start making contributions again.

If you don’t resume contributions within the six-month period, you will be asked to pick a different termination option, such as a deferred pension.

Find out more about the decision pending option.