Transfers into HOOPP

If you have pension benefits in another registered pension plan when you join HOOPP, be sure to let your new employer know – you may be able to transfer those benefits into HOOPP.

However, the benefits you are credited with in HOOPP may not be the same as you had in your former plan, due to differences in Plan features.

HOOPP has reciprocal transfer agreements with a number of pension plans, as shown in our chart. Each agreement allows you to transfer benefits into HOOPP if you meet the transfer deadlines and other conditions. If you join HOOPP under one of these agreements, you can start contributing right away, even if you are hired to work part time.

If there is no reciprocal transfer agreement, HOOPP will accept the commuted value of your pension from the other plan, provided the other plan agrees to the transfer.

Special situations

If you join HOOPP under a divestment – a sale, assignment, or disposition of business – or if your employer changes pension plans, HOOPP’s usual portability rules don’t apply to you.

Find out more about joining HOOPP in special situations.

Because each transfer situation is unique, check with your employer.

RRSP implications

When service is transferred from one pension plan to another, it sometimes results in a past service pension adjustment (PSPA). A PSPA will reduce the amount you are allowed to contribute to an RRSP. If a PSPA applies to you, you will be notified before you make a decision on whether or not to transfer service into HOOPP.