Benefits of Membership in HOOPP

Secure, predictable retirement income

HOOPP provides peace of mind. That's because with a defined benefit plan like HOOPP, you know in advance approximately what your monthly lifetime pension will be because a formula defines the amount of that pension.

Competitive benefits

The pension benefits provided by HOOPP are extremely competitive. The Plan provides a lifetime retirement income based on a first-class benefit formula that takes into account your earnings history and length of service in the Plan.

Partial inflation protection

Members are retiring earlier and living longer, which gives inflation more time to erode the buying power of your retirement income. With this in mind, HOOPP provides partial inflation protection – a valuable benefit designed to limit inflation's impact over the longer term.

Early retirement

If you are a vested member, you can retire early with an unreduced pension at age 60 or as early as age 55, usually with a reduction. There's no reduction once you have reached age 55 and completed 30 years of eligibility service.

If you retire early you will also receive a bridge benefit, payable to age 65, that equals 0.5 per cent of your average annualized earnings up to the average YMPE for each year of contributory service.

Transfers and portability

As an incoming member, you can often transfer benefits to HOOPP from your previous pension plan. If you are leaving the Plan, you can transfer your HOOPP benefits to other pension plans as long as the other plan accepts the transfer. If you move from one HOOPP employer to another within six months, you can choose to have your HOOPP pension continue with your new employer.

Survivor benefits

If you die after you retire, your surviving qualifying spouse will receive a monthly lifetime benefit equal to 60, 80, or 100 per cent of your basic lifetime pension.

If you are single you receive a pension for life, plus a 15-year payment guarantee. The guarantee means that if you die before receiving a pension for 15 years, pension payments would continue to your primary “non-spouse” beneficiary for the balance of the 15-year period.

Disability benefits

If you submit medical evidence, depending on the extent and expected duration of your disability, you may qualify for either:

• free accrual (contributory service for which contributions are not required from you or your employer) or
• if you are totally and permanently disabled – the option of an immediate pension based on accrued contributory service.