Inflation Protection

HOOPP pensions are partially protected against inflation.

The portion of your HOOPP pension based on contributory service built before 2006 receives a guaranteed annual cost of living adjustment equal to 75 per cent of the previous year's increase in the consumer price indexconsumer price index (CPI), to a maximum CPI increase of 10 per cent.

The Board of Trustees can increase the adjustment to 100 per cent of the previous year's CPI increase - again to a maximum CPI increase of 10 per cent - if funds permit, although this additional ad hoc adjustment isn't guaranteed.

For the portion of the benefit based on service acquired after 2005, the amount of COLA will not be guaranteed. HOOPP’s Board will vote annually on whether to provide any inflation protection on post-2005 service, and if there is an increase, how much it will be. Annual COLA increases will range from zero to 100 per cent of the previous year’s increase in the CPI, again to a maximum CPI increase of 10 per cent.

HOOPP COLA increases are applied April 1.

During low periods of inflation, this feature may not seem valuable, but it will enhance your pension over the long term as our purchasing power chart shows.