At Your Retirement

Once we've received all the information we need to process your retirement application, HOOPP will send you a package outlining the benefit options available to you. You'll have 30 days from the time the package is sent to you to:

• decide the form of pension you want if you have a qualifying spouse
• gather any proof documents HOOPP requires, such as proof of your age or your spouse's age, proof of marriage, etc.
• decide whether you want to change your "non-spouse" beneficiary (remember you can change your "non-spouse" beneficiary any time)

Your first pension payment

Many people wonder whether there will be a gap between their last paycheque and their first HOOPP pension payment. Everything should be fine, provided:

• you terminated employment with all HOOPP employers and elected to retire
• we receive a Retirement Notice from your employer at least three months before the date you want your pension to start
• you complete and return all paperwork HOOPP sends you within the timelines stated on the personalized communication statements you'll receive in the mail

It's important to realize that unless these steps are taken, your pension will not start on the date you select.

Your pension will be based on your earnings and service as of your most recent HOOPP Annual Statement. Once we receive final earnings and service information from your employer, your pension will be “trued up” to the correct amount, and you'll be sent a cheque for any arrears owing.

Small pension payout

When you apply to retire from HOOPP, we'll calculate your pension amount. If your basic lifetime pension is less than two per cent of the year's maximum pensionable earnings for the year in which you apply to retire, you won't receive a monthly pension. Instead you'll receive a single lump-sum payment equal to the commuted value of your total pension.