Early Retirement Table
If you retire prior to age 60, your pension will be reduced, unless you have 30 complete years of eligibility service.
Early retirement reductions offset the fact that you are receiving a pension earlier and, therefore, are likely to collect it longer. Reductions are permanent and apply to any pension that may be payable to your qualifying spouse or non-spouse primary beneficiary after your death.
The Early Retirement Table shows what percentage of your basic lifetime pension you'll get if you retire early. The table, which also applies to any early retirement benefits you’re entitled to receive, is based on the combination of your age and completed years of eligibility service.
Partial years don't count on HOOPP's table - you must complete a full year of eligibility service, or pass a birthday, to reach the next level.
You'll see that
the later you retire - or the more years of eligibility service you
have in the Plan - the larger your benefit will be. If you've
reached age 60 or completed at least 30 years of eligibility service
when you retire, there are no reductions - you receive 100
per cent of the benefits you've built to date.
| Completed years of eligibility service | Percentage of pension payable | |||||
|---|---|---|---|---|---|---|
| Age 55 | Age 56 | Age 57 | Age 58 | Age 59 | Age 60+ | |
| 2-14 | 70.0% | 76.0% | 82.0% | 88.0% | 94.0% | 100% |
| 15 | 77.5% | 82.0% | 86.5% | 91.0% | 95.5% | 100% |
| 16 | 79.0% | 83.2% | 87.4% | 91.6% | 95.8% | 100% |
| 17 | 80.5% | 84.4% | 88.3% | 92.2% | 96.1% | 100% |
| 18 | 82.0% | 85.6% | 89.2% | 92.8% | 96.4% | 100% |
| 19 | 83.5% | 86.8% | 90.1% | 93.4% | 96.7% | 100% |
| 20 | 85.0% | 88.0% | 91.0% | 94.0% | 97.0% | 100% |
| 21 | 86.5% | 89.2% | 91.9% | 94.6% | 97.3% | 100% |
| 22 | 88.0% | 90.4% | 92.8% | 95.2% | 97.6% | 100% |
| 23 | 89.5% | 91.6% | 93.7% | 95.8% | 97.9% | 100% |
| 24 | 91.0% | 92.8% | 94.6% | 96.4% | 98.2% | 100% |
| 25 | 92.5% | 94.0% | 95.5% | 97.0% | 98.5% | 100% |
| 26 | 94.0% | 95.2% | 96.4% | 97.6% | 98.8% | 100% |
| 27 | 95.5% | 96.4% | 97.3% | 98.2% | 99.1% | 100% |
| 28 | 97.0% | 97.6% | 98.2% | 98.8% | 99.4% | 100% |
| 29 | 98.5% | 98.8% | 99.1% | 99.4% | 99.7% | 100% |
| 30 + | 100% | 100% | 100% | 100% | 100% | 100% |
* Based on age at retirement
