Can I Retire Early?
HOOPP's early retirement reductions are generally much lower than the pension industry norm.
Take a look at our Early Retirement Table. You'll see how both your age and years of eligibility service at retirement will directly affect the size of any early retirement reductions that may apply to your pension.
Be careful to select a retirement date that's right for you. It could mean a big difference in your pension amount, as our examples show.
Bridge benefit
You'll receive a bridge benefit if you retire from HOOPP while aged 55 to 64. The bridge benefit is a monthly payment that supplements your basic lifetime pension until age 65 when full government pensions normally begin.
The bridge is intended to increase your basic lifetime pension to a full two per cent of your average annualized earnings for each year of contributory service.
In other words, the full bridge equals 0.5 per cent of your average annualized earnings up to the average YMPE for each year of contributory service. The bridge benefit, as well as your basic lifetime pension, will be reduced – as shown in the Early Retirement Table – unless you have at least 30 years of eligibility service or are age 60 or older at the time of retirement.
The bridge benefit is payable until age 65 or your death, whichever occurs first. It is not payable if you are receiving a HOOPP disability pension.
Transition benefit
You qualified for another benefit - the early retirement transition benefit – available under a temporary Plan improvement if you were 55 by Dec. 31, 2005, and:
- are under age 65 when you retire and
- belonged to the Plan for five or more years as of Dec. 31, 2005
- take immediate early retirement upon termination of employment
No new members will qualify for this benefit after 2005.
Like the bridge benefit, the transition benefit supplements your basic lifetime HOOPP pension until age 65 when government pensions normally begin. The full transition benefit is based on the Old Age Security (OAS) benefit as of the date you retire.
The full transition benefit is subject to two reductions. It will be reduced proportionally for each year or partial year that your contributory service is less than 10 years at retirement. For example, if you have 8.5 years of service, you'll receive 85 per cent of the full amount. This amount will be further reduced, as shown in the Early Retirement Table, unless you have at least 30 years of eligibility service or are age 60 or older at the time of retirement.
The transition benefit is payable until age 65 or your death, whichever comes first. It is not payable if you are receiving a HOOPP disability pension.
