When Can I Retire?

As you may know, the normal retirement age under HOOPP is 65. The earliest you can retire is 55. You can also retire later than age 65.

Earlier than 65

If you are vested you qualify to retire as early as age 60 without any reduction in the pension you've earned to date or as early as age 55, usually with a reduction.

The reduction reflects how long you've belonged to the Plan and your age at the time of retirement. The reductions are permanent, and apply to any pension that may be payable to your qualifying spouse after your death.

Later than 65

If you work past age 65, you can continue to contribute to HOOPP and build benefits until November of the year in which you turn age 71.

Pensions that start after age 65 will be increased to reflect the fact that you are starting your pension payments later.

The upward adjustment, which applies to the benefits earned up to your 65th birthday, is 0.5 per cent for each month after the month you reached age 65 up to and including the month of your retirement.

Example

Take Maryam for example: at 65, she qualifies for a monthly pension of $1,800, but she decides to work for another 18 months. When she retires, her monthly pension is $1,874.

As a result of working past age 65, Maryam's pension increases by nine per cent of the $1,800 she had accrued up to age 65 (0.5 per cent multiplied by 18 months), for an increase of $162 per month, and she ends up with a total monthly pension of $2,036 ($162 + $1,874).