Pensioners News 2007
Pensioners

** ARCHIVED ITEM **

Archived items are provided as an historical record.
This article may not reflect current provisions.

30 Days' Notice Required to Change Pension Payment

If you are making a change to any of the following, please be aware that HOOPP requires 30 days’ notice in writing to:

  • switch banks or bank accounts for your direct deposit
  • switch to electronic funds transfer (EFT or direct deposit)
  • change of your address – especially important if you receive your pension by cheque, or have a deferred pension

To initiate any of the changes you can call HOOPP at 416-369-9212 or toll-free in Canada 1-888-333-3659. HOOPP will then send you the necessary paperwork. Or you can download a Pensioner Information Change Form.

Here are some examples. If you want to switch banks effective July 1, please submit your signed Pension Information Change Form by May 31. Or if you want to increase the amount of tax HOOPP withholds effective Sept. 1, please ensure we receive your signed government form by July 31.

Switching banks or accounts

Once you’ve submitted your form, HOOPP asks that you not close your old account until payments are being deposited in the new one – and taking this precaution will ensure there is no interruption in your payments.

Switch to direct deposit

If you currently receive your pension by cheque and bank with a Canadian financial institution, we strongly suggest you consider switching to electronic funds transfer (EFT). Your pension is automatically deposited to your account – eliminating worries about mail delays or having to get to the bank. About 95 per cent of pensioners have made the switch to EFT.

If you are moving, think of HOOPP

It’s especially important to keep your address information current with HOOPP if you have elected a deferred pension and have not yet started to collect it.

Let us know your desired change date

If you want your change to take effect at a date further in the future than 30 days, simply attach a note to that effect. Otherwise, upon receiving your signed instructions on the form HOOPP will make the change as quickly as possible, but please keep that 30-day notice period in mind.

March 2007