Shortened Life Expectancy

If you are a pensioner or deferred pensioner facing a shortened life expectancy, you may be able to withdraw your HOOPP pension benefits in one lump-sum payment. You can do this if a doctor licensed in Canada gives a medical opinion that you have a life expectancy of less than two years.

In addition to the medical opinion, you must get your qualifying spouse's permission (if you have a spouse), through a signed waiver, to withdraw the funds. That's because your spouse, under provincial law, is entitled to benefits upon your death, and must agree to the withdrawal. If the spouse agrees, he or she forfeits the right to spousal benefits upon your death.

Both you and your spouse should seek independent legal and financial advice before making a decision to forfeit your spouse's entitlements.

An application to withdraw funds can be made either before or after you begin collecting your pension. HOOPP will tell applicants how much money is available for withdrawal.

For details on how to apply, contact a HOOPP customer service representative at 416-369-9212 (or toll free at 1-888-333-3659). Representatives are available to help you from 8 a.m. to 5 p.m., Monday to Friday.