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HOOPP

What happens when you leave your HOOPP employer

As a HOOPP member, you are entitled to a pension when you retire. If you leave your HOOPP employer before it’s time to start your pension, you can simply remain a HOOPP member by keeping your pension in the Plan and receiving it when you decide to retire.

Remaining a member of HOOPP, also known as deferring your pension, gives you flexibility. Your pension will stay secure in the Plan and, if you start work with another HOOPP employer, you can continue to build your valuable benefit.

Watch our video which highlights the benefits of staying a HOOPP member versus the risks associated with giving up your HOOPP pension.

What to expect after leaving your employer

When you leave your job, your employer will notify us. You will have a personal Member Services Specialist who will reach out to you to explain your options and help you make the right decision for your circumstances.

Your personal specialist will send you an information package with details about your pension benefit and a booklet explaining your available options. 

Options when leaving your employer

Your options will depend on your age, the value of your benefit and what kind of pension plan, if any, your new employer offers. Please note that if you are age 55 or older, you have the option to start receiving your monthly pension immediately.

You have two main options when leaving your HOOPP employer: stay a HOOPP member or transfer out of HOOPP.

Staying a HOOPP member (deferring your pension)

Keeping your pension with HOOPP means it will remain secure in the Plan and you can collect it later when you reach retirement age. HOOPP gives you the flexibility to start your lifetime pension anytime between the ages of 55 and 71. Learn more about your retirement options.

Here are three great reasons to consider keeping your pension with HOOPP:

  1. Your HOOPP pension offers additional security for you and your family. You have the security of receiving a lifetime pension from a world-class pension plan, without having to worry about making investment decisions. Your HOOPP pension includes survivor benefits, which are designed to help protect your loved ones if you pass away before or after retirement. Learn more about planning for your loved ones.

  2. Your pension payments can grow as the cost of living goes up. Each year, the HOOPP Board of Trustees reviews the overall health of the Plan and decides whether to provide a cost of living adjustment (COLA) to pensions. HOOPP’s positive funded status and the Plan’s strong performance have enabled us to grant annual COLA at a rate of 100% of the increase in the Consumer Price Index since 2014. This valuable benefit increases the amount of your monthly pension payment to help it keep up with rising prices. The COLA your pension receives depends on when you earned service in the Plan. Learn more about inflation protection.

  3. You can keep building your pension with another HOOPP employer. If you are considering staying in the healthcare field, it’s a great idea to keep your pension with HOOPP. You may even be able to combine the service that you earned during your membership at your previous HOOPP employer with the service that you earn at your new job. By combining your membership periods, you can increase your benefit and potentially retire earlier without a reduction to your pension.

How to protect your pension when switching employers

Are you considering moving to a new employer? HOOPP is a multi-employer pension plan, which means you can continue to grow your pension at any of the more than 600 healthcare employers across Ontario that offer HOOPP. When thinking about a new job, think about retirement, too, like HOOPP member Alfred Lam.

If you decide it’s time for a change and go to work for another HOOPP employer, you can rest assured that you will continue to have all the benefits your pension offered with your previous employer and you can keep building your retirement security. View our list of HOOPP employers. Here’s what some of our members have to say about changing HOOPP employers:

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Teresa Adair, HOOPP member

"I have changed employers twice in the last few years and [the employers] being part of HOOPP was one of the key benefits attracting me. I am fortunate to have been able to maintain my membership."
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Fergus Griffin, HOOPP member

"I know that in my own case and in the case of other members I have spoken with, you can take comfort in the flexibility that members are afforded in being able to move to another healthcare institution without interruption to building towards your retirement goals!"

Transferring out of HOOPP

Transferring your benefit out of HOOPP is a big decision — one that you need to consider carefully. Once you make the transfer, you will no longer be eligible to receive a lifetime pension from HOOPP. Transfers to plans outside of Canada are not available. Time limits may also apply. 

  • Transfer to a different defined benefit (DB) pension plan. If you are under age 65, you may be able to transfer the value of your HOOPP benefit to your new employer’s DB pension plan if they offer one. We will work with you, if needed, and coordinate with the administrator of your new employer’s plan to make a tax-free transfer, where eligible. Remember, not all pension plans are designed equally. While you may have the opportunity to join another defined benefit plan, HOOPP offers a hard-to-match set of benefits that contribute directly to your retirement security.
  • Transfer to a locked-in retirement account or defined contribution (DC) pension plan. If you are under age 55, you can transfer the value of your pension to a locked-in retirement account (LIRA) or to your new employer’s DC pension plan, if they offer one.
Small pension rule

If your pension is considered a small pension under rules set out by the Pension Benefits Act, you may choose to keep your pension with HOOPP, or receive a lump-sum payment for the value of your pension, less taxes. You also have the option to transfer the value of your pension to an registered retirement savings plan.

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We're here to help!

To learn more about your options, register for one of our interactive pension seminars or read our Leaving your HOOPP employer booklet. You can also contact our Member Services team for more information. 

This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.