Pension Formula

She retired at age 65 and started collecting her HOOPP pension on January 1, 2025.

See how the pension formula works

Prefer an example where Julia's circumstances look a bit different?

Age when she joined HOOPP

Average earnings

New Benefit Improvements Page

This illustration assumes that Diane was employed until December 31, 2024, and that she started her pension on January 1, 2025, at the age of 65. Since she retired at age 65, it does not reflect any bridge benefits or early retirement adjustments. Her birthday is December 31 and she enrols in HOOPP on January 1. Her work schedule did not change throughout her career and she did not have any gaps in service. The maximum contributory service in a calendar year is one year (52 weeks). The average YMPE for December 31, 2024, is $64,060. Average annualized earnings are determined as of December 31, 2024. Unless otherwise indicated, the figures in this example do not reflect any past service benefit improvements approved by HOOPP.

$50k

$80k

$110k

Employment status

Part-time

Full time

Part-time

Full time

Part-time

$80k

$110k

$50k

$110k

Use the selections to see what Diane’s pension could have looked like if she joined HOOPP earlier or later, with different work schedules, or if she had different average annualized earnings at retirement.

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Did you know that HOOPP has periodically approved benefit improvements for eligible active members? Since Diane was eligible for the benefit improvements, her lifetime pension went up by . This increased her annual lifetime pension to upon retirement at age 65. In retirement, Diane’s pension may also increase with any approved cost of living adjustments (COLA).

$xx,xxx

1 year

5 years

10 years

30 years

15 years

1 year

5 years

10 years

30 years

15 years

Work schedule

If Diane joined at age and worked until age 65, she’d have years of contributory service.

25%

50%

75%

100%

25%

50%

75%

100%

$50K

$65K

$90K

$100K

$115K

$50k

$70k

$90k

$130k

$110k

$50K

$65K

$90K

$100K

$115K

100

Diane’s average annualized earnings

Meet Diane

Cumulative BI

$xx,xxx

Annual lifetime pension at retirement: $41,993

full-time

Julia's new benefit improvement

Julia is a 65 year-old HOOPP member who is ready to retire. She has 30 years of contributory service and and average annualized earnings of $50,000. She's wondering how HOOPP's benefit improvements add value for her.

1 year

5 years

10 years

15 years

30 years

What if Diane’s circumstances looked a little different?

$130K

$130k

$130K

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This illustration assumes that Diane was employed until December 31, 2024, and that she started her pension on January 1, 2025, at the age of 65. Since Diane retired at age 65, it does not reflect any bridge benefits or early retirement adjustments. Her birthday is December 31 and she enrolls in HOOPP on January 1. Her work schedule did not change throughout her career and she did not have any gaps in service. The maximum contributory service in a calendar year is one year (52 weeks). The average YMPE for December 31, 2024, is $64,060. Average annualized earnings are determined as of December 31, 2024. The second includes the benefit improvements approved by HOOPP, up to and including July 1, 2024.

100% represents full-time equivalent (FTE) hours.

The highest average of your annualized earnings during any consecutive period(s) of five years of eligibility service before your benefit is calculated. Benefits are calculated when you retire, terminate or pass away.

A full-time member generally earns one year of service per calendar year. Part-time members earn service based on the percentage of full-time hours that they work and contribute at each of their HOOPP employers.

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Diane's new total lifetime pension

Diane’s average annualized earnings

Average annualized earnings (AAE)

If Diane had average annualized earnings of and years of contributory service at retirement, her annual lifetime pension would be at age 65.

Years of service

Average earnings above the YMPE

Average earnings up to the YMPE

1.5

$XX,XXX

XXX.XX

$XX,XXX

Annual lifetime pension

$XX,XXX

Your HOOPP pension is based on your best five consecutive years of earnings, so it reflects the period of HOOPP membership when your earnings were highest. That means more pension income in retirement!

With the Pension Estimator on HOOPP Connect, you can get a personalized estimate of what your future pension could look like at key milestone dates.

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Did you know that HOOPP has periodically approved benefit improvements for eligible active members? Since Tracey was eligible for benefit improvements, her lifetime pension went up by . This increased her annual lifetime pension to upon retirement at age 65.

$6,342

This illustration assumes that Tracey was employed until December 31, 2024, and that she started her pension on January 1, 2025, at the age of 65.

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Annual lifetime pension

If Diane joined at age and worked until age 65, she'd have years of contributory service.

full-time

You can increase your contributory service by contributing during a leave, buying back service or working for multiple HOOPP employers. Having more contributory service increases your pension, which may also help you retire earlier and provide even greater protection for your loved ones.

This reflects the benefit improvements approved by HOOPP up to and including July 1, 2024.

$X,XXX

$XX,XXX

100% represents full-time equivalent (FTE) hours.

Annual lifetime pension at retirement: $41,993

100% represents full-time equivalent (FTE) hours.

$XXX,XXX

XX,XX

$XX,XXX

Watch your pension grow

Average annualized earnings

Disclaimer

Things to consider

The illustration is based on the following assumptions:

With average annualized earnings of $100,000 and 25 years of contributory service from working full-time.

When she was ready to retire, her average annualized earnings (as measured over her best five consecutive years) were $100,000.