What is the average HOOPP pension?

HOOPP’s membership includes more than 250,000 active members, 115,000 retired members, and 35,000 deferred members. The average new annual pension is $29,700.

What is the maximum HOOPP pension?

The contribution rates are: 6.9% of your annualized earnings up to the year’s maximum pensionable earnings (YMPE) 9.2% of your annualized earnings above the YMPE. The 2019 YMPE is $57,400.

Can you cash out your HOOPP pension?

If you decide not to defer your pension, there are options to transfer the commuted value of your benefit out of HOOPP. Once you make the transfer, you will have no further benefits in the Plan. If you are considering this option, call us before you make any decisions.

Is HOOPP a good pension?

It is one of the largest and most respected pension plans in Canada and is an industry leader among multi-employer plans. Its excellent management team has achieved long-term growth and drives plan performance to ensure continued success into the future.

How much is my HOOPP pension worth?

To calculate your monthly pension, we use: For each year of contributory service, you receive 1.5% of your average annualized earnings up to the average YMPE, plus 2% of your average annualized earnings above the average YMPE.

How much is a nurse pension in Ontario?

At the present time, the 3 year average YMPE is $54,600. If it were based on 5 years, your average YMPE would be $53,480. The reduced average YMPE of $1,120 would put those dollars into the 2% part of the pension formula and increase pensions by approximately $2.80 per year of service.

Should I take my pension as a lump sum?

Lump-sum payments give you more control over your money, allowing you the flexibility of spending it or investing it when and how you see fit. Studies show that retirees with monthly pension income are more likely to maintain their spending levels than those who take lump-sum distributions.

What age do nurses usually retire?

RNs, on average, retired at 58.1 years and AHPs at 59.4 years. More than two thirds retired before age 65. Among RNs, caregiving demands predict early retirement – policies supporting employed RN caregivers may reduce early workforce exits among publicly employed RNs.

How much pension do nurses get in Ontario?

Is HOOPP or Omers better?

Actually the OMERS promise is a wee bit better because an OMERS pension is automatically fully indexed for inflation while a HOOPP pension is conditionally indexed based on the plan’s health. That said, HOOPP has an excellent record of keeping up with inflation.

How much do retired nurses make in Ontario?

As of Jun 5, 2022, the average annual pay for the Retired Nurse jobs category in Ontario is $50,642 a year.