Benefits
Pension Plans
These plans include Healthcare of Ontario Pension Plan, Ontario Municipal Employees Retirement System, Nursing Homes and Related Industry Pension, Canadian Blood Services Pension Plan, and Victorian Order of Nurses (VON) Pension Plan. Find your pension plan below for important updates and resources.
The Healthcare of Ontario Pension Plan (HOOPP) serves ONA members working in the hospital sector. It is fully funded, and its investments are outperforming many others.
If you have any questions about HOOPP or have specific circumstances you’d like to discuss, contact them at 416-646-6445 or toll-free at 1-877-43HOOPP (46677).
New HOOPP members likely have questions about being in a plan like HOOPP or about what a defined-benefit (DB) pension is. HOOPP has prepared a step-by-step guide to answer your questions and help you make the most of your pension.
If you’re a part-time, contract or casual employee working for a HOOPP employer, you have the option to join the Plan at any time. The sooner the better; the more years of service you have, the greater your monthly pension will be.
Are you interested in retirement security and want to learn more about pension issues that impact Canadians? Join The Pension Collective, for access to easy-to-understand news and resources and opportunities to attend exclusive events.
Following the recent announcements about changes to Commuted Value (CV) calculations being implemented by the Canadian Institute of Actuaries (CIA) and HOOPP, our members may have some questions or concerns.
Please note: These changes impact some individuals, such as those who take their lump-sum CV out of the Plan instead of retiring with a monthly pension. If you are currently contributing to the Plan or have kept your pension with HOOPP after leaving your employer, these changes will not impact you.
More information on these changes can be found on the following websites:
There is inaccurate and false information circulating about pension plans and income tax. It is governments, not pensions, that tax income.
What has happened is this: the Canadian Institute for Actuaries (CIA) has changed how commuted value is calculated for all defined benefit pension plans in Canada, including HOOPP. Commuted value is the lump sum you receive if you decide to pull out of the pension plan, e.g., after you resign. The changes by CIA took effect December 1 and may result in this lump sum being smaller than it would have been before.
HOOPP advises that “These changes have absolutely no effect on the pension payments you receive if you stay in the plan and collect pension cheques from HOOPP – now or in the future.”
There may be financial advisors who are using this change to try to get you to resign from your job and take your lump sum/commuted value – and give it to them to invest. While ONA knows this may be tempting, please know there are financial risks to this. It may cost you more in taxes than you realize, and it means you lose the guaranteed pension for life that HOOPP provides.
If you are thinking about taking your commuted value, ONA strongly urges you to call HOOPP’s member services to understand your options as they have a fiduciary duty to help you. You can reach them at 1-877-43-HOOPP (46677).
It is also important to know that if you resign in order to access your commuted value pension, you lose all your seniority and service with your employer. That means you lose access to your benefit plan, life insurance, paid vacation, and more.
You should always understand the full implications of your decision prior to making a significant life change. You should call your Bargaining Unit President if you have any questions or would like more information to understand advice you may be getting from others.
The Ontario Municipal Employees Retirement System (OMERS) is a defined-benefits plan that ensures a secure retirement for ONA members working for municipalities.
Each episode explores different aspects of the pension landscape across Ontario and provides pension education to help listeners learn about the OMERS Plan and kick-start their retirement planning.
The podcast features in-depth conversations led by members of the OMERS Pensions team. The episodes are packed with educational content about the OMERS Plan – everything from factors to consider when choosing the best time to retire to ways to maximize monthly retirement income. Some episodes take a deeper dive into the latest buzzworthy topics around pensions and retirement.
The Nursing Homes and Related Industry Pension Plan (NHRIPP) ensures a secure retirement for ONA members working in the nursing homes sector.
If you are part of the NHRIPP, make sure you stay connected and in the know. Keep your contact and beneficiary information up to date using the My InSite member portal. Visit the Plan’s website at www.nhripp.ca to sign in or set up an Account.
The Canadian Blood Services Pension Plan (CBSPP) is the pension plan for ONA members working in CBS and its clinics.
If you any questions, please contact the TELUS Health Canadian Blood Services Pension Call Centre, at 1-877-252-4442 between 8:30 a.m. and 5:30 p.m. ET, Mon - Fri.
The VON Canada Pension Plan serves ONA members working in this sector, which provides home care and other services to Ontarians.
If you need help logging in, contact VON Pension Administration Services at 1-866-677-7277, Monday through Friday, between 9 a.m. and 5 p.m. ET.
A coalition of six unions, including ONA, released a joint statement demanding that VON Canada live up to the important pension promises it has made to its members.
The unions – the Nova Scotia Government and General Employees Union (NSGEU), the Nova Scotia Nurses Union (NSNU), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees Union/Syndicat des employés de la fonction publique de l’Ontario (OPSEU), SEIU Healthcare and the Ontario Nurses’ Association (ONA) – represent more than 1,600 active members of the VON Canada Pension Plan (the Plan) in two different provinces.
We will continue working together to ensure that VON puts Plan members first and restores their pension benefits.
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