By Wendy Lee, Local 575, inSolidarity Committee
The Chief Financial Officer (CFO) of the Healthcare of Ontario Pension Plan (HOOPP) says the plan is helping keep retirement security affordable for its many members in OPSEU/SEFPO.
In a presentation to the Hospital Professional Division’s Convention caucus on Apr 8, , CFO Reena Carter said the pension plan’s funded status is very strong at 109 per cent, meaning that for every dollar owed in pensions, it has $1.09 in assets.
This translates into member and employer contribution rates remaining stable until at least the end of 2027.
“My focus has always been the same: making sure pension plans are strong, well managed, and there when members need them. Our job at HOOPP is to make sure that when your working years are done, you have a reliable predictable pension for life,” said Carter.
Why is this important?
Carter says HOOPP’s Board of Trustees strives to keep contribution rates stable. These rates are among the lowest of all major Canadian pension plans and have not changed since 2004. This helps them keep the plan affordable for HOOPP members and employers, which is especially important as cost of living continues to be a concern for many Canadians.
Keeping contribution rates stable for more than 20 years has enabled HOOPP to offer remarkable value for the cost and provide more Ontario healthcare workers with a secure pension in retirement.
Carter emphasized: “you (health care professionals) spend your career caring for others. HOOPP’s responsibility is to make sure your financial future is managed with the same reliability and care. That’s the pension promise.”
What are contribution rates?
They are rates that determine how much members and employers contribute to the HOOPP Fund. The rates are set by the Board of Trustees and can be adjusted periodically. Member contributions are based on a formula that considers how much they earn and the current contribution rate. The contributions are then invested through the HOOPP Fund and go toward paying pensions.
Carter shared that “contribution rates have been stable since 2004 and will remain unchanged at least until the end of 2027. Strong results also allow us to enhance benefits. This includes full cost-of-living adjustments, as we did again this year to keep your pensions in line with inflation.”
Who does HOOPP serve?
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 870 Employers participating. Its membership includes nurses, allied health professionals, medical technicians and technologists, food services staff, housekeeping staff, physicians and many others who provide valued healthcare services. In total, HOOPP has more than 504,000 active, deferred and retired members.
“Growth represents confidence in HOOPP,” said Carter. “In 2025, we added over 25,000 new members and more than 160 employers.” Last year, 138,000 retirees were paid $4.1 billion in pension benefits. HOOPP provides certainty in retirement.
2025 Financial Highlights
- Net assets: $132 billion
- Net return: 7.7% (5.3% real return)
- Net investment income: $9.7 billion
- 10-year annualized net return: 7.8%
- Funded status: 109%
- Canadian investments: 49% of portfolio
- Carbon footprint reduced by 37% compared to 2021 baseline
- Membership: 504,000+ members, 870+ Employers
- Pension benefits paid: $4.1 billion
- Cost-of-living adjustment (COLA): 100% CPI granted for eligible service
- Contribution rates unchanged since 2004: 6.9% on earnings up to the Year’s Maximum Pensionable Earnings (YMPE) and 9.2% on earnings above the YMPE
What does success look like in HOOPP?
HOOPP is considered one of the “Maple 8” pension plans. The Maple 8 refers to Canada’s eight largest public pension funds, which together manage trillions of dollars in assets and are major global investors. The Maple 8 includes the following pension plans:
- Alberta Investment Management Corporation (AIMCo)
- British Columbia Investment Management Corporation (BCI)
- Canada Pension Plan Investment Board (CPPIB)
- Caisse de dépôt et placement du Québec (CDPQ)
- Healthcare of Ontario Pension Plan (HOOPP)
- Ontario Municipal Employees Retirement System (OMERS)
- Ontario Teachers’ Pension Plan (OTPP)
- Public Sector Pension Investment Board (PSP)
HOOPP currently manages $131.9 billion in assets, up from $123 billion at the end of 2024. In 2025, the fund’s net rate of return on investment was 7.7%, and net investment income was $9.7 billion. The Plan’s funded status was 109% at the end of 2025.
HOOPP’s 10-year annualized net return was 7.8%, exceeding its 10-year benchmark of 5.9%, consistent with the absolute long-term returns required to meet the pension promise.
For more information about the annual report and further highlights – please visit HOOPP’s pension-performance page.
Who is Reena Carter?
Reena Carter joined HOOPP in 2025 as Chief Financial Officer, bringing over 20 years of financial leadership experience within Canada’s pension industry. Prior to joining HOOPP, Reena was Senior Managing Director of Portfolio Management and Operations at OMERS where she led all operational functions, portfolio construction and the sustainable investing strategy for OMERS infrastructure globally. Before that, she served as Executive Vice President, Investment Finance and Valuations and Global Head of Assurance & Advisory, overseeing financial reporting, valuations, planning and internal audit for OMERS.