Updates in the Healthcare of Ontario Pension Plan (HOOPP)

By Wendy Lee, Local 575, inSolidarity CommitteeThe Healthcare of Ontario Pension Plan (HOOPP) is one of the strongest defined benefit pension plans in Canada, helping Ontario’s healthcare workers build the foundation for a financially secure retirement since 1960. Serving over 475,000 members and 700 employers, they are committed to providing members with the lifetime pension members have earned and the peace of mind members deserve.Annesley Wallace became President & Chief Executive Officer of HOOPP on April 1, 2025.  It’s exciting to see that a significant, high performing pension plan is now being led by a female executive.  The predominant membership of HOOPP contributors are female.Prior to joining HOOPP Annesley was Executive Vice-President, Strategy and Corporate Development and President, Power and Energy Solutions at TC Energy. In her role, Annesley was responsible for leading and executing the development of TC Energy’s corporate strategy, corporate development activities and capital allocation process, as well as for all aspects of the Company’s power generation and unregulated natural gas storage businesses.Before joining TC Energy in May 2023, Annesley served as Executive Vice-President and Global Head of Infrastructure at OMERS, overseeing a global team and portfolio of approximately C$34 billion in assets across sectors including energy, digital, transportation and government-regulated services. Previously, Annesley also spent time at SNC-Lavalin, focused on engineering, procurement, project controls and project management for their energy, infrastructure and power businesses.Annesley holds a Bachelor of Science and Master of Science in Engineering from Queen’s University, and a Master of Business Administration from the Schulich School of Business, York University. Annesley is also a registered Professional Engineer in Ontario and a former recipient of Canada’s Top 40 Under 40.On a more personal level, she grew up in Ontario.  She is also a mother of two twin boys – a working mother who understands the impact pensions has on all of us, for all of us.During today’s discussions, Annesley stated her leadership belief is that “health care is a fundamental right that we must defend” and as such, she indicated that HOOPP is “uniquely positioned” to be “flexible and adaptable” in these uncertain economic times as HOOPP has “a strong foundation with significant expertise”.The four key focal points of HOOPP moving forward are the following:

• Focus remains on long-term success to ensure pension security for members by maximizing the value of HOOPP.
• Be well positioned to navigate a challenging geopolitical and economic landscape by increasing adaptability.
• Continue to prioritize that enable HOOPP to be both flexible and adaptive in less certain economic times.
• Maintain the belief that when Canadians have access to a secure retirement, all will benefit. There is an acknowledgement that our members’ pension dollars are a huge spending component of the economy.  Thereby pension incomes can lead to the creation of jobs.

HOOPP has not had to increase member contributions since 2004.  This is an important to highlight that there has been stable contributions for over 20 years.  HOOPP has also introduced a new Survivor Benefits Guidance Tool that provides personalized education and guidance to help members learn more about the Plan’s survivor benefits and how they help protect their loved ones.  The strength of HOOPP’s stance, is what a member accrues, it belongs to the member.  HOOPP provided a COLA increase on April 1, 2024 of 3.40% and 1.83% on April 1, 2025.  The contribution rates may also change from year to year.There are currently 478,879 members and 134,000 retired members.  The average annual pension is $32,000 for a total of $3,3 billion benefits being distributed to retired workers annually.  There were 5,965 members who started their monthly pensions in 2024.HOOPP is a very well diversified portfolio where the intention “is not to outperform the market” but ensure that funds are maintained for ongoing pension pay outs, shared by Annesley.  The HOOPP pension reviews potential investments and enter the right risk(s) in a very calculate for the long-term view.  Based on its firm foundation, HOOPP is able to take advantage of good investment opportunities, thereby making the plan more adaptable to change.For those that interested in speaking with someone about HOOPP for their workplace, please feel free to connect with Bobby Argiropoulos, Sr. Manager, Stakeholder Relations at 416-459-5384 or via email at [email protected].