7.5 Shortened Life Expectancy

In the event of shortened life expectancy, a member may apply to withdraw a lump-sum amount equal to the value of their pension benefit based on HOOPP’s shortened life expectancy rules. The conditions include certification from a doctor licensed in Canada that the member has an illness or physical disability that is likely to shorten their life expectancy to less than two years. Their qualifying spouse, if they have one, must also give their consent to withdraw the funds. While this option provides the member the ability to access their pension value, before or after retirement, it may significantly impact their taxes and estate planning. Please advise the member to contact Member Services for more information.