I can sign up for this pension plan at work now- part time, worked enough hours etc.

I'm useless with money so haven't a clue if it's good. Everyone at work says it is but...

I would pay 7% in contributions

For every $1 the employer puts in $1.26

I would lose 4% of the earnings I get in lieu of benefits

So say I currently get $1000 every 2 weeks plus $140 benefits, $1140

Then I would get $1000, minus $70 in contributions and get $100 in lieu of benefits, making $1030. The hospital would put in $88.20. Making $1118.2

$22 less. So I would be better off looking for another plan?

I have an appt with the advisor at the bank next week but am doing some preliminary thinking.................it's hard.

Just doing some bumping. I had a letter today that also said once you sign up you can only leave the scheme if you leave your employment. Seems rather restrictive.

This is not unusual as far as I understand.

Standard, even in the UK.

One other factor. This will (I think) reduce your allowable RRSP contributions each year (a pension adjustment will be applied to your allowance). This may not matter of course.

Are you presently making contributions to a RRSP? Do you have the financial acumen to manage your own investments? Do you have the discipline to make the required HOOPP deductions to a RRSP instead? If the answers are yes then your decision is whether you wish to be in full control of your pension plan. If, on the other hand, the answers are no then you should probably join the plan, assuming it's a Defined Benefits one which is managed for you, and know what you pension will be.

If this is a public sector, defined benefits (e.g your retirement income is guaranteed and based upon years service/income. which I think it is based on the website: http://www.hoopp.com/members/build/index.asp ), then joining would be a good move IMHO. Defined benefits pension schemes are rare things these days and pretty much limited to the public sector.

But of couse it depends upon what other pension arrangements you have so getting some professional advice from a Financial Advisor would be a good idea.