The Horsemen’s Benevolent and Protective Association began to offer a Registered Pension Plan (the Plan) on January 1st, 1999 for Trainers, their employees and jockeys who met eligibility requirements. The Plan is registered with the Financial Services Commission of Ontario (FSCO).

The Plan was designed for backstretch workers to provide them with some financial security when they retire from their career in racing.

The Plan is financed through the Ontario Government Tax Reduction Initiative of 1996. Under the Ontario Horse Racing Industry Association (OHRIA) business plan, 10% of 1% of wagering on thoroughbred horse racing is set aside to pay for the Plan.

When can you belong to the Pension Plan?

There are two requirements you must meet to be part of the Plan.

1. You must be licensed by the ORC and work at Woodbine and/or Fort Erie Race Track.
2. You must be licensed and working in any of the following jobs: Trainer, Owner/Trainer, Assistant Trainer, Exercise Person, Groom, Hot Walker, Jockey or Apprentice Jockey.

When do I become a Member of the Pension Plan?

You can become a member of the Plan once you have met the service requirement.

Service Requirement

You must have worked two consecutive years where you have worked 700 or more hours per year or earned more than 35% of the Year’s Maximum Pensionable Earnings (YMPE) per year.

What is the Year’s Maximum Pensionable Earnings (YMPE)?

YMPE Is a term used in the Canada Pension Plan that refers to the earnings on which CPP and QPP contributions and benefits are calculated. The YMPE is re-calculated each year according to a formula based on average wage levels. The YMPE is published annually by the Bank of Canada.

In 2010: 35% of the YMPE = $16,500 In 2009: 35% of the YMPE = $16,205 In 2008: 35% of the YMPE = $15,715 In 2007: 35% of the YMPE = $15,295

 

How do you join the Pension Plan?

Just complete an enrolment form and return it to the Horsemen’s’ Benevolent & Protective Association of Ontario (HBPA of Ontario) offices. The completed enrolment form gives us the correct information for our consultants to calculate the pension benefit. After you have completed your enrolment form and your application has been confirmed as eligible by the Pension Committee, your membership in the Plan will begin.

Please note that people 65 and over cannot join the Plan, even if they meet the eligibility requirements. To give these people the same benefits, a separate unregistered plan has been initiated.

Keeping track of your service

In order for our consultants to calculate your pension benefit correctly it is important that the Horsemen’s Benevolent & Protective Association of Ontario (HBPA of Ontario) keep track of your service. Each year members on the Pension Plan are mailed an Annual Record of Employment Form. You will record all of the jobs you have had during the year, have it signed by your employer and then return it to one of our offices by January 31st.

A statement of your pension benefits is mailed to you later on in the year so that you have an idea of what your pension will be when you retire.

For further information about our Pension Plan please contact the Administrative Office at 416-747-5252 or email us at general@hbpa.on.ca.