beyond MD with Dr. Yatin Chadha Ep #99 - Comparing Pension Plans for Incorporated Doctors - with Sean Wilson & Navaz Cassam
Sep 11, 2025
In this engaging discussion, Sean Wilson, a Certified Financial Planner and founder of Moraine Wealth Advisory, teams up with Navaz Cassam, President and Chief Actuary of GBL Inc. They dissect the complexities of pension plans for incorporated doctors, focusing on the Individual Pension Plan (IPP) and the Healthcare of Ontario Pension Plan (HOOPP). Topics include the advantages of tax-deferred funding, the impact of defined benefit formulas, and the flexibility of IPPs. Listeners gain valuable insights into maximizing retirement benefits and making informed financial decisions.
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Service Accrual Versus Baseline Pitfall
- IPP credits full year of service based on actual earnings and indexes those earnings to retirement, so temporary lower salary still accrues service.
- HOOP may reduce service and baseline if you cut salary relative to your chosen baseline earnings.
Special Contributions And Funding Risk
- IPP funding fluctuates with investment returns and allows special/top-up contributions when returns lag.
- HOOP, as a well-funded multi-employer plan, typically disallows employer special top-ups by individual members.
Consider Disability Protections
- If disability protection matters, note HOOP offers a disability free accrual but IPP lacks a waiver; factor that into plan choice.
- Evaluate personal risk of disability and preference for guaranteed accruals before deciding.