Is my pension halal? details in the description

Asalamulalaikum. I would like to know if my pension plan is halal. I live in Ontario, Canada. This pension plan is called Healthcare of Ontario Pension Plan (HOOPP). My workplace had automatically started me on this pension plan when I started my job.

here is how HOOPP works: (HOOPP’s pension plan details)

The amount you contribute is based on how much you earn and the Plan’s contribution rates. The current rates are 6.9% up to the year’s maximum pensionable earnings (YMPE) and 9.2% above the YMPE. All member contributions are invested in the HOOPP Fund, which is managed by an in-house team of investment professionals. For every pension dollar you receive, 75 cents comes from investment returns and only 25 cents comes from member and employer contributions. The monthly pension you will receive in retirement is determined using a formula that is based on your earnings and how much service you have built in the Plan.
To calculate your monthly pension, we use:

  • Your average [annualized earnings] (measured over your best five consecutive years)
  • Years you contributed to the Plan
  • Average Year’s Maximum Pensionable Earnings (YMPE)

For each year of [contributory service] you receive 1.5% of your [average annualized earnings] up to the average YMPE, plus 2% of your average annualized earnings above the average YMPE. The rate is lower on earnings up to the YMPE to reflect that you’ll also receive Canada Pension Plan benefits on these earnings.

Heres the statement they sent me of my contributions

i noticed in the contributions summary the “interest earned” line. This is why i started to wonder if HOOPP is halal or not

Thank you

Wa alaykum salaam,

Your pension is a defined benefit scheme. We are of the view that it is permissible for you to receive the funds from the pension when you retire as they are in the ruling of deferred income.

Allah knows best

Thank you for your reply.

I was just wondering then what the “interest” means in that statement i attatched the main post

Thank you