Retirement

Retirement

The University no longer operates a contractual retirement age.  Members of staff are able to choose when to retire.  As the University will no longer determine when a member of staff retires, the process of retirement will be voluntary.  It is essentially a resignation.  Members of staff can voluntarily retire at a time of their choosing and, where applicable, draw any occupational pension they are entitled to under the rules of their pension scheme.

The University’s pension schemes will still retain a default pension age (ie the age at which a pension can normally be drawn without an actuarial reduction).  Although staff can choose when they wish to retire, if it is before their default pension age, they may incur an actuarial reduction on their pension in order to take their pension early.  The onus is on individual members of staff to inform the University when they wish to retire from employment, giving their required period of notice, in accordance with their contract of employment.

Staff are encouraged to give as much advance notice as possible of their impending retirement (ideally at least six months) to assist in workforce planning, and in particular, to ensure that pension arrangements can be put in place where applicable.

Flexible Retirement

It is recognised that staff may wish to consider phased changes to their working arrangements as part of their personal plans for moving towards retirement, eg part-time working.  Some of the University’s occupational pension schemes offer 'flexible' or 'phased' retirement options, which allow members to draw some of the pension benefits and continue to work (albeit at reduced hours).  Terms vary between the pension schemes.  Information and guidance on specific scheme provisions can be obtained from the University’s Pensions Office.

Where a member of staff is interested in flexible/phased retirement, he/she can request changes to their working pattern using the existing University Flexible Working Policy.  Requests will be carefully considered in the context of personal requirements and operational needs.  Staff are encouraged to discuss the possibility of flexible or phased retirement with their line manager at least six months before making a formal request.

To prevent delays in activating pensions, all members of staff must notify the Pensions Office once they have made a decision to retire, even if they have already informed their scheme provider directly.

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