Policy and Procedure
Retirement
The University no longer has a fixed retirement age. Retirement, regarded as a withdrawal from paid employment, will normally take place at a time chosen by the employee. Managers are required to discuss with their employees, as part of the Performance and Development review, the employee's future employment plans. Any retirement plans should therefore be discussed in this context.
Discussing plans for retirement does not constitute a commitment to terminate employment. Employment is normally terminated in this context by the employee giving written notice of their intention to resign. The period of notice given needs to be at least the minimum required under the terms of the contract of employment.
The University offers a range of flexible working options. Employees have the right to request changes to their jobs or working arrangements; any such request will be considered seriously by management. Variations to an employee's contract will require the agreement of the manager.
Information on occupational pension retirement provision is available for the USS, RBP and the NHS Pension schemes. The minimum retirement age at which pension benefits can be paid is now age 55 from 6 April 2010.
The rules of the USS and RP impose additional constraints on the facility to take early retirement, and any member of staff who is contemplating retiring early is strongly advised to consult their pension scheme rules and then to contact their HR team if they are intending to pursue early retirement.
There is now provision for Flexible Retirement in the USS rules, whereby members may be able to reduce their working time by at least 20% and draw a portion of their pension benefits. The University's consent is required for an application to succeed. There are also conditions set out in the USS rules concerning the minimum reduction in working time, the maximum amount of pension that can be drawn, and the minimum duration of such an arrangement.
Managers' Guidance on Flexible Retirement is available (PDF, 30kB)
Further information is available in the University Retirement Policy (PDF, 90kB) and the accompanying Managers' Guidance (PDF, 120kB).