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N78. Retirement

Retirement Policy and Procedure

Note:

The following policy statement is in line with the legislation that (as from 6 April 2011) abolished the default retirement age provisions.

Policy Statement

{{org_field_name}} does not operate any compulsory or contractual retirement age. Instead, {{org_field_name}} operates a policy under which employees may elect to retire at a time of their choosing. Entitlement to an occupational pension will, however, only be available from age [ ] (see below).

Procedure

An employee who decides to retire should provide written notice to their line manager in accordance with the terms of their contract of employment. Upon receipt of this notice the manager will arrange to meet with the employee to discuss preparation for retirement and, where relevant, occupational pension provision.

Employees may, however, notify {{org_field_name}} up to [two/three] years before the time they intend to retire of their intentions, and are encouraged to do so. This early notification will allow the employer to offer the employee certain pre-retirement options and benefits (see below). Employees who indicate an intention to retire in the future will not be held to any such statement of intention until such time as they have given formal notice (as required by their contracts) to terminate their employment.

Additional Optional Clauses

1. {{org_field_name}} will offer pre-retirement training at no cost to the employee. Details of this training are available from the manager on request.
2. {{org_field_name}} will normally offer an employee within two years of retirement the option to reduce their hours of work, so as to enable the employee to adjust gradually to full retirement. What is offered will depend on the extent to which it is feasible for {{org_field_name}} to offer reduced hours, which in turn will depend on the nature of the employee’s job and operational requirements at the time.
3. Employees with a minimum of [five] years’ service with {{org_field_name}} will be offered the opportunity to work reduced hours without loss of pay during the final six months before their retirement dates.

Occupational Pension Provision

1. {{org_field_name}}’s occupational pension scheme allows employees to draw a pension at any time after age [ ], but if the benefit is drawn before age [ ], there will be a proportionate reduction in the amount payable. Details are available on request from ___________________.
2. Employees who are age 55 or over and who have a minimum of _____ years’ service with {{org_field_name}} and who are members of {{org_field_name}}’s occupational pension scheme may be considered for early retirement in specific circumstances where volunteers are being sought for redundancy. Early retirement on the grounds of ill health may also be granted subject to specified criteria. Note that early retirement on the grounds of ill health may be granted irrespective of the member’s age.

Note:

Before using any of these clauses, they should be checked against the terms of the employer’s pension scheme.

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