RETIREMENT
FREQUENTLY ASKED QUESTIONS
1
Can I still leave on my ‘normal’ retirement date?
Although there is no longer a default retirement age which was usually 65 you
can still retire on the date that you originally intended. The legislation simply
removes any compulsion for you to cease employment at a specific age,
subject to the usual performance and health requirements of any other
employee regardless of their age.
2
Will I be notified of my right to work beyond my normal retirement date?
The University will assume you wish to continue to be employed unless you
inform your manager to the contrary.
3
If I want to continue to work beyond ‘normal retirement age’ what do I
have to do?
No further action is required by you – simply continue working as you are.
4
What if I want to retire?
Discuss your intention to retire with your manager as early as possible in your
deliberations but certainly when you have made a definite decision. A letter
outlining your decision to retire giving your contractual period of notice will be
sufficient.
If it is your intention to draw your retirement benefits upon ceasing
employment with the University you will need to notify Human Resources
Pensions.
5
Can I still retire from 60 years of age?
Yes, but your retirement benefits may be reduced if you retire earlier than the
normal pension date applicable to the pension arrangement in which you
participate. You would need to liaise with your link HR Adviser and Human
Resources Pensions to seek additional information on retirement benefits.
6
Will my pension be enhanced by working longer?
You can choose to retire later than the normal retirement date ( NRA) and
elect to continue to pay into USS/UPS and build up further benefits. If you
continue to pay into USS/UPS then your employer must also make any
contribution required.
7
Where can I get information on how my decision will affect my pension?
Current employees can obtain retirement benefit illustrations via Human
Resources Pensions. Former employees can obtain retirement benefit
illustrations direct from the relevant pension scheme administrator. Your
independent financial adviser will be able to help you to assess the impact of
your decision on your retirement benefits.
8
What happens if I am on a fixed term contract?
Should you wish to retire prior to the end of your current fixed term contract,
your retirement notification will be managed in the same way as for any other
member of staff on an indefinite contract.
9
What happens if I apply for a job at the University and am over 65
You will be assessed on merit against the requirements of the role and
person specification for the job. The University will not discriminate on the
basis of age.
10
Can my manager ask me about my intentions with regard to retirement?
As part of the annual review process or at any other appropriate meeting your
manager may ask what your short, medium and long term career plans are
but he/she would ask the same questions of all his/her staff regardless of age.
11
If I have said I want to retire can I change my mind?
Yes – until the point at which you submit in writing your intention to retire,
providing your contractual notice period and leave date. Once you have
submitted your resignation/retirement letter, the University is under no
obligation to agree to a change of intention.
12
What is flexible retirement?
Flexible retirement allows you to draw a proportion of benefits while
remaining an active member of the pension scheme and remaining in the
same role at the University.
13
Is everyone eligible to apply for flexible retirement?
You must be a member of the USS pension scheme and be aged 55 or above
and have ‘qualifying service’, which is normally a period of at least two years’
pensionable service and you must not be a multiple appointment holder. In
line with the USS rules the employee’s working hours must be reduced by a
minimum of 20% at each request for no less than 12 months.
A maximum of two contract percentage reductions is permitted, up to the 80%
maximum contract reduction. Any further amendment would require the
member of staff to fully retire from their post.
14
How do I apply for flexible retirement?
Flexible retirement requests will be considered in line with the University’s
Flexible Working guidelines. The employee will be required to obtain written
consent from the University for flexible retirement and you must provide USS
with a minimum of two months’ written notice of the start of your flexible
retirement. Should you have any questions about flexible retirement please
contact the HR Pensions Team.
Updated June 2013