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Flexible/Phased Retirement

 


Introduction

 

Flexible retirement, approved by the employer, provides qualifying members of the relevant pension scheme the opportunity to receive part or all of their pension benefits (depending on the pension scheme) from age 55 onwards.  This provides flexibility regarding the age at which a member of staff begins phased retirement in the lead up to full retirement.  Access to pension benefits from age 55 is contingent on the member of staff meeting the eligibility criteria for flexible retirement of their pension scheme and subject to a reduction in working hours agreed by the Dean of School/Director which suits the operational requirements of the School/Directorate.

Members of staff should follow these steps when considering an application for flexible retirement.

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Review the flexible retirement information

 

Members of staff wishing to explore the possibility of flexible retirement should review:

Flexible retirement is an individual decision and its potential benefits and disadvantages must be carefully considered.  It is recommended that independent financial advice is sought.

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Have an informal discussion about possibility of reduced working hours with line manager.

 

Members of staff should engage in early discussions with their line manager about the possibility of reducing their working hours.  The line manager should consider whether the request would meet with the operational requirements of the School/Directorate and discuss the possibility with the Dean/Director.

Members of staff should consider and be prepared to discuss:

Line Managers should consider and be prepared to discuss:

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Flexible Retirement Quotation

 

The member of staff may wish to obtain a Flexible Retirement Quotation by completion of Form A and returning to the Pensions Office.  The Pensions Office will request a quotation from the relevant pension scheme and will provide this to the member of staff, normally within four weeks of the member of staff's request.

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Formal Application for Flexible Retirement

 

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Notification of flexible retirement to the relevant pension scheme

 

Once the Pensions Office has received Form B and all necessary paperwork from HR they will contact the member of staff to complete notification of their flexible retirement to the relevant pension scheme.  The notification to the relevant pension scheme must be no later than 3 months before the requested change of hours and flexible retirement date.

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Useful Links

 USS

Local Government

Scottish Teachers:

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Forms

 

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Version: Approved HR Committee 21 May 2012

 

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