Fair Recruitment USS Flexible Retirement Procedure – HR User Group 27 October 2011.

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Presentation transcript:

Fair Recruitment USS Flexible Retirement Procedure – HR User Group 27 October 2011

2 What is Flexible Retirement? USS allows members to draw a proportion of their pension and tax-free cash benefits whilst allowing them to continue working at reduced hours Flexibly retire from age of 55, 2 years service Maximum two flexes, fully retire on third occasion Draw between maximum 80% and minimum 20% of pension benefits MUST obtain permission from employer to reduce working hours and salary by minimum 20%, long term, at least 12 months.

3 DRAFT - USS Flexible Retirement Procedure Step 1 – Member to explore options for flexible retirement USS Flexible retirement factsheet and benefits modeller Step 2 – Member discusses reduction in hours with manager Step 3 – Member requests flexible retirement benefits quotation from UCL Pension Services using USS Flexible Retirement Quotation form Step 4 – Pension Services send member quote

4 Step 5 – Member makes formal request to reduce working hours to manager in accordance with Work Life Balance Policy. Use Part-Time Working and Flexible Retirement Form Step 6 – Line Manager and HoD consider reduced part-time working request in accordance with business needs of the department - criteria in Work Life Balance Policy. Advice from HR Consultancy.

5 Step 7 - Line Manager completes approval section of Part-Time Working and Flexible Retirement Form and sends to: - member of staff - UCL Pension Services - Departmental Administrator: process change to reduced hours and change of contract where appropriate (SiP). Step 8 - Pension Services contact member to complete USS notification form