1.1 Employees in the Research Council's pension scheme have a pension age according to the scheme they are in:
- For members of the Classic, Classic Plus and Premium schemes this is age 60
- For members of the NUVOS scheme this is age 65
Details of the pension schemes are available from Joint Superannuation Services (JSS) website www.jsspensions.org.uk.
1.2 If you wish to retire on or after you reach your pension age, you must give us notice in accordance with Section A14 - Leaving us.
2.1 The following options are provided to increase flexibility for employees approaching retirement:
- Part-time working (including extended leave breaks)
- Compressed hours
- Home working
'Winding down' on a gradual or stepped basis
2.3 Opportunities to work flexibly are at management's discretion. However, managers must be prepared to be flexible and to consider all the options available. In some instances, your request to work flexibly might be accommodated, but in a different way to your original proposal. Where a request to work flexibly is refused, management must always provide clear business reasons for their decision: it is not sufficient simply to say that the request is not compatible with the needs of work. For more information see Flexible working arrangements.
3. Pension implications of working flexibly
There may be pension implications if you work flexibly in the period leading up to your retirement. You are advised to consult the Joint Superannuation service (of the equivalent pension adviser) for information about the possible implications of your proposed actions.
4. The partial retirement scheme
4.1 Separate from the flexible retirement options, the Partial Retirement scheme allows you to make a gradual move from work to retirement, by reducing your hours of work and/or level of responsibility while at the same time allowing you to draw some or all of your pension.
4.2 You are eligible to apply for partial retirement if:
- You have reached age 50, (55 if you joined on or after 6 April 2006)
- Your line manager agrees to support your application. (Please note that the Director's decision is final
- Your pensionable earning are reduced by at least 20% through a reduction of hours and/or responsibility (known as 'job reshaping')
4.3 Partial retirement applies if you are a member of any of the pension schemes operated by the Research Councils. For a full description of the scheme, go to the JSS website (external link).
If you are aged 50 or over you can decide to retire early and take your pension benefits on an actuarially reduced basis. You must have at least two years qualifying service and your actuarially reduced pension must meet the guaranteed minimum pension at state pension age.
Last updated 30/03/11
Amendment 123 - April 2011