Following the removal of the Default Retirement Age (DRA) on 1 October 2011, the University of Reading no longer writes to staff about retirement.
This does not mean that you can't retire, but that the emphasis has changed to you making a decision about when to retire rather than the University.
The University has offered staff the opportunity to work beyond their retirement age for a number of years, so the change in legislation supports and formalises a practice that we have become familiar with.
The most significant change is in the way retirement will now be managed and administered. The following information illustrates the steps you will need to take to plan for your retirement.
Your decision to retire
Your decision to retire will be influenced by a number of factors:
- Personal circumstances (which may include caring responsibilities, health, financial matters or a desire to do something different):
- Pension scheme provision and rules; and
- Your desire to continue working.
How to plan for retirement
- Gather all the information you require. Your pension provider will also be an important source of information. For further information see the Pensions webpages.
- Talking to your manager, Head of Department or Head of School about your plans will allow for appropriate succession plans to be considered and would be much appreciated.
- Provide sufficient notice of your intention to retire. You are encouraged to provide a minimum of 6 months notice of your intention to retire to allow sufficient time for pension administration. Providing only your contractual notice period will not guarantee that these financial payments can be made in time.
The University Position
It is important to the University to continue employing staff with the skills, experience and expertise that contributes to our ongoing success.
The removal of the DRA provides us with greater flexibility to do this, however, it also reminds us of the importance of continuing to grow, develop and change in a positive way and ensuring that our skills and the focus of our work are in line with this.
If you have further questions or queries, please contact our Pensions Team in the first instance to discuss any questions you may have.
Tel: +44(0)118 378 8751
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