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Early Retirement Options

Early Retirement Options

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Early Retirement Options

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  1. Human Resources Early Retirement Options

  2. Pension schemes offered at Brookes • Local Government Pension Scheme (LGPS) for support staff • Teachers’ Pension Scheme (TPS) for academic staff • Universities’ Superannuation Scheme (USS) for new staff who were USS members at their previous institution • University retirement age is 65 for all but scheme retirement ages differ • Schemes offer early retirement and flexible/phased retirement options • Flexible/phased retirement allows members to draw some or all of their pension benefits, carry on working in reduced capacity and carry on building up pension benefits. Human Resources

  3. LGPS retirement options • Normal retirement age is 65 • Age 55 to 59 –Members can only retire with employer permission • Age 60 to 64 – Members can retire without employer permission • Any pension paid before 65 will be actuarially reduced if 85 year rule not fulfilled: • If service + age = 85, member can retire with no reduction to benefits. • 85 year rule only applies to those who will be 60 on or before 31st March 2016 and will have fulfilled the rule by that date. Human Resources

  4. LGPS retirement summary Human Resources

  5. TPS retirement options • Normal retirement age: • 65 for those who joined from January 2007 onwards • 60 for those who joined before January 2007 • Members have the right to retire from age 55. Benefits will be actuarially reduced if taken before normal retirement age. Human Resources

  6. USS retirement options • Normal retirement age is 65 • Age 55 – 59 • Members can only retire with employer permission. Employer must pay the cost • Age 60 – 65 • Members can retire without permission. • With consent, member can sometimes receive unreduced pension • Consent will not be “unreasonably withheld” • Individual estimates can be arranged via HR. Human Resources

  7. Flexible/phased retirement options - LGPS • From age 55 with employer permission • Employee must reduce either hours of work (by at least 20%) or grade • As with early retirement, can result in an employer cost • Benefits will be reduced, unless 85 year rule fulfilled • Pension will not be subject to abatement if employee is re-employed i.e. no restriction on earnings. Human Resources

  8. Flexible/phased retirement options - TPS • From age 55 • Salary must reduce by at least 25% for at least 12 months • Benefits reduced if retirement before normal retirement age • Staff choose to take up to 75% of pension at phased retirement date • Members can take phased retirement twice before final retirement • Pension will not be subject to abatement if employee is re-employed i.e. no restriction on earnings. • USS - no provision for flexible retirement Human Resources

  9. Final salary - LGPS • The pensionable salary received in the last 12 months of employment before the date or retirement. • Or 1 of the previous 2 years if this is higher. • If you downgrade or move to a job with less responsibility with your employer in your last 10 years, you have the option to have your benefits based on the average of any 3 consecutive years in the last 10 years (ending on a 31 March). Human Resources

  10. Final salary – TPS & USS • TPS • Best 3 year average in the last 10 calendar years, revalued in line with RPI. • The pensionable salary received in the last 12 months of employment before the date or retirement. • Pensionable salary may be restricted if there is a salary increase of 10% (in addition to standard increases) in the last 3 years before retirement • USS • Highest revalued salary in the last 3 years • Highest 3 year average in the last 13 years Human Resources

  11. Further information • Discuss any potential change of hours with your line manager • LGPS • Contact HR for an estimate of benefits • TPS • Use the scheme website www.teacherspensions.co.uk to see your benefits statement • Use the online calculators to estimate your benefits Human Resources