Policy and procedure on retirement  

Policy purpose and scope 

This policy provides a statement of the Company’s approach to employee retirement.    [Select from the paragraphs below and delete as appropriate]   

[Option 1: Where the Company has no compulsory retirement age]   With effect from 6 April 2011, the Company no longer specifies a fixed retirement age and employees are no longer required to retire at a specific age.  The Company recognises the valuable contribution made by all our employees and, wherever possible, wishes to retain the skills and expertise of all employees.  However, employees can choose to retire should they wish to do so. We suggest that before making any firm decisions that advice is sought regarding any pension provisions and that independent financial advice is obtained.    

Retirement procedure When an employee makes the decision to retire they are required to give at least their contractual notice to the Company. Any decision should be given formally in writing to [insert job title] confirming their intention to retire and confirming the date on which they will leave employment.  The Company will write to the employee to invite them to attend a meeting to discuss any queries or questions that they may have in relation to their retirement and to plan any necessary arrangements. Arrangements may have to be made to ensure a smooth handover of the role and responsibilities, whilst certain financial arrangements may also need to be discussed eg in regards to pensions. Following the meeting, the Company will write to the employee to formally accept the notice of their intention to retire and to confirm the date on which employment will end.   

[Option 2: Where the Company has a compulsory retirement age – this can only be used where justification exists]   Due to [insert reason and justification] there is a compulsory retirement age of [insert age] for all our employees. 

Retirement procedure As an employee nears retirement age, the Company will write to the employee to confirm their intention to retire the employee on a specific date. [Select from the paragraphs below and delete as appropriate]   At least [insert number] [delete as appropriate – weeks/months] before the intended date of retirement, the Company will write to the employee providing written notice of that date. [OR]   As per the contractual notice provision, the Company will give the employee written notice of the intended date of retirement. The Company will write to the employee inviting them to attend a meeting to discuss any queries or questions that they may have in relation to their retirement and to plan any necessary arrangements. Arrangements may have to be made to ensure a smooth handover of the role and responsibilities or any financial arrangements may need to be discussed and arrangements made eg in regards to pensions. Should an employee wish to continue working beyond the compulsory retirement age, they should formally notify [insert job title] in writing at their earliest convenience within [insert timeframe] of the intended date of retirement.  In order to consider such a request the Company will invite to the employee to attend a meeting to discuss. The Company will consider the request in line with all relevant factors including the business needs and employee submissions. The Company will provide the employee with written notice of the decision made as soon as possible after the meeting. Any final decisions regarding the request of the employee to continue working, or the retirement of the employee, will be made by the Company. 

Appeal Should an employee’s request to continue working be refused, the employee may appeal. The employee should notify [insert job title] in writing as soon as possible and no later than [insert timeframe].   

Employee request to retire Should an employee wish to formally request early retirement then it is advised that they seek independent pension and financial advice before entering into any decision. Should an employee make the decision to take early requirement then they should write to [insert name and job title], confirming the date on which they intend to retire and for their employment to end. The Company will require the employee to give the contractual notice period. The Company will write to the employee inviting them to attend a meeting to discuss any queries or questions that they may have in relation to their retirement and to plan any necessary arrangements. Arrangements may have to be made to ensure a smooth handover of the role and responsibilities, whilst certain financial arrangements may also need to be discussed e.g. in regards to pensions. Following the meeting, the Company will write to the employee to formally accept the notice of their intention to retire and to confirm the date on which employment will end.