Flexible Retirement

Employee A currently works full time and wishes to flexibly retire.  From the agreed date the employee must reduce their hours by at least 20%, meaning their new hours needed to flexible retire must be 0.80FTE or less.  Thereby allowing them to access up to 80% of their pension.

Employee B is already part time at the point of application, they currently work 0.8FTE.  They must also reduce their hours by at least 20%, meaning their new hours needed to flexibly retire must be 0.64FTE or less.  Thereby allowing them to access up to 80% of their pension.

Employee A previously flexibly retired and reduced their hours to 0.8FTE.  To flex once more, they must again reduce their hours by a minimum of 20%, meaning their new hours needed for this flex must be 0.64FTE or less.  If they had not previously accessed the full allowable 80% of their pension during the 1^st flex, they are now allowed to access more of their pension, but the combined total can still not exceed 80%.

Employee B previously flexibly retire and reduced their already part time hours to 0.64FTE, they must again reduce their hours by a minimum of 20%. Meaning their new hours needed for this flex must be 0.512FTE or less.  If they have not previously accessed the full allowable 80% of their pension during the 1^st flex they are now allowed to access more of their pension, but the combined total can still not exceed 80%.

Employee A previously flexibly retired and reduced their hours to 0.8FTE.  They wish to reduce their hours further but not access any more of their pension.  They can reduce their hours once again, for example by 15% making their new hours 0.68FTE and leaving their pension unchanged.  To flex once more, they must again reduce their hours by a minimum of 20%, meaning their new hours needed for this flex must be 0.544FTE or less.  If they had not previously accessed the full allowable 80% of their pension during the 1^st flex, they are now allowed to access more of their pension, but the combined total can still not exceed 80%.

1. This scheme provides eligible employees of the University of Exeter who are active members [refer to note 2 at the bottom of the page] of USS to request flexible retirement. Flexible retirement means you can begin drawing a proportion of your pension benefits (subject to the rules of the relevant pension scheme) while remaining employed by the University on reduced hours.
2. There is no right to flexible retirement. The University will assess each case individually against its operational requirements. The University reserves the right to refuse requests which are not in its managerial interest or where the management of the University is concerned that approving the request would undermine its operational requirements.
3. You are encouraged to openly discuss your long-term plans and aspirations, including retirement, with your manager. It is recognised that such discussions will not be interpreted as a commitment to retire nor to do so on a particular date (until a formal request or resignation is made in writing), but they will assist managers in planning for the Faculty or Service meeting its future business needs and objectives.
4. This scheme is not contractual. The University reserves the right to vary or withdraw the scheme following consultation with trade union representatives at any time.

You must be an active member of USS and at least age 55 on the date you want your flexible retirement to begin.

1. Before submitting a written request, you are encouraged to discuss your preferred new working arrangements with your line manager (i.e. your PDR reviewer), who, if necessary, may seek assistance from your HR Partner (as appropriate).
2. Before submitting a written request, you should also discuss your pension options with the Head of Pay and Pensions in PS Connect (Stacy Standen) at s.standen@exeter.ac.uk, who will be able to obtain an estimate of your benefits should your request be accepted [refer to note 3 at the bottom of the page].
3. For further information on flexible retirement for members of USS, refer to the USS Factsheet on flexible retirement.
4. You must submit a request in writing – using form PD64 Application for Flexible Retirement- to your Head of Department (relevant to your faculty)/Divisional Director of Professional Service (cc to HR Partner) stating:
5. your current working hours and days.
6. the working hours and days you would like to reduce to. This must be at least 20% less than your present working hours. The new working hours must not reduce your working hours below 40% of the current level. (Only in exceptional circumstances will the University accept a request which reduces your hours/FTE to below 40% of your current level)
7. your suggestions for which duties you would continue to do, which you would no longer do and your suggestions for how the Faculty/Service may mitigate the impact of the reduction.
8. the date you would like the reduction to take effect (the University will normally expect the standard contractual notice period to apply).
   • Please note, the expected timeline of events leading up to your flexible retirement:
     • At the point you request a USS quote via the Head of Pay and Pensions (Stacy Standen), it can two weeks for the quote to be returned to you.
     • You will then need to complete the necessary paperwork and return to the Head of Pay and Pensions (Stacy Standen). Who will then upload the information to the USS site and complete the employer retirement forms.
     • From this point it can take between 8-10 weeks for the flexible retirement request to be put into payment.

It is important to note that while you are encouraged to make the above suggestions, the outcomes will be considered and agreed by your Line Manager(s) and some negotiations might need to take place to come to an agreement which suits all parties, not just the employee.

1. what proportion of your USS benefits you would like to draw [please refer to note 1 at the bottom of this page]. (This information is for pension administration purposes only. The University will not comment on the proportion of benefits which you wish to withdraw.)
2. The Head of Department (relevant to your faculty)/Divisional Director of Professional Service (or designate) will arrange a meeting with you (which the HR Partner will also attend). The meeting will normally take place within 2 weeks [refer to note 5 at the bottom of the page] of receiving the request. However, some Faculties may notify you (in writing) that consideration of your submission has been deferred so that it can be taken into account as part of the academic and business planning process.
3. The purpose of the meeting will be to explore whether and how your request to reduce your working hours can be accommodated. Possible outcomes of the meeting may be:
4. that the Head of Department (relevant to your faculty)/Divisional Director of Professional Service (or designate) advises you that they will be able to recommend approval of your request; or 
5. that approval of your request will be subject to you agreeing a variation to your request (which may be a variation in your new working hours and/or the date the reduction takes effect and/or or the duties you will undertake after the reduction takes effect).
6. Where a variation to the request is proposed, you may give your agreement to this in the meeting, or you may request up to one week to consider the proposed variation.
7. The outcome of the meeting will be confirmed in writing to you.
8. If you are not satisfied with the outcome of the meeting, you have the right to appeal against the decision within 14 days of receipt of the letter by writing to the Director of HR setting out the grounds for your appeal. Within 14 days after receiving notification that you wish to appeal, an appeal meeting will be arranged with a Deputy Pro-Vice Chancellor (for staff in Faculties), or a nominated senior manager. At the meeting, you may be accompanied by a work colleague or trade union representative. You will be informed of the outcome of the appeal in writing within 14 days after the date of the appeal meeting. The appeal decision is final.
9. Where the request is approved by the University, this will be conditional upon the formal quotation issued by USS being acceptable to the employee [refer to note 6 at the bottom of the page]. The University’s approval will be passed to the Head of Pay and Pensions to request a formal quotation from USS. After the University has received the formal quotation from USS, the Head of Pay and Pensions will send this to you with a requirement that they respond within 4 weeks or the University’s approval will be withdrawn [refer to note 7 at the bottom of the page].
10. Any application for flexible retirement approved by the University is also subject to the rules of USS (as appropriate) which may vary from time to time.
11. Any change to working hours agreed through this procedure is permanent. The pension scheme’s rules do not permit you to change back to your previous working hours. This will not prevent the Faculty/Service or you proposing changing the days on which you work or the duties you undertake.