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Fair Recruitment
USS Flexible Retirement Procedure –
HR User Group 27 October 2011
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What is Flexible Retirement?
USS allows members to draw a proportion of their pension and tax-free cash benefits whilst allowing them to continue working at reduced hours
• Flexibly retire from age of 55, 2 years service• Maximum two flexes, fully retire on third occasion• Draw between maximum 80% and minimum 20% of
pension benefits• MUST obtain permission from employer to reduce
working hours and salary by minimum 20%, long term, at least 12 months.
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DRAFT - USS Flexible Retirement Procedure
Step 1 – Member to explore options for flexible retirement
USS Flexible retirement factsheet and benefits modeller
Step 2 – Member discusses reduction in hours with manager
Step 3 – Member requests flexible retirement benefits quotation from UCL Pension Services using USS Flexible Retirement Quotation form
Step 4 – Pension Services send member quote
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Step 5 – Member makes formal request to reduce working hours to manager in accordance with Work Life Balance Policy. Use Part-Time Working and Flexible Retirement Form
Step 6 – Line Manager and HoD consider reduced part-time working request in accordance with business needs of the department - criteria in Work Life Balance Policy. Advice from HR Consultancy.
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Step 7 - Line Manager completes approval section of Part-Time Working and Flexible Retirement Form and sends to:
- member of staff
- UCL Pension Services
- Departmental Administrator: process change to reduced hours and change of contract where appropriate (SiP).
Step 8 - Pension Services contact member to complete USS notification form