Retirement

Process

Retirement Age

The University does not operate a compulsory retirement age for its employees.  The University is committed to equal opportunities for all its employees and recognises the contributions of a diverse workforce including skills and experience of older employees.  We believe that employees should, wherever possible, be permitted to continue working for as long as they wish to do so and that employees may voluntarily retire at a time of their choosing.

Retirement Procedure

If an employee has decided that he/she wishes to retire, they should inform their Line Manager, in writing, as far in advance as possible, but in any event, in accordance with the notice period outlined within their terms and conditions of employment.

The Line Manager will arrange a meeting with the employee to discuss arrangements for retirement, including

  • the intended retirement date
  • succession and handover plans

Employees should consider their pension provision and take independent financial advice before making any decision in relation to retirement.

HR & OD will write to the employee acknowledging the employee’s notice to retire along with details of how to access their pension.

Early Retirement

Employees who wish to retire before reaching age 65 may be allowed to do so, but this will be subject to an actuarial reduction in line with pension scheme rules.  Currently both USS and University of Stirling Pension schemes release pension payments at age 65.  Employees who are considering this option should contact the Payroll team by email or on 01786 466157.

Further Information and Guidance

Pension information can be found here, if you have any queries regarding your Pension please contact Payroll Team by email  or on 01786 466157.

Further information about retirement can be accessed via the ACAS or GOV.UK external websites.

State Pension Age

State Pension age can be between 61 and 68, depending when someone was born and if they’re male or female. Anyone can carry on working past State Pension age.

Calculate your State Pension age.

Retirement Presentation Payments

The University provides a contribution to retirement presentations when a member of staff retires (not when they are moving to another job).  Requests should be made by the Dean of Faculty (or Faculty Manager), indicating that the member of staff is due to retire on XX date after YY years of service.  Retirement presentation payments are processed by the Payroll Team and the request should be submitted to Payroll Team who will arrange payment.

 

Levels of payments varies according to years of service.

  • Service between 5 years but less than 10 years = £30
  • Service between 10 years but less than 20 years = £50
  • Service between 20 years but less than 25 years = £60
  • Service over 25 years = £75

This payment should be used for hospitality only i.e at the retirement presentation.

© University of Stirling FK9 4LA Scotland UK • Telephone +44 1786 473171 • Scottish Charity No SC011159
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