Flexible Retirement Policy
|
|
- Bertram Holt
- 7 years ago
- Views:
Transcription
1 Flexible Retirement policy and procedure April 2012 Policy control Reference Flexible Retirement Policy Date approved 19 April 2012 Approving Bodies HR Committee, Board Governors Implementation Date April 2012 Supersedes N/A Supporting policy N/A Review date January 2015 Author Bernadette Ovens Date of Impact assessment N/A
2 FLEXIBLE RETIREMENT POLICY AND PROCEDURE 1 Purpose and Scope 1.1 The recent abolishment of the default retirement age coupled with increased life expectancy has prompted the School to introduce a Flexible Retirement Policy and Procedure as a means of supporting staff in their extended working lives. 1.2 Many employees have gone from working their normal contracted hours to complete retirement representing a significant culture change. The introduction of this policy is to help staff make a more gradual transition from work to full-time retirement. 1.3 Flexible Retirement provides eligible staff with the opportunity to either draw their pension benefits whilst remaining in the employment of the School (either on reduced hours and/or in lower graded role) or to work reduced hours whilst maintaining the full retirement benefits had they continued to work their normal hours. 1.4 The advantages to the School include the ability to undertake long term succession planning, improved retention and retaining age balance and improving age diversity. 1.5 There is no automatic right to flexible retirement and each application will be considered on its individual merits in light of service delivery needs, the benefits to the School of the retirement and the overall costs to the School. Given that the financial costs to the School can be considerable, the School has ultimate discretion as to whether an application will be accepted. 1.6 The Flexible Retirement provisions will be subject to review in light of any further changes to the pension scheme arrangements/tax rules. 1.7 The School is an admitted body of the LGPS (Local Government Pension Scheme) which is administered by the Strathclyde Pension Fund Office (SPFO) and the STSS (Scottish Teachers Superannuation Scheme) which is administered by the Scottish Public Pensions Agency (SPPA). 1.8 Although both pension schemes have other retirement options available to members such as age retirement, early retirement, ill-health retirement, or retirement in the interests of efficiency of the service, this policy and procedure relates specifically to flexible retirement. If any member of staff is interested in finding out more about these other retirement options, they should contact either the HR Manager or Head of HR. 2 Flexible Retirement Options In order to qualify for flexible retirement staff will be required to reduce their income by at least 20%. Each pension scheme has its own rules. 2 P age
3 2.1 The LGPS To be eligible for consideration for flexible retirement, you must have at least 2 years service within the LGPS and be between the ages of 55 and 75. Note: membership of the LGPS is permissible up to age The LGPS s flexible retirement option is dependent on members reducing their pay (grade), hours or both, which would require the consent of the School If you were to draw some or all of your benefits under flexible retirement before age 65 your benefits may be reduced to take account of being paid for longer. How much your benefits are reduced by depends on how early you draw them Benefits will be actuarially reduced unless you meet the 85 year rule (service + age = 85 years). The rules on deciding whether you have protection from a reduction to your benefits if you choose to draw them before age 65 under the 85 year rule, and the level of that protection are quite complex. If you are thinking of voluntarily retiring or asking for flexible retirement before age 65, it is advised that a quotation of the benefits payable is obtained from the SPFO first. It should be noted that the rule of 85 will be repealed on 31 March There are no strain on the fund costs where a member is over the age of 60 and meets the rule of 85. Illustrative Example (A): An LGPS member who meets the rule of 85 A 60-year old, full-time member of staff earning 28,000 per annum with 25 years service in the SPF makes a request for flexible retirement and to reduce their hours to 0.8FTE thereby decreases their gross annual income from GSA to 22,400. As this member of staff meets the rule of 85 (age: 60 + service: 25 = 85) their pension and lump sum is not actuarially reduced. Having accrued a pension of 9,100 and lump sum of 23,100 to that point, the member of staff can then choose to access a proportion of those benefits. If they chose to access 100% of the pension and lump sum they would increase their taxable income to 31,500 ( 22, ,100) and receive a tax free lump sum of 23,100. If the member chose instead to only access say, 50% of their pension and lump sum, the remaining 50% of their benefits would be accessed once the member of staff decided to enter full retirement and would be based on the full-time salary they were originally receiving and the service they had accrued before taking flexible retirement. 3 P age
4 Illustrative Example (A) Continued: An LGPS member who meets the rule of 85 Having re-joined the scheme on their new part-time (0.8FTE) contract, the member of staff will start to accrue a new period of pensionable service. However, their pension and lump sum would effectively be calculated on the reduced salary. If this member of staff had not taken flexible retirement but continued working to 65 their pension and lump would have been 13,066 and 25,200 respectively. Illustrative Example (B): An LGPS member who does not meet the rule of 85 A 59 year old, full-time member of staff earning 28,000 per annum with 12 years service in the SPF makes a request for flexible retirement and to reduce their hours to 0.8FTE thereby decreases their gross annual income from GSA to 22,400. In this scenario the member of staff s benefits would be actuarially reduced as they are under 60 years of age and do not meet the rule of 85. In this case, the pension accrued would be 3,412 with a lump sum of 8,316. The member of staff chooses to access 100% of these benefits thereby increasing their taxable income to 25,812 ( 22, ,412) with a tax free lump sum of 8,316. Again, if the member decided to only access a proportion of their pension and lump sum, the remaining portion would be accessed once the member of staff decided to enter full retirement and would be based on the full-time salary they were originally receiving and the service they had accrued before taking flexible retirement. Having re-joined the scheme on their new part-time (0.8FTE) contract, the member of staff will start to accrue a new period of pensionable service. However, their pension and lump sum would effectively be calculated on the reduced salary. If this member of staff had not taken flexible retirement but continued working to 65 their pension and lump would have been 7,350 and 9,450 respectively. 4 P age
5 2.1.5 LGPS membership from 31 March 2009 Benefits accrued up to 31 March 2009 are calculated at 1/80 th for the pension and 3/80ths for the lump sum. Membership after 31 March 2009 accrues benefits at 1/60 th for the pension with no automatic lump sum. A member can chose to exchange some of their annual pension for a one off tax free lump sum. For each 1 of pension that is given up it will be converted into 12 of a lump sum. 2.2 The STSS Members of the STSS can be considered for two forms of flexible retirement Phased Retirement An STSS member who has reached minimum pension age (MPA) of 55 can elect to access some of their benefits and continue working. They can do this on a second occasion but must not totally extinguish their entitlement to benefits prior to actual retirement. Further information on this option can be obtained from the SPPA website Illustrative Example (C): A STSS member over the age of 55 A 58 year old, full-time member of staff earning 40,000 per annum with 15 years service in the STSS makes a request to reduce their hours to 0.6FTE thereby decreases their gross annual income from GSA to 24,000. Having accrued a pension of 7,500 and lump sum of 22,500 the member of staff can then choose to access 50% of that pension and lump sum to increase their income to 27,750 ( 24, ,750) and receive a tax free lump sum of 11,250. Having re-joined the scheme on their new part-time (0.6FTE) contract, the member of staff will start to accrue a new period of pensionable service. However, their pension and lump sum would effectively be calculated on the reduced salary. If this member of staff had not taken flexible retirement but continued working to their Normal Pension Age (NPA) of 60 their pension and lump would have been as follows: - NPA = 60 (as this member joined the scheme before 1 April 2007) Pension: 8,500 and tax free lump sum of 25,500 Note: members who joined the scheme after 1 April 2007 will have a NPA of 65 5 P age
6 2.2.2 The Winding Down (WD) Scheme offers STSS members approaching their retirement age, the opportunity to continue in employment on a part-time basis whilst protecting their overall final retirement pension entitlement. Conditions of the WD scheme are as follows: You must be within 4 years of normal retirement age with a minimum of 25 years teaching service the 25-year period may include for qualifying purposes, a break or breaks in teaching service not exceeding 5 years in total the last 10 years must have been full-time service immediately prior to WD the WD employment must be equal to or more that 50% of full-time service each year served under the part-time contract counts as one full year when calculating benefits the final pensionable salary, for benefit calculation purposes, will be the salary received in the 365 days prior to entering WD employment revalued to date of retiral a return to full-time employment cancels the WD contract If you are under the age of 60 benefits will be actuarially reduced. Illustrative Example (D): A STSS member eligible to enter the WD Scheme (based on the criteria outlined in above) A 61 year old, full-time member of staff earning 40,000 per annum with 25 years service in the STSS who plans to retire on their 65 th Birthday makes a request to enter the Winding Down Scheme and to reduce their hours to 0.6FTE thereby decreasing their gross annual income from GSA to 24,000. The WD Scheme does not permit the member of staff to access the pension and lump sum that they have accrued to date. However, each year of service under their new part-time contract will count as one full year for pension benefit calculation purposes and the contributions paid by both the member of staff and the School will be based on the actual earnings paid for the part-time post. The final pensionable salary, for benefit calculation purposes, will be the salary the member of staff was earning in the 365 days immediately before entering the WD scheme. 3 Discretions 3.1 The early release of pension benefits could cause a financial strain on the pension fund which is required to be met by the School. Any such cost, which can often be considerable, will be carefully considered by the School within the context of any compensatory savings or other benefits. Every case will be decided on its individual merits. 6 P age
7 4 Implications for Employment Conditions 4.1 Individuals will be required to sign new contracts of employment to reflect the agreed reduction in hours/grade and any revised duties or working arrangements. 4.2 Apart from the general pay award and incremental progression (if appropriate), no additional payments can be made to the member of staff. This means that no payment will be paid for any additional hours worked (including overtime) or additional duties undertaken (honoraria/acting up). Any additional hours worked by an individual by agreement with their Head of Department will be required to be taken as compensatory time off in lieu (TOIL). 4.3 Continuity of service will be preserved for entitlement to annual leave, sick leave etc. but will be calculated on the reduced working hours/pay as appropriate. 4.4 The School s other employment procedures and practices will continue to apply as normal. 4.5 Should a member of staff wish to retire from the School s service completely they are required to give the School notice in writing. The length of the notice period will be stipulated in your contract of employment. 5. Re-joining the pension schemes 5.1 Staff who are granted flexible retirement can continue in the relevant pension scheme (but this is treated as re-joining ) and build up further pension benefits based on their reduced hours/salary. This means that when you cease work altogether you will start to receive a second pension based on your subsequent period of service. (LGPS members can elect to opt out and not rejoin the pension scheme). 6 Process - How to Apply for Flexible Retirement 6.1 A member of staff who is interested in being considered for flexible retirement should make a request for an estimate of pension benefits from the relevant Pension Office via the HR Department in the first instance. Normally it takes a few weeks for requests to be processed by the relevant Pension Office therefore pending receipt of the figures the member of staff should feel free to discuss the matter in principle with their line manager. 6.2 The Pension Office sends the estimate of benefits directly to the HR Department as often flexible retirement can incur significant costs to the School. HR will forward the estimate of benefits to the member of staff immediately upon receipt. 6.3 Should the member of staff then wish to proceed with their request, they can make a formal application by completing the Application for Flexible Retirement form (Appendix II) and submit it to HR no later than 6 months before the requested implementation date. This is to allow sufficient time for 7 P age
8 the application to be fully considered and, if approved, for contractual changes to be made and pensions implemented (note: both pension schemes normally require 3 months notice to process benefits). 6.4 HR will acknowledge receipt of the application in writing. 6.5 HR will then notify the line manager that a formal request has been submitted and will be asked to comment on whether or not the application should be favourably considered. The line manager will also be required to confirm how operational needs would be affected and what would be done to minimise disruption to service delivery and colleagues. 6.6 In considering the request, the line manager must be satisfied that: There will be clear benefits to the Department and School from the flexible retirement There will be no detrimental effect on service delivery, e.g. the role can be covered by the individual on reduced hours, the gap can be filled by a colleague increasing their hours or by recruiting a new part-time member of staff. There will be no detrimental effect on budgets. Note: any strain on the fund costs would normally be met by the relevant department. The arrangement proposed is fair and equitable to other team members If appropriate, that there are suitable job(s) available within the department at a lower grade. 6.7 The line manager may meet with the member of staff, if necessary, to discuss their request in more detail. 6.8 If the line manager is able to support the application then the completed form should be submitted, along with recommendations to their Head of Department or Head of School for consideration. The Head of Department or Head of School can then discuss the application with an appropriate senior member of the HR Department. The form should then be submitted via HR to the Director of Finance and Resources for approval. 6.9 The Director of Finance and Resources is ultimately responsible for deciding the outcome of the request. No action should be taken by the individual to progress the flexible retirement, for example via the relevant Pension Office, until approval has been received from the School. A decision will normally be made within 10 working days If the line manger or Head of Department/ School is unable to support the application then the member of staff will be informed accordingly in writing with the reasons In the case of declined applications, employees may reapply for flexible retirement after a period of 12 months from the date their application was declined If the application for flexible retirement is approved by the Director of Finance and Resources then HR will notify the individual in writing and a new contract of employment will be issued for the employee s signature. HR 8 P age
9 will also send the member of staff the relevant form which will require completion in order to notify the Pension Office. The new flexible retirement will not be implemented until all the necessary documents have been completed by the employee and returned to the School i.e. contract of employment, pension form. 7 Review 7.1 In the interest of fairness, where an application has been declined, the member of staff may choose to have their application reviewed by the Deputy Director. In the event that the Deputy Director has already considered the request, for example, in their capacity as line manager, the review will be undertaken by the Director. This will be a paper review of the documentation, including the individual s submission, the line manager s recommendation and the Head of Department/School s comments. The reasons for the Director of Finance and Resources decision will also be taken into consideration. 7.2 In order for the review to be undertaken, the individual will be required to forward a copy of the completed application form with the necessary comments to the HR Manager who will arrange for the application to be submitted to relevant member of the Directorate. This documentation will be required to be submitted within 10 working days from when the individual was advised of the outcome of their original request. The employee may provide additional written information if he/she wishes. The individual will be notified in writing of the decision within 10 working days. The decision made at this review stage is final. 8 Monitoring 8.1 The number and profile of staff making requests for flexible retirement will be monitored by the HR Department. The outcomes of the monitoring process will be presented along with other Performance Indicators to relevant committees within the School including the HR Committee (which has representation from each recognised TU) and the Equity and Diversity Group. 9 Illustrative Examples 9.1 The examples included in this policy are purely for illustrative purposes. The figures cited are estimated and should only be used as a very rough guide. Members of staff interested in flexible retirement should ensure they are in receipt of an estimate of benefits from their relevant pension scheme, via HR, before making an application under this policy. 9 P age
10 APPENDIX I 10 P age
11 APPENDIX II FLEXIBLE RETIREMENT APPLICATION FORM (Page 1) This form should be completed by anyone who wishes to be considered for flexible retirement and who meets the eligibility criteria outlined as follows: - I am a member of the Scottish Teachers Superannuation Scheme (STSS) or the Local Government Pension Scheme (LGPS) I am aged 55 or more I am in receipt of a recently calculated estimate of pension benefits from either the STSS or the LGPS EMPLOYEE Name: Employee Number: Date of Birth: Job Title & Department: Line Manager: Proposed Flexible Retirement implementation date: 1. Describe your current working pattern (days/hours/times worked) and salary grade: 2. Describe the salary grade and/or working pattern you would like to have/work in future (days/hours/times worked): Please note that there should be no expectation that your request will be accepted. 3. Impact of new working pattern: I think this change in my working pattern and/or role will affect the Department and colleagues as follows: 4. Accommodating the new working pattern and/or role: I think the effect and the colleagues can be dealt with as follows: 5. Employee Confirmation I would like to request flexible retirement from (insert date): Employee s signature: Date: WHEN THE FORM HAS BEEN COMPLETED UP TO SECTION 4 AND SIGNED AT 5 PLEASE FORWARD TO HR 11 P age
12 FLEXIBLE RETIREMENT APPLICATION FORM (Page 2) HR DEPARTMENT USE Date form received: Date Line manager notified: Request for benefits and costs requested from relevant Pension Office: / / Comments: / / Comments: / / Comments: Line Manager Recommendation Have operational needs been considered? Yes No Comments: I confirm that I do/do not* support the above named employee s request for flexible retirement. * delete as appropriate Name : Job title :. Date : Please be aware that if you do not endorse the request then the reasons for this must be discussed with Human Resources before the member of staff is advised of your decision. Head of Department/School Recommendation Have operational needs been considered? Yes No Comments: I confirm that I do/do not* support the above named employee s request for flexible retirement. * delete as appropriate Name : Job title :. Date : Please be aware that if you do not endorse the request then the reasons for this must be discussed with Human Resources before the member of staff is advised of your decision. 12 P age
13 FLEXIBLE RETIREMENT APPLICATION FORM (Page 3) Director of Finance and Resources Decision Is the request approved? Yes No Comments: Name: Eliot Leviten (signed)... Job title: Director of Finance and Resources Date: : HR will notify the relevant line manager/head of Department and Head of School (where appropriate) of the decision of the Director of Finance and Resources before the individual is notified. 13 P age
Guidance notes for OPTING OUT/CEASING ACTIVE MEMBERSHIP You should detach and retain these for future reference
Guidance notes for OPTING OUT/CEASING ACTIVE MEMBERSHIP You should detach and retain these for future reference These guidance notes are for members of the Scottish Teachers Superannuation Scheme. As a
More informationIncapacity retirement
RETIREMENT FINAL SALARY SECTION Incapacity retirement General All applications for a member to retire on the grounds of partial or total incapacity require the approval of Universities Superannuation Scheme
More informationThe Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements
Employee Information Leaflet The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements APRIL 2014 This information leaflet sets out the pension benefits on offer
More informationGuidance notes for OPTING OUT/CEASING ACTIVE MEMBERSHIP You should detach and retain these for future reference
Guidance notes for OPTING OUT/CEASING ACTIVE MEMBERSHIP You should detach and retain these for future reference These guidance notes are for members of the National Health Service Superannuation Scheme
More informationAdditional Annual Leave (Salary Sacrifice) Scheme 2014 / 15
Additional Annual Leave (Salary Sacrifice) Scheme 2014 / 15 Page 1 of 16 Contents Section Page 1 Introduction & Purpose 3 2 Scope 3 3 Definitions 3 4 Responsibilities 3 5 Flowchart 4 6 Details of scheme
More informationThe Retained Firefighters Pension Settlement Calculator. User Manual. Contents
The Retained Firefighters Pension Settlement Calculator User Manual Contents Chapter 1 - Introduction Chapter 2 - Overview of the user interface Chapter 3 - Getting started Chapter 4 - Overview of the
More informationPay Policy Statement 2014-15
Pay Policy Statement 2014-15 25/02/2014 People & Organisational Development Current Document Status Version 0.2 Approving body Cornwall Council Date Date of formal approval (if applicable) Target date:
More informationThe Local Government Pension Scheme
The Local Government Pension Scheme A short guide Dorset County Pension Fund The Scheme The Local Government Pension Scheme (LGPS) is a tax approved, defined benefit occupational pension scheme. The benefits
More informationYour guide to the Universities Superannuation Scheme
Your guide to the Universities Superannuation Scheme February 2016 02 Contents The document contains the following sections: Contents 02 About this guide 03 Your USS at a glance 04 Joining the scheme 05
More information2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme Regulations 2013
S T A T U T O R Y I N S T R U M E N T S 2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES The Local Government Pension Scheme Regulations 2013 Made - - - - 12th September 2013 Laid before Parliament
More informationTHE HIGHLAND AND WESTERN ISLES VALUATION JOINT BOARD JOB SHARE POLICY
THE HIGHLAND AND WESTERN ISLES VALUATION JOINT BOARD JOB SHARE POLICY 1 INTRODUCTION 1.1 Job share is a departure from traditional working arrangements whereby 2 employees voluntarily share the duties
More informationSTATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014
STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014 2 [582] S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME
More informationCONTRACT OF EMPLOYMENT FOR ACADEMIC SUPPORT STAFF STATEMENT OF MAIN TERMS & CONDITIONS OF EMPLOYMENT
CONTRACT OF EMPLOYMENT FOR ACADEMIC SUPPORT STAFF STATEMENT OF MAIN TERMS & CONDITIONS OF EMPLOYMENT The terms include particulars of your employment as required under the Employment Rights Act 1996. 1.
More informationPAY POLICY STATEMENT 2015/16
PAY POLICY STATEMENT 2015/16 This Pay Policy Statement is produced in accordance with Chapter 8 of the Localism Act 2011. It was approved by Luton Borough Council ( the Council ) at a meeting of the Full
More informationYour Pension TEACHERS PENSION SCHEME. General Guide Contributions and Benefits GUIDE 1
Your Pension TEACHERS PENSION SCHEME General Guide Contributions and Benefits GUIDE 1 Your Scheme The Teachers Pension Scheme (TPS) is a defined benefits final salary scheme, which provides a guaranteed
More informationCircular 12/09: Incentivised Scheme for Early Retirement (ISER) Questions & Answers
Circular 12/09: Incentivised Scheme for Early Retirement (ISER) Questions & Answers Q. Who can Apply for the Scheme? A. Employees 50 years of age and over by 11 September 2009 who have already accrued
More informationGDC 1970 Pension and Life Assurance Plan
Item 12 Council 5 December 2013 GDC 1970 Pension and Life Assurance Plan Purpose of paper Action Public/Private Corporate Strategy 2013-15 Business Plan 2013 Decision Trail Recommendations Authorship of
More informationPart-time working and Teachers Pension Scheme
Part-time working and Teachers Pension Scheme I have worked for a number of years part-time, am I in Teachers Pension Scheme (TPS)? If you are working on a fractional (part-time) contract or as an hourly
More informationRedundancy & Redeployment Policy. Transformation & Human Resources
Redundancy & Redeployment Policy Transformation & Human Resources Issued by HR Policy Team Effective from REDUNDANCY AND REDEPLOYMENT POLICY 1 General Principles Purpose 1.1 The purpose of the policy is
More informationThe Local Government Pension Scheme. Leaving the LGPS
The Local Government Pension Scheme Leaving the LGPS A guide to the options and benefits available to you when leaving the Local Government Pension Scheme (LGPS) Leaving the Local Government Pension Scheme
More informationLondon Borough of Lewisham Pay Policy Statement 2015/16
London Borough of Lewisham Pay Policy Statement 2015/16 1. Introduction The Council seeks to be a fair and good employer of choice and in doing so deliver effective services in the borough. It seeks to
More informationJob Sharing for Non-Academic Staff Policy
1 Policy Summary This policy outlines the Policy and Procedures related to the Job Sharing Scheme for all non academic employees of the University except Technical staff (a separate Job Sharing policy
More informationAdditional Pension April 2011
Additional Pension April 2011 Additional pension is a pension you can receive as well as your standard benefits from the Teachers Pension Scheme (TPS). Teachers Pensions cannot provide financial advice.
More informationMETLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide
METLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide 1 MetLife Group Life Policies Technical Guide MetLife has a range of policies aimed to meet your life cover needs in respect of your employees
More informationPAY POLICY 2016-2017
PAY POLICY 2016-2017 CONTENTS 1. Introduction and Purpose... 1 2. Legislative Framework... 1 3. Scope of the Pay Policy... 2 4. Broad Principles of our Pay Strategy... 2 4.1 Transparency, Accountability
More informationJOB-SHARING SCHEME FOR SPECIAL NEEDS ASSISTANTS IN RECOGNISED PRIMARY AND POST-PRIMARY SCHOOLS
Circular Letter 0041/2014 To: The Managerial Authorities of Recognised Primary, Secondary, Community, and Comprehensive Schools and The Chief Executives of Education and Training Boards JOB-SHARING SCHEME
More informationRetirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS.
RETIREMENT FINAL SALARY SECTION Retirement This factsheet sets out the circumstances under which you may retire and receive a pension from USS. From what age can I receive my retirement benefits from USS?
More informationThe Police Pension Scheme 1987. Members Guide
The Police Pension Scheme 1987 Members Guide Crown Copyright 2006 The text in this document (excluding department logos) may be reproduced free of charge in any format or medium providing that it is reproduced
More informationThe Local Government Pension Scheme
Rhondda Cynon Taf Pension Fund A Short Guide To The Local Government Pension Scheme Contents The Scheme 3 Retirement 5 The Benefits 7 Protection for your Family 9 Leavers without an immediate 10 entitlement
More informationGroup Income Protection Technical Guide
For commercial customers and their advisers only Group Income Protection Technical Guide Reference BGR/4019/OCT12 Contents Page Its aims Employers your commitment Risk factors How does the policy work?
More informationTechnical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE. People you can trust- A company you can rely on
Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE People you can trust- A company you can rely on Who are Omnilife? Omnilife is a specialist insurer providing Group Risk benefits for employers that
More informationINFORMATION NOTES FOR TEACHERS, INCLUDING PRINCIPALS AND VICE PRINCIPALS.
TNC 2009/4 Appendix B JOB SHARE SCHEME FOR TEACHERS INFORMATION NOTES FOR TEACHERS, INCLUDING PRINCIPALS AND VICE PRINCIPALS. These should be read in conjunction with the Job Share Scheme and Appendix
More informationGROUP INCOME PROTECTION
GROUP INCOME PROTECTION PROACTIVE PROTECTION PROVIDED BY METLIFE POLICY technical guide This document is a guide to the features, benefits, risks and limitations of the policy, including how the policy
More informationPROCEDURE FOR MANAGING SICKNESS ABSENCE
PROCEDURE FOR MANAGING SICKNESS ABSENCE ORKNEY ISLAND S COUNCIL PROCEDURE FOR MANAGING SICKNESS ABSENCE 1 INTRODUCTION The Council s procedure on the management of sickness absence is outlined below. The
More informationDetermination 2012/14: Principal Executive Office - Classification Structure and Terms and Conditions
REMUNERATION TRIBUNAL Determination 2012/14: Principal Executive Office - Classification Structure and Terms and Conditions The Remuneration Tribunal has determined a Principal Executive Office (PEO) classification
More informationDRAFT EARLY RETIREMENT
Appendix 1 OD & HR POLICIES Organisational Development & Human Resources DRAFT EARLY RETIREMENT POLICY Appendix 1 page 2 1. INTRODUCTION 1.1 This policy takes account of the Local Government Pension Scheme
More informationSTATUTORY INSTRUMENTS. S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015
STATUTORY INSTRUMENTS. S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015 2 [292] S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015
More informationConsultation Document. Retained Firefighters pension settlement: A consultation to provide access to a modified pension scheme in Wales
Number: WG19518 Welsh Government Consultation Document Retained Firefighters pension settlement: A consultation to provide access to a modified pension scheme in Wales Date of issue: 23 August 2013 Action
More informationFLINTSHIRE COUNTY COUNCIL FLINTSHIRE COUNTY COUNCIL REPORT BY: HEAD OF HUMAN RESOURCES AND ORGANISATIONAL DEVELOPMENT
FLINTSHIRE COUNTY COUNCIL REPORT TO: FLINTSHIRE COUNTY COUNCIL DATE: WEDNESDAY, 30 APRIL 2014 REPORT BY: HEAD OF HUMAN RESOURCES AND ORGANISATIONAL DEVELOPMENT SUBJECT: LOCAL GOVERNMENT PENSION SCHEME
More informationFAQ 3. Non Contributory Pension Scheme for Non-Established State Employees (as applicable to Non-Established Civil Servants)
FAQ 3 Non Contributory Pension Scheme for Non-Established State Employees (as applicable to Non-Established Civil Servants) Introduction: A member s entitlement to information annually. 1. Who is eligible
More informationESSSuper Claiming a Disability Benefit. Proudly serving our members. Issued 1 October 2015
ESSSuper Claiming a Disability Benefit Proudly serving our members Issued 1 October 2015 Issued by: Emergency Services Superannuation Board ABN 28 161 296 741 as Trustee of the Emergency Services Superannuation
More informationNHS Business Services Authority HR Policies Career Breaks
1. POLICY STATEMENT 1.1 The Authority recognises that during an employee s working life there will be times when personal commitments take priority over work. Subsequently the Career Break Policy has been
More informationThe Police Pension Scheme 2015. Members Guide
The Police Pension Scheme 2015 Members Guide 1 Contents 1. Introduction... 6 2. The Police Pension Scheme 2015 at a glance... 8 2.1 Key features... 8 2.2 Pension benefits for members... 8 2.3 Benefits
More informationFAQ 1. Introduction: A scheme member s entitlement to information annually.
FAQ 1 Established Civil Servants (including Prison Officers) who pay Modified (Class B) PRSI and are not making an employee contribution in respect of personal superannuation benefits Introduction: A scheme
More informationSupplementary Information on the Terms and Conditions of Employment in the Final Agreement
THE UNIVERSITY OF MANCHESTER Supplementary Information on the Terms and Conditions of Employment in the Final Contents 1. Introduction 2. Pay and Grading structure 2.1 Pay on appointment (amended December
More informationTHE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet April 2015 Edition For Employees of the XYZ Company Reviewed May 2015 1 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS
More informationprotecting you and your family
protecting you and your family Insurance guide Effective 1 July 2015 Issued by CSF Pty Limited ABN 30 006 169 286, AFSL 246664, Trustee of the MyLifeMyMoney Superannuation Fund ABN 50 237 896 957 mylifemyinsurance.com.au
More informationTax Controls and your LGPS Benefits
Tax Controls and your LGPS Benefits In this leaflet we look at the HM Revenue and Customs (HMRC) rules that govern pension savings. Where pension terms are used, they appear in bold italic type. These
More informationThe Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK
The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional Voluntary Contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including
More informationIll-health - retirement benefits
Ill-health - retirement benefits June 2010 A key flexibility of the Teachers Pension Scheme (TPS) is the two types of ill-health retirement benefits that may be paid. This dual approach aims to support
More informationINTRODUCTION. Back to top MATERNITY SCHEME AND PAY ENTITLEMENTS. Entitlement/Pay
MATERNITY LEAVE Introduction Notification Process Maternity Scheme and Pay Entitlements (new) Ante-Natal Care Commencement of Maternity Leave Sickness Absence Associated with Pregnancy/Childbirth Keeping
More informationA brief guide to the pension provisions of the Family Law Acts
A brief guide to the pension provisions of the Family Law Acts www.pensionsauthority.ie The Pensions Authority Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel: (01) 613 1900 Locall: 1890 65 65 65
More informationNetwork Rail CARE Pension Scheme
Network Rail CARE Pension Scheme Your Member s Guide The bigger picture Jargon buster Additional Voluntary Contributions is the name given to any contributions you pay above your normal employee contributions
More informationMETLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE
METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE This document is a guide to the features, benefits, risks and limitations of the MetLife Excepted Group Life policy, including how the policy works and
More informationCUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee)
CUBS SUPERANNUATION FUND Trust Deed The Trust Company (Superannuation) Limited (Trustee) Table of contents Part 1A - The Cubs Superannuation Trust... 1 Section 1 - Normal Operation of the Fund... 1 1 Joining
More information2014 No. PENSIONS. The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations 2014
Consultation draft STATUTORY INSTRUMENTS 2014 No. PENSIONS The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations 2014 Made - - - - *** Laid before Parliament *** Coming into force
More informationWHSmith Holiday Trading Scheme
Dear Colleague, January 2011 WHSmith Holiday Trading Scheme WHSmith recognise that holidays are a very important part of our employee remuneration packages and that holidays are significant in achieving
More informationCAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE
CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What
More informationLimits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK, which qualify to receive tax relief,
More informationDetailed guidance for employers
April 2015 6 Detailed guidance for employers Opting in, joining and contractual enrolment: How to process pension scheme membership outside of the automatic enrolment process Publications in the series
More informationTEACHERS JOB SHARE SCHEME
I.N.T.O. Serving Education 14 TEACHERS JOB SHARE SCHEME 1. INTRODUCTION This scheme has been agreed between the Management and Teachers' Side of the Northern Ireland Teachers' Negotiating committee and
More information1. NAME OF EMPLOYER: The Board of Management of Aberdeen College (hereinafter referred to as "the College")
STATEMENT OF MAIN PARTICULARS Date of issue: «sysdate» 1. NAME OF EMPLOYER: The Board of Management of Aberdeen College (hereinafter referred to as "the College") 2. NAME OF EMPLOYEE: «name» 3. TYPE OF
More informationTHE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL
More informationGN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996
GN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996 Classification Practice Standard Legislation or Authority This Guidance Note must be read in conjunction
More informationSICK LEAVE AND SICK PAY SCHEME APPLICABLE TO ALL STAFF (INCLUDING HOURLY PAID STAFF)
SICK LEAVE AND SICK PAY SCHEME APPLICABLE TO ALL STAFF (INCLUDING HOURLY PAID STAFF) 1. Introduction 1.1 This scheme sets out the rights, entitlements and obligations upon all members of staff irrespective
More informationNovember 2012 Page 1 of 13. MRC Redundancy Compensation Scheme 2011
November 2012 Page 1 of 13 MRC Redundancy Compensation Scheme 2011 USING THIS BOOKLET This booklet is a guide to the benefits to be provided in the event of redundancy and came into effect from 26 September
More informationManaging Absence Procedure
Managing Absence Procedure Human Resources 1 Introduction 1.1 The University is committed to maintaining the health, safety and wellbeing of its most important asset its workforce, and will seek to adopt
More informationThe new 2015 NHS Pension Scheme explained
The new 2015 NHS Scheme explained The 2015 NHS Scheme comes into effect on 1 April 2015. This factsheet provides an outline of the main features of the new 2015 Scheme. A) It s a Career Average Revalued
More informationLOCAL GOVERNMENT SUPERANNUATION SCHEME
LOCAL GOVERNMENT SUPERANNUATION SCHEME SUPERANNUATION SCHEMES (REPRODUCED WITH THE KIND PERMISSION OF THE SUPERANNUATION SECTION, DEPT. OF THE ENVIRONMENT AND LOCAL GOVERNMENT) 1 The pensions legislation
More informationwe make it easy for you
Insurance Guide PDS Supplement we make it easy for you Dated 10 November 2015 CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226 CARE Super (Fund) ABN 98 172 275 725 PDS Supplement The information
More informationIncome Protection Plan
Here to help you Income Protection Plan for NUI Galway employees Plan Summary Please print and/or save this booklet for your records Perhaps the greatest threat to your livelihood is ill health If you
More informationVoluntary Term Life Insurance
Voluntary Term Life Insurance Employee Benefit Booklet CARTERET COUNTY SCHOOLS F011757-0001 Class 1-01 Products and services marketed under the Dearborn National brand and the star logo are underwritten
More informationPOLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11)
POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits General
More informationPAY PROTECTION POLICY
Commissioning Support Unit PAY PROTECTION POLICY HR Policy: HR23 Date Issued: 1 st December 2013 Date to be Periodically or if statutory changes are reviewed: required. Policy Title: Supersedes: Description
More informationVOLUNTARY EARLY RETIREMENT SCHEME
VOLUNTARY EARLY RETIREMENT SCHEME INFORMATION PACK 1 VOLUNTARY REDUNDANCY / EARLY RETIREMENT SCHEME 1.0 Introduction 1.1 The Council continues to face a particularly difficult long-term budget position.
More informationManaging sickness absence - policy and procedure
Managing sickness absence - policy and procedure Absence Management, Issue 2, March 2008 Page 1 Contents 1. Introduction...3 2. Policy aim...3 3. General guidance...3 4. General responsibilities...4 4.1
More informationDetermination 2015/19: Principal Executive Office - Classification Structure and Terms and Conditions
REMUNERATION TRIBUNAL Determination 2015/19: Principal Executive Office - Classification Structure and Terms and Conditions The Remuneration Tribunal has determined a Principal Executive Office (PEO) classification
More informationA brief guide to The Local Government Pension Scheme. Employees in England and Wales April 2011
A brief guide to The Local Government Pension Scheme Employees in England and Wales April 2011 Highlights of the Local Government Pension Scheme (LGPS) The LGPS gives you: Secure benefits the scheme provides
More informationA Guide to the Local Government Pension Scheme (LGPS) in Scotland
A Guide to the Local Government Pension Scheme (LGPS) in Scotland April 2016 1 1. Introduction 4 2. How the LGPS changed on 1 April 2015 5 3. About the Local Government Pension Scheme (LGPS) 9 Who runs
More informationREDUNDANCY PROCEDURE 1 POLICY STATEMENT & SCOPE
REDUNDANCY PROCEDURE 1 POLICY STATEMENT & SCOPE 1.1 Recognising that its employees are its most important resource, The College is committed to maintaining security of employment for all its employees.
More informationAcademy arrangements and the Local Government Pension Scheme. Edition 3 FAQ. This edition replaces Edition 2 which is now withdrawn.
Academy arrangements and the Local Government Pension Scheme Edition 3 FAQ. This edition replaces Edition 2 which is now withdrawn. This guidance offers practical advice and is not a legal opinion. It
More informationSELECTING MEMBER TRUSTEES
SELECTING MEMBER TRUSTEES 1 Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel 01 613 1900 Fax 01 631 8602 Email info@pensionsauthority.ie www.pensionsauthority.ie The Pension Authority has prepared
More informationEarly Retirement. (LGPS) Policy Statement. Early Retirement
(LGPS) Policy Statement 0BPurpose Fife Council recognises that in some circumstances it is in the interests of the Council for employees to be allowed to retire earlier than the normal retirement age.
More informationEmployer Discretions Policy
Employer Discretions Policy Local Government Pension Scheme (LGPS) 2014 03/06/2014 Community and Organisational Development Current Document Status Version 1.0 Approving body Chief Executive Date 27 June
More informationEmployees. Table of Contents
Table of Contents 1. Introduction 2 2. Recruitment 2 3. Pay and Leave Administration 5 3.1 Pay Administration 5 3.2 Leave Administration 7 4. Benefits 10 5. Employee Assistance Program 12 6. Conflict Resolution
More informationBritish Steel Pension Scheme: Public Consultation Response from the Pension Protection Fund
British Steel Pension Scheme: Public Consultation Response from the Pension Protection Fund Summary The PPF recognises the Government s commitment to securing a sustainable future for the UK steel industry
More informationC I T Y OF N E W. Board of Education Retirement System EARLY RETIREMENT LOAN PROGRAM
BOARD OF EDVCATION C I T Y OF N E W Board of Education Retirement System EARLY RETIREMENT LOAN PROGRAM YORK Board of Education Retirement System Members of the Board of Education Retirement System (BERS)
More informationPurchase of notional service for superannuation purposes Revision of Scheme
Circular 0125/2006 To: Institutes of Technology, Vocational Education Committees Purchase of notional service for superannuation purposes Revision of Scheme 1. Introduction. 1.1 Following discussions with
More informationNHS Pension Scheme retirement flexibilities
NHS Pension Scheme retirement flexibilities Part 1: Factsheets A factsheet on the mutual basis of the NHS Pension Scheme This factsheet provides background information on the mutual basis of the NHS Pension
More informationPay Policy Statement 2015-16. 1 st February 2015.
Pay Policy Statement 2015-16 1 st February 2015. 1 CONTENTS: 1. Background 2. Purpose and Scope: 3. Organisational context 4. Determination of pay and terms and conditions 5. Relationship between highest
More informationLocal Government Pension Scheme. Summary Guide - April 2010. Hertfordshire Pension Fund
Local Government Pension Scheme Summary Guide - April 2010 Hertfordshire Pension Fund Local Government Pension Scheme Contents Page Number The Scheme 2 What do I pay? 4 Retirement 7 The Benefits 9 Protection
More informationManaging Sickness Absence Policy HR022
Managing Sickness Absence Policy HR022 To be read in conjunction with section 14 of the NHS Terms and Conditions of Service Handbook Date Drafted: Oct 2008 Review Date: Oct 2010 Version: V1.0 Author of
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund
A Guide to the Local Government Pension Scheme for Employees in England and Wales Hampshire Pension Fund Employees in England and Wales April 2014 Index 1. About this Booklet 2. About the Local Government
More informationVersion 4 SPECIAL LEAVE POLICY. A Policy and procedure giving guidance on the Special Leave provisions within the Trust.
Version 4 SPECIAL LEAVE POLICY A Policy and procedure giving guidance on the Special Leave provisions within the Trust. Authorised by: TEG Date authorised: December 2005 Next review date: 30 April 2016
More informationSENTINEL RETIREMENT FUND RULES
SENTINEL RETIREMENT FUND RULES November 2013 TABLE OF CONTENTS PAGE 1. INTRODUCTION... 1 2. DEFINITIONS... 2 3. MEMBERSHIP... 8 4. CONTRIBUTIONS... 11 4.1 Contributions by MEMBERS and EMPLOYERS... 11 4.2
More informationJOB SHARING SCHEME FOR REGISTERED TEACHERS IN RECOGNISED PRIMARY AND POST-PRIMARY SCHOOLS
Circular Letter 0075/2015 To: The Managerial Authorities of Recognised Primary, Secondary, Community and Comprehensive Schools and The Chief Executives of Education and Training Boards JOB SHARING SCHEME
More informationLSE RETIREMENT PLANNING GUIDELINES 1. INTRODUCTION
LSE RETIREMENT PLANNING GUIDELINES 1. INTRODUCTION 1.1 The School recognizes the contributions of a diverse workforce, including the skills and experience of older staff, and is committed to equal opportunities
More informationLimits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK which qualify to receive tax relief
More informationLearning and Development
1. Introduction The Forestry Commission (FC) recognises the importance of the roles our people play in achieving organisational success and is committed to delivering meaningful and appropriate learning
More informationCAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE
CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What
More information