Retirement policy template
Our Retirement Policy Template outlines procedures and benefits related to retirement, ensuring a seamless transition for employees exiting the workforce and maintaining compliance with legal requirements.
1 Introduction
1.1 The purpose of this policy is to set out [Company]’s approach to the retirement of employees.
2 Scope
2.1 This policy applies to all employees of [Company].
3 Principles
3.1 Retirement age
3.1.1 [Company] does not operate a compulsory retirement age for its employees.
3.1.2 We are committed to equal opportunities for all our employees and recognise the contributions of a diverse workforce, including the skills and experience of older employees.
3.1.3 We believe that employees should, wherever possible, be permitted to continue working for as long as they wish to do so. [Company] operates a flexible retirement policy and employees may voluntarily retire at a time of their choosing.
3.2 Retirement procedure
3.2.1 If you have decided that you wish to retire, you should inform your manager in writing as far in advance as possible and, in any event, in accordance with the notice period as set out in your contract of employment. This will assist us with succession planning.
3.2.2 [Company] will write to you acknowledging your notice to retire.
Your manager will arrange a meeting with you to discuss arrangements for retirement, including the intended retirement date, succession and handover plans, pension details and phased retirement, if
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What is this for?
A retirement policy is a document that outlines an organisation's approach to managing retirement for its employees. The policy typically sets out the eligibility criteria, the process for retirement, and any benefits or entitlements that the employee may be entitled to.
A retirement policy may include the following information:
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Eligibility: The policy should define the eligibility criteria for retirement, including age, length of service, and any other factors that may be relevant.
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Retirement options: The policy should outline the retirement options that are available to employees, such as early retirement, phased retirement, or full retirement.
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Notification and planning: The policy should specify the notification and planning requirements for employees who are planning to retire, including the notice period and any meetings or consultations with the employer.
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Benefits and entitlements: The policy should describe the benefits and entitlements that the employee may be entitled to upon retirement, such as a pension, severance pay, or other benefits.
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Post-retirement options: The policy should outline any post-retirement options that are available to employees, such as part-time or consulting work.
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Communication and support: The policy should specify the communication and support that the employer will provide to employees who are retiring, such as information on retirement planning, financial advice, or counseling services.
Overall, a retirement policy is an important tool for managing retirement for employees and ensuring that the process is fair, consistent, and transparent. It can help to establish clear guidelines and expectations for both the employer and the employee, and provide support and assistance throughout the retirement process.
