Retirement, early retirement and work after retirement
- Normal Retirement date
- Considering early retirement?
- Retiring after 40 years service?
- Working after retirement
- Preparing for your retirement
- Retirement Benefits
- Contact details
Normal Retirement date
- For support staff - there is no normal or fixed age at which support staff employed at the University have to retire. However, for the purposes of calculating certain benefits, the OSPS rules define normal retirement date as 31 July preceding your 66th birthday. Further details are available from Personnel Services.
- For academic and academic-related employee - the University has agreed an Employer Justified Retirement Age (EJRA) of 30 September before your 68th birthday. Further details are available from Personnel Services.
If you are unsure about your normal retirement date, please contact the Pensions Office who can confirm the date to you.
Considering early retirement?
You may wish to stop work before your normal retirement date. Three such scenarios are considered below:
You may always resign form your work at any time. If you are over 50 (age 55 from 6 April 2010 for members joining after 5 April 2006), you may apply to the Trustees of the scheme to receive your pension early. If the Trustees agree, your pensions will be reduced to reflect the early payment.
Early retirement with consent
Alternatively, you may discuss early retirement with your employer. If your employer consents to allow you to retire early, you will be paid your pension early. If your benefits are subject to an actuarial reduction for early payment your employer can buy this out by payment of the appropriate cost.
If your health deteriorates so that you become permanently unable to do your job, you may apply to the Trustees for an immediate ill health early retirement pension. Please contact the Pensions Office for further information.
- Guidance on ill health retirement under OSPS
- Guidance on ill health retirement under USS for final salary benefits section members
- Guidance on ill health retirement under USS for career revalued benefits section members
- Guidance on ill health retirement under NHSPS
Retiring after 40 years service?
Please see section 5.2(b) Long-Service Awards and Gifts to Staff on Retirement in the Payments Manual.
Working after retirement
You should ask your employer about their policy regarding reemployment of people who have retired from its service. University employees should contact Personnel Services or their departmental administrator for further guidance. For further information about working after retirement, please click on the Guidance Notes link further below.
Working after ill health retirement
If you have retired on the grounds of ill health and subsequently your health improves so you are able to take up paid employment or self-employment before your normal retirement date, you must write immediately to the Pensions Office giving full details of your new earnings. Your pension may be reduced or suspended, depending on the level of your earnings.
Failure to notify could lead to forfeiture of the pension.
Preparing for your retirement
There are two aspects to preparing for retirement - making the transition from work life to retired life and making sure that the transition is as smooth as possible.
You can help to make the transition as smooth as possible by making sure that your departmental Administrator knows when you are retiring. It's a good idea to give your administrator as much notice as possible, so that he or she can formally notify the Payroll department and the Pensions Office in good time.
But don't wait for the Pensions Office to contact you. The Pensions Office can give you an estimate of your pension and retirement benefits to help you plan your future. It can also prepare the necessary paperwork to ensure the process works smoothly.
Pre-retirement seminar course
Some of you may want to think about other aspects to retiring - health, housing, welfare, etc. The Oxford Learning Institute offers a one-day seminar course, "Preparing for your retirement", which covers:
- Changes in lifestyle
- Opportunities for the future
- Paid and voluntary work
- Pursuing existing and new interests in education, sport and hobbies
- Travel and concessions
- Money matters (pension, taxation, financial planning and investment, making a will)
- Health and fitness
The course is suitable for staff in the last five years of employment.
Please consult the following pages:
Contact detailsFor further information, please contact:
The Pensions Office
Telephone: 01865 (6) 16133
Fax: 01865 (6) 16021