Retirement for academic and academic-related staff

With effect from 1 October 2011, academic and academic-related staff may:

- elect to retire
They may do so at, or at any time after, the minimum pension age stipulated in the Rules of the pension scheme to which they belong, as may be amended from time to time. There are retirement options.

- be retired by the University at the Employer Justified Retirement Age (EJRA)
Under Council Regulations 3, an academic and academic-related employee shall normally retire not later than the 30 September immediately preceding his or her 68th birthday. This is the EJRA.

- request an extension beyond the EJRA
Requests are considered under the Procedures for considering requests to work beyond the EJRA.

Retirement options
Retirement information

Retirement options

Academic and academic-related staff belong to a number of pension schemes and specific advice needs to be taken on how each scheme’s rules apply in any individual situation (contact the Pensions Office). But, to illustrate, the current possibilities under USS, the principal pension scheme for academic and academic-related staff, are:

Normal retirement

65 is the normal pension age. From age 65 all eligible USS members are entitled, if they choose, to take their full unreduced pension and retire from the University. But if they do not wish to do so, they can continue to work beyond 65 and take their full pension later. The normal pension age will rise in line with state pension age.

USS consider members who were aged 55 or over on 1 October 2011 to have a normal pension age of 60 (see early retirement).

Early retirement

Members of staff may apply to retire before 65. This is commonly known as early retirement.

the 55th birthday is generally the earliest age at which a member of USS may apply to take their pension and retire;
early retirement usually entails receiving a reduced pension – the benefits are actuarially reduced by an amount that depends on how long before 65 the pension is taken;
however, a current USS member who was aged 55 or over on 1 October 2011 and who retires at or after the age of 60 will receive an unreduced pensio.

Flexible retirement

USS offers a flexible retirement option to members aged 55 or over. This is where a member of staff continues to work, but takes a reduction in salary, for example by working reduced hours, in exchange for payment of a portion of their pension. This mix of work and pension can offer an attractive way of tapering towards eventual full retirement. Information is available on the University’s flexible retirement policy.

Ill health retirement

Contact your HR Business Partner for guidance.

Retirement information

Given the importance of the retirement decision, departments and divisions should ensure that staff have access to relevant information and encourage anyone considering retirement to consult before reaching their decision. Available support includes:

Pensions information

Anyone considering retirement would be well advised to get an individual pension estimate: the size of each person’s pension benefits depends on a number of specific factors such as age, pensionable salary and pensionable service. The Pensions Office is available to provide pensions estimates and other pension information. But they cannot give financial advice. For this members of staff will have to consult an independent financial adviser.

Preparation for Retirement Seminars

The Oxford Learning Institute (OLI), through an external provider Laterlife, offers a one day seminar which covers many of the issues which need to be taken into consideration when thinking of retirement. It is open to staff of any age, but it is of obvious interest to those who are considering retiring within a few years.