Please make sure you've asked for figures from us before agreeing to a flexible retirement. There could be costs involved and you must take this into account before making a decision.
A member may be able to flexibly retire with your agreement. To receive their pension benefits and continue working, they must be over 55 and reduce either their hours or grade. The member must've been in their role for two years or more for flexible retirement to be considered.
There may be a strain cost to you, as the employer, if you allow a member to flexibly retire before their normal pension age. You must ask us for a quote if you receive a request.
An early retirement reduction will also apply to the member’s benefits if the 85-year rule protections aren't met.
What do we need to process a flexible retirement?
We'll need a completed PEN007A form, and a P45 if available. This should be sent so that income tax deductions can be assessed. We’ll also need a supporting document, such as a formal letter, agreeing the flexible retirement decision.