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New retirement policy launched

June 9, 2023

The Trust’s new retirement policy has now been launched and can be accessed by clicking here.

The policy sets out the process to follow when an individual wishes to retire, as well as how to claim the retirement gift (for those with 20 or more years SWB service). It also promotes the use of flexible retirement to support colleagues who may wish to work differently, to work for longer.

Retirement flexibilities allow individuals to access certain pension benefits while remaining in, or returning to, the NHS workforce, with the option to build up further pension if they wish. This is a response to the changing world of work and feedback from colleagues as to how they would like to manage their retirement.

Flexible retirement can help individuals retire gradually and work flexibly for longer, passing their skills and knowledge to colleagues, aiding succession planning and ensuring high quality care for patients. At the same time, it can help support  work life balance and financial wellbeing for individuals.

There are a range of flexible retirement options available in the NHS Pension Scheme (these differ depending on the relevant NHS Pension scheme the individual is in:

  • Step down
  • Wind down
  • Retire and return
  • Draw down
  • Late retirement enhancement
  • Early retirement reduction buy out (ERRBO)

Further information can be found here.

Managers should consider and promote flexible retirement options as a way for the Trust to retain valuable colleagues.

Key changes

  • Updated process for resigning and applying for pension upon retirement.
  • Simplified authorisation process for claiming the retirement gift.
  • Updated information on the flexible retirement options available in the NHS pension scheme.
  • Amended Retire and Return process (e.g. amended approval process and key considerations; clarity on the process for returning to the individual’s original role or to a different role; removal of the requirement for the return to be on a fixed term contract (this will be dictated by the need for the post); salary upon return in line with the applicable national T&Cs and normal recruitment and selection process; minimum break in employment of 24 hours; inclusion of an appeal process).