Retirement planning

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The Advisory, Conciliation and Arbitration Service (ACAS) says that 'good age management now includes ensuring that there is a safe and dignified transition into retirement'.

This section includes key points to consider, actions to take forward and links to useful information and resources.

Key points
  • Studies have shown that staff who are supported in retirement planning often choose to work longer and are more productive in that work.  
  • The NHS Working Longer Group recommends that employers ensure that supportive, early discussions about future career and retirement aspirations become a normal part of management.
  • Many organisations provide pre-retirement courses for staff in the run up to retirement.
  • Don’t be afraid if your manager wants to talk to you about your plans.  It is recommended that managers ask their staff about their career plans and this can include asking about retirement. This does not necessarily mean that they are expressing a wish for you to leave. This may happen in your normal one-to-one meetings and appraisal reviews, so make sure you are prepared to discuss your retirement thinking.
  • Mid-life development reviews have been found to be a very effective and beneficial for staff considering their future plans.
  • The NHS Pension Scheme has a number of flexibilities that allow people to either work differently in the run up to full retirement or to retire and then return to work. However, many staff are not aware of these opportunities.
Key actions
  • Check your local retirement policy and ensure you understand about the process and opportunities it presents.  Think about how this compares with your thinking about when you might want to retire. Do you need to change your plans?
  • Make sure you understand pension and flexible work options in advance of talking with your manager.
  • Make sure you check your Total Reward Statement/Annual Benefit Statement so you can be clear how much your pension benefits are worth.
  • Take advantage of mid-life development reviews or pre-retirement courses that are available  within your organisation or locally.
Useful information and resources
The National Voice of Lifelong Learning (NIACE): Mid-life development reviews
Working Longer Group: Age awareness toolkit

Retirement planning resources
Plan your retirement income: information on gov.uk 
Planning for retirement: information on Age UK 
Preparing your finances for retirement: information on Citizens Advice  

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