You may offer flexible retirement, where the employee draws their benefits but continues in their job, according to your discretions policy. You may wish to request an estimate.
- The employee must reduce their pay grade or hours from the date of flexible retirement.
- There may be a cost to the employer for flexible retirement before age 60.
- If a member has an added years, ARCs or AVC contract, it must cease upon flexible retirement, even if they re-join the scheme.
- Benefits will be reduced if the member retires before age 65 and does not meet the 85-year rule. You may pay a charge to waive the reductions if your discretions policy allows it.