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B/7.5 Pre-retirement employment arrangements |
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7.5.1 Principles 7.5.1 PrinciplesEligible staff have the opportunity to enter into retirement arrangements in order to provide flexibility for staff planning their retirement and to support the University in workforce planning. A staff member who is willing to commit to a retirement date may apply to enter into a pre-retirement fixed-term appointment with the University. Access to a pre-retirement fixed-term appointment is not an entitlement and will be negotiated on a case by case basis subject to the organisational needs of the University. A pre-retirement fixed-term appointment is one in which a staff member elects to enter into a single non-renewable fixed-term appointment. This means an individual, in their application, would request to change their current appointment with the University, which may be an on-going appointment, to a fixed-term appointment. Once a pre-retirement fixed-term appointment is entered into, the arrangements become the staff members substantive employment terms and conditions. These would be transferred with the staff member to any new position taken up during the period of the pre-retirement fixed-term appointment. In return for opting for a pre-retirement fixed-term appointment, the staff member shall receive a pre-retirement salary loading in addition to their annual base salary. A staff members other terms and conditions of employment, unless otherwise specified, remain the same. 7.5.2 EligibilityIn accordance with the Equal Opportunity Act 1984 there is no compulsory retirement age. Retirement for the purposes of this policy means the preservation age determined by the Superannuation Industry (Supervision) Regulations 1994 as the age at which benefits can be accessed. For example, a staff member born before 1 July 1960 can access superannuation benefits at 55 years of age. A staff member may apply for a pre-retirement fixed-term appointment if he/she will be eligible for retirement on the expiration date of the pre-retirement fixed-term appointment.7.5.3 Superannuation and other benefitsEntering into a pre-retirement fixed-term appointment may alter an individual's entitlement to superannuation and other benefits. Consideration of the impact on superannuation and other benefits, such as salary packaging, is the responsibility of the staff member. Staff should seek independent financial advice and may contact their superannuation fund prior to committing to a pre-retirement fixed-term appointment. 7.5.4 Guidelines and conditions(a) Application and approval A staff member may apply for a single non-renewable pre-retirement fixed-term appointment, by submitting a written proposal to their head of school / department. Where the head of school / department supports the request it should be submitted to the executive dean of faculty / head of division for authorisation and approval. The executive dean of faculty / head of division will advise the Human Resources Director of the approval, in writing. Further information is available on the Human Resources website . (b) Pre-retirement salary loading The salary loading applicable to a pre-retirement fixed-term appointment is expressed as a percentage of the staff member's base annual salary. For members of UniSuper Defined Benefit and Accumulation Plans, a pre-retirement salary loading will by default be included as salary for superannuation purposes. A staff member may elect to opt out of this arrangement in writing. However, QSuper will not accept a pre-retirement salary loading as a superannuable loading for the purposes of the QSuper Defined Benefit and Accumulation Plans. (c) Part-time employment A staff member may apply to their head of school / department to convert to part-time employment as part of their pre-retirement fixed-term appointment. The duties to be performed should be agreed prior to the approval of the appointment. Leave entitlements will be pro-rated accordingly. Staff considering this option should seek independent financial advice on the impact to existing superannuation, salary sacrifice and other benefits. (d) Leave Recreation leave, sick leave and long service leave will continue to accrue at the relevant rate during the period of the pre-retirement fixed-term appointment. It is recommended that all recreation leave be exhausted prior to the conclusion of the pre-retirement fixed-term appointment. (e) Performance management The University's Performance Planning and Review process (PPR) continues to apply to the staff member's performance during the term of the pre-retirement fixed-term appointment. (f) Termination A staff member who enters into a pre-retirement fixed-term appointment is not entitled to a redundancy, termination or early retirement payment at the cessation of their pre-retirement fixed-term appointment. A pre-retirement fixed-term appointment can be terminated by:
(g) Re-employment by the University Staff entering into a pre-retirement fixed-term appointment do so on the clear understanding that they are terminating their employment with the University at the cessation of the fixed-term appointment. Re-employment by the University will not be considered. Related DocumentsMOPP B/7.11 Superannuation MOPP B/7.13 Re-engagement following redundancy or early retirement Human Resources Department website Modification History
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