BUPA
Retirement: improved flexibility
BUPA developed a flexible retirement policy to:
The organisation has experienced skills shortages, particularly of nursing staff, and hopes that flexible retirement will help retain key staff for longer and make the organisation attractive to potential new employees.
Flexible retirement is defined as giving employees more choice over when and how they retire by offering them the choice to continue working beyond NRA. The development of a flexible retirement policy began at the end of 2000.
At present, the NRA is 60, but all employees have the option to work beyond NRA to a maximum age of 65. Employees working beyond NRA will retain all benefits of employment they enjoyed up to NRA, which include salary, holiday entitlement, sickness entitlement, the BUPA Participation Scheme, life assurance and health screening.
Employees aged 60 and over must continue to participate in the performance appraisal system. Training and development opportunities relevant to the employees needs are provided to all regardless of age. Senior managers and line managers have been issued with a flexible retirement policy document designed to enable them to have informed discussions about the policy with employees.
Employees were initially wary about what flexible retirement really meant and why it was being introduced. The company worked hard to make sure employees understood it was about creating greater choice for the individual and the policy has gradually been accepted throughout the organisation.
A change in retirement patterns is now beginning to emerge with fewer early retirements and it is believed that the flexible retirement policy has contributed towards this gradual shift to later retirement.
All policies will be reviewed to ensure they comply with age laws in 2006.
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Retirement: improved flexibility
BUPA developed a flexible retirement policy to:
- retain key nursing skills;
- remove age discrimination; and
- ensure employees better reflect the age profile of society.
The organisation has experienced skills shortages, particularly of nursing staff, and hopes that flexible retirement will help retain key staff for longer and make the organisation attractive to potential new employees.
Flexible retirement is defined as giving employees more choice over when and how they retire by offering them the choice to continue working beyond NRA. The development of a flexible retirement policy began at the end of 2000.
At present, the NRA is 60, but all employees have the option to work beyond NRA to a maximum age of 65. Employees working beyond NRA will retain all benefits of employment they enjoyed up to NRA, which include salary, holiday entitlement, sickness entitlement, the BUPA Participation Scheme, life assurance and health screening.
Employees aged 60 and over must continue to participate in the performance appraisal system. Training and development opportunities relevant to the employees needs are provided to all regardless of age. Senior managers and line managers have been issued with a flexible retirement policy document designed to enable them to have informed discussions about the policy with employees.
Employees were initially wary about what flexible retirement really meant and why it was being introduced. The company worked hard to make sure employees understood it was about creating greater choice for the individual and the policy has gradually been accepted throughout the organisation.
A change in retirement patterns is now beginning to emerge with fewer early retirements and it is believed that the flexible retirement policy has contributed towards this gradual shift to later retirement.
All policies will be reviewed to ensure they comply with age laws in 2006.
Click icon to download a printable version of the case study
download pdf
