Royal Bank of Scotland Group
Retirement: flexibility
RBS Group identified the need to introduce flexibility into it's retirement policy to ensure best practice in age related issues. Key drivers for the changes were:
Flexible Retirement - 'Options for Change' was introduced in 2004. Options introduced have been:
In rolling out these policies, RBS ensured that comprehensive employee and manager toolkits were included on our intranet system.
RBS continue to monitor the number of applications for both options, to ensure that their communications are sufficient and that RBS employees are aware of the right to apply for both of these options.
All policies will be reviewed to ensure they comply with age laws in 2006.
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Retirement: flexibility
RBS Group identified the need to introduce flexibility into it's retirement policy to ensure best practice in age related issues. Key drivers for the changes were:
- Strategic and effective response to demographic changes and the subsequent impact on markets
- Greater flexibility and choice for employees
- Equality of opportunity and fairness for all employees
- Pre-empting any changes to retirement age as a result of impending age legislation.
Flexible Retirement - 'Options for Change' was introduced in 2004. Options introduced have been:
- Winding Down to Retirement - RBS recognised that retirement this can be a life changing event. Employees are offered by giving them the opportunity to ease into actual retirement. RBS consider and accommodate requests for a reduced working arrangement in conjunction with the employee for up to 3 months before retirement.
- Remain Working Beyond Normal Retirement Age - some employees do not want to retire at their Normal Retirement Age and RBS have introduced a policy that allows them to work beyond this date providing they meet business criteria.
In rolling out these policies, RBS ensured that comprehensive employee and manager toolkits were included on our intranet system.
- By introducing the option to wind down to retirement as an integral part of the Group's flexible working policies, flexible working was not seen by employees as only being available for older workers.
- Complaints by older workers of perceived discrimination on the basis of their age reduced by 100%.
- Employees saw this as a 'good thing' and welcomed the introduction of more 'choice' into their own retirement planning.
RBS continue to monitor the number of applications for both options, to ensure that their communications are sufficient and that RBS employees are aware of the right to apply for both of these options.
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
