Common use of Retirement Options Clause in Contracts

Retirement Options. Winding Down Scheme • A winding down scheme will be introduced to which teachers meeting the criteria can apply. To take this forward amendments will be made to the existing pension scheme to enable: • Long serving teachers to work for half time (or longer) in the five years before retirement age while preserving their previous pension expectations; • Such contracts could provide part-time work, including supply cover at either the previous level or in a post of less responsibility; • The mechanism, details of which are still to be finalised will credit a full year's pensionable service for each year worked under the special part-time contract; • The likely eligibility conditions will be 25 years service as a teacher with some allowance made within this for periods of part-time service or career breaks. • It is recognised that the implementation of this scheme requires specific operational and equalities issues to be addressed before a final scheme can be agreed and put in place. The Scottish Negotiating Committee for Teachers will undertake further work in this regard with the Scottish Public Pensions Agency to develop the details of the winding down scheme.