Retirement and phased retirement
Staff of all ages are encouraged to plan for their retirement as part of their career planning. While employees may retire at any age, generally employees elect to retire after their 60th birthday although retirement can be approved younger than that at the discretion of the employer. Some staff might find it possible and attractive to phase in their retirement over the last few years. The Leaving Employment at the University Policy and Procedures will help you assist your planning into retirement.
Rights and responsibilities
It is important that you are aware of your rights and responsibilities for retirement as detailed in your employment agreement and the individual or collective agreement under which you are employed.
Generally, professional staff are required to give no less than three months’ notice and academic staff no less than six months’ notice. of retirement in writing. This will set in motion various processes. Employees with 10 or more years of continuous service will be entitled to a retirement gratuity.
Timing of your retirement may also be an important factor to consider in conjunction with your tax obligations for the year. It may be useful to discuss this with a financial advisor.
Explore further options, steps to follow and information on superannuation and KiwiSaver at Retiring.
Further information on retirement can be found on the Retirement Commissioner's website (cffc.org.nz). The Commissioner leads the Commission for Financial Capability (previously the Retirement Commission) and their goal is building the financial capability of New Zealanders of all ages.