Yorkshire Water introduces a "flexible retirement" scheme

In response to the implementation of the age discrimination regulations and utilising the pension simplification changes introduced earlier this year, Yorkshire Water is now offering colleagues over-50 a real choice over the way they work. “Flexible retirement” allows staff to choose between pension income, salary, working hours and actual retirement date.  Employees can work for fewer days and supplement their income by drawing on their pension.  This will give employees a better opportunity to manage their working lives and to plan the transition from work to retirement. They are retaining a default retirement age of 65 but will always try to support those colleagues who want to work longer.

The scheme is cost-neutral to the company and the pension scheme, and has significant business benefits.

It provides employees with the freedom to choose the work-life balance that is right for them. They can work for fewer days and supplement their income by drawing on their pension.  This gives colleagues a better opportunity to manage their working lives and to plan the transition from work to retirement.   

During flexible retirement, colleagues can continue to build up company pension benefits until actual retirement.