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Leaving Monash Procedure - Retirement (including pre-retirement)
This procedure outlines the process for staff retiring from Monash University Australia and provides various retirement options for staff members to consider.
The retirement procedure is applicable to academic, professional and trades and services staff. However, there are different retirement options depending on the staff member’s category of employment.
The procedure dealing with pre-retirement is largely governed by the University’s Enterprise Agreements and provision is also made for voluntary early retirement schemes for academic and professional staff.
Pre-retirement contract: a pre-retirement contract is a fixed-term contract of employment entered into by the University with a staff member under the applicable pre-retirement provisions of an Enterprise Agreement or relevant AWA Terms and Benefits Policy.
Relevant Enterprise Agreement: means the Enterprise Agreement that applies to a particular staff member. The Monash University Enterprise Agreement (Academic and Professional Staff) 2009, will apply to academic and professional staff at the University and, depending on the services provided by a trades and services staff member, the Monash University Enterprise Agreement (Trades and Services Staff - Building and Metal Trades Staff) 2009, and the Monash University Enterprise Agreement (Trades and Services Staff – Catering and Retail, Cleaning and Caretaking, and Miscellaneous Services Staff) 2005 will apply.
Retirement at Monash
There are several matters that retiring staff members should investigate well before leaving the University; good planning can be of great assistance. To understand what happens to superannuation when a staff member retires or leaves employment, retirement seminars are scheduled periodically to assist the late career transition of staff members aged 55 years or over at Monash University campuses.
These seminars are designed to prompt staff members to think about and plan for a positive retirement experience. These seminars also help staff members to learn about their pension options and UniSuper pension products.
Online registration is essential to attend these seminars. For seminar registration visit the UniSuper website, select Victoria and under Monash University Seminars select the name of the seminar (retirement or pension) you wish to attend. There is no cost to attend these seminars. Monash University’s Superannuation Team advertise these seminars through global emails and through the Monash Memo portal.
Staff members are encouraged to contact the Monash University Superannuation Team on 990 29585 or 990 29497 if they need further information about seminar dates and locations.
Some of the other major issues to consider when thinking about retirement include superannuation, leave entitlements and financial implications. The University is not able to offer personal financial advice, therefore independent financial advice is recommended. Monash encourages staff members to talk with their supervisor, superannuation fund, accountant and financial adviser to make informed decisions about retirement options.
Sometimes retirement can lead to uncertainty; in this case staff members can seek guidance and counselling. The University’s Employee Assistance Program (EAP) is a confidential counselling service available to all staff.
Staff members wishing to maintain contact with the University can explore alternative means of being actively involved with the University community after retirement, for example mentoring early career researchers, supervising students, adjunct appointments or the Monash alumni network.
The retirement process
In retiring, the staff member is required to follow the Leaving Monash Procedure – Resignation which sets out the period of notice required and the process that must be followed.
Staff who wish to reduce their time commitment during the latter part of their careers at the University may wish to consider applying for a pre-retirement appointment.
To access further information including eligibility requirements for pre-retirement appointments, refer to:
Staff member: is responsible for considering his/her superannuation, leave entitlements and financial implications prior to retirement.
Related Enterprise Agreement Clauses
|Effective date:||07 March 2011|
|Procedure author:||Director, Workplace Relations|
|Procedure owner:||Executive Director, Monash HR|