Transition to retirement
Retirement planning is an important part of your career management strategy. A strong plan will help you make a smooth transition from the workforce. We encourage you to start planning your retirement well in advance.
There's lots to consider when deciding when to retire. You may decide to transition into retirement slowly, or work towards a 'traditional' retirement date. You may plan to cut ties with the University, or maintain a relationship with the University post-retirement.
General retirement options
Today, there are many initiatives that change the way we think about retirement.
Transition to retirement pensions
Transition to retirement pensions are offered through superannuation funds. They allow you to access some of your superannuation as a pension while you're still working. You can find more information on UniSuper's website.
Industrial relations reforms
Reforms to the industrial relations system allow mature workers to retain a part-time connection with the workforce. This is ideal if you want to slow down but not permanently retire.
Pension eligibility changes
The way your superannuation affects your eligibility for the Commonwealth Age Pension has changed. See the Department of Human Services Age Pension and Planning Your Retirement website.
Options for CSU employees
It's important that you get to know the range of transition to retirement options available at CSU. When you understand your options, discuss your plans with your supervisor.
Please keep in mind:
- These options are generally encouraged by the University. However, apart from the agreed end date option, they're not an entitlement. The University will only offer these options when they support its strategic workforce profile.
- As you prepare to retire, you'll still need to participate in the Employee Development and Review Scheme. You must set performance goals that align with both your retirement plans and the University's objectives.
- We advise you to seek professional, independent financial taxation and superannuation advice.
Agreed end date
This is the traditional approach to retirement and the most straightforward option. You nominate a separation date in advance and continue in your current appointment type until then. During the year leading up to your retirement, you'll work with your supervisor to capture knowledge and plan a handover.
When you've determined your retirement date, please complete the Notification of Exit form.
Conversion to pre-retirement fractional employment
You may nominate a separation date and apply to work on a part-time or fractional basis until that date. Your continuing appointment will convert to a fixed-term contract for up to five years before retirement. If the University approves your application, you'll receive a period of part-time or fractional leave without pay.
Alteration of duties prior to retirement
In the two years leading up to your retirement, you may negotiate a different mix of duties that support the University's strategic priorities. These duties may include:
- professional practice
- strategic projects.
You'll negotiate these changes within the CSU Employee Development and Review Scheme. Your performance will be subject to the requirements of this scheme.
Post-retirement casual or adjunct appointments
If you're an academic, you may agree to keep contributing to the University after you retire. This could be on an unpaid or casual basis, and could involve teaching, research or community services.
You may be able to access office space, committee memberships and various University services. You can negotiate the details of your appointment (which will be on a year-to-year basis) with the University.
Flexible leave arrangements
You may be able to reduce your leave balances so that you work fewer hours but maintain full salary. For example, you could work four days per week for six months by using annual leave for one day per week. You must negotiate flexible leave arrangements with your manager.
Your superannuation fund can provide advice on the Transition to Retirement pension. Visit the Division of Finance's superannuation website for contact details.
The Division of Finance works with superannuation funds to organise regular retirement information seminars. Information about upcoming seminars and webinars will be advertised on What's New. You can find more information on the Superannuation Seminars website or by emailing email@example.com.