Flexible Work Arrangements for Work/Family/Personal Life Balance

After many years of working, planning for retirement can be an exciting time, but also one filled with unknowns such as when to retire, how much money will I need for the future and the prospect of change from working to having time to do the things you love.

Some staff may want to ease into retirement by changing their working arrangements as they approach retirement. In addition to flexible work arrangements described in other pages of this work/family web resource (eg conversion to part-time; purchase of additional leave (48/52); flexible working hours; long service leave on full or half pay) there are two specific provisions relating to retirement: conversion to part-time with maintenance of full-time superannuation and voluntary early retirement.

Conversion to part-time - with maintenance of full superannuation entitlements

Continuing full-time employees planning to retire within three years of the date which their application to retire is approved, may elect to convert your full-time fraction (1.0) to a part-time fraction of (0.5) or more, while retaining full superannuation entitlements.

When applying for this fraction reduction you need to nominate a specific termination date which falls no later than 3 years from the date of approval of the reduction of your time fraction. This end date will be locked in and no extension of employment will be available.

Interested and eligible staff may make application through their Head/Director and approval will rest with the University. If the application is successful the staff member will be required to enter into a fixed term contract. This provision is not an entitlement each case will be considered on it's merits.

The University may invite Academic staff with continuing appointments to apply for voluntary early retirement. Approved applicants will receive a lump sum payment of a minimum of 2 weeks salary for each year of service, with a maximum payment of 52 weeks salary. This benefit is added to other entitlements ie annual leave and long service leave on retirement.

Once you have decided to retire you should consider the following aspects of retirement:

• What age you will be able to access your superannuation.
• Possible effects of taxation with your particular superannuation scheme.
• What options are available for you to explore in relation to your own circumstances.

You should seek advice from a financial advisor and your superannuation fund in relation to the best option for you.

You need to think about the impact changes to your work arrangements, as you approach retirement, will have on both your salary and your future superannuation pay out.

NOTE: Both Unisuper and VicSuper conduct a number of free seminars on campus each year. A number of seminars specifically relate to retirement. Staff contemplating retirement are encouraged to attend these seminars.

What age to retire at?

Timing your retirement to suit both your working role and your personal/family life is something you will need to consider and plan well in advance. If you plan to ease into retirement by working a reduced time fraction, for example, you will need to ascertain how this will be incorporated into your current role.

Please note that these entitlements may vary depending on the negotiated terms of your Australian Workplace Agreement.

The 'award provisions/entitlements' above do not apply to casual or sessional staff members.

What you need to do when planning for your retirement?

• Fully understand your Planning for Retirement entitlements
• Discuss specific options with your financial advisor and your relevant superannuation fund
• In most cases you will need to apply in writing to Head of School/Section or the Vice Chancellor
• See links below and/or discuss your situation and plans confidentially with David McLean, Director, Human Resources, ext 9718 or director.hr@ballarat.edu.au or Wes Walker, (Acting) Deputy Director, Human Resources, ext 9441 or w.walker@ballarat.edu.au
• Negotiate arrangements with your Supervisor

For detailed information on entitlements and conditions for different staff categories please click on the relevant link/s below:

Academic and General Staff (Higher Education Only)
University of Ballarat - Union Collective Agreement 2006-2008 (Academic & General Staff Employees)
Clause 37

Conversion to Part-time - All Staff
University of Ballarat - Human Resources - Work/Family/Personal Life Balance Intranet Site
Conversion to Part-time

Purchase of Additional Leave - 48/52 Week Year - Academic and General Staff
University of Ballarat - Human Resources - Work/Family/Personal Life Balance Intranet Site
Purchase of Additional Leave - 48/52 Week Year

Flexible Working Hours - All Staff
University of Ballarat - Human Resources - Work/Family/Personal Life Balance Intranet Site
Flexible Working Hours

Long Service Leave - All Staff
University of Ballarat - Human Resources - Work/Family/Personal Life Balance Intranet Site
Long Service Leave

Conversion to Part-time Fixed Term Contracts (UniSuper Members Only)
University of Ballarat, Union Collective Agreement, 2006 - 2008 (Academic and General Staff Employees)

37.1 Continuing full-time employees who plan to retire from the University within three years of the date on which the exercise of this option is approved, and who so indicate this in writing, may, with the approval of their Head of School, Head of Section, Pro-Vice-Chancellor, Deputy Vice-Chancellor or the Vice-Chancellor, elect to convert their full-time employment to a part-time fraction of 0.5 or more under the following conditions:

37.1.1 Employees who are not members of UniSuper will not be able to participate in this scheme.

37.1.2 UniSuper superannuation contribution rates will be maintained by the University at the fulltime level. This means the University will continue to contribute at the full-time employer contribution rate and will also maintain the employee contribution rate at the full-time rate by paying the difference between the new fractional employee rate and the full-time employee contribution rate.

37.1.3 A specific termination date not later than three years from the date of approval of this arrangement will be nominated by the employee.

37.1.4 There will be no extension of the contract of employment beyond the nominated termination date.

Voluntary Early Retirement (Academic Employees)
University of Ballarat, Union Collective Agreement, 2006 - 2008 (Academic and General Staff Employees)

38.1 The University may invite employees to apply for voluntary early retirement on the following terms:

• all academic employees with full-time or fractional continuing appointments shall be eligible to apply;
• the University retains the discretion to approve or not approve any application, having regard to its staffing needs;
• approved applicants shall receive a lump sum benefit of a minimum of two weeks’ salary for each year of service, with a maximum payment of fifty-two weeks’ salary. This benefit is additional to other entitlements on retirement.

38.2 Notwithstanding sub-clause 38.1, the University may invite applications for early retirement in accordance with a scheme approved by the Commissioner of Taxation otherwise inconsistent with sub-clause 38.1, provided that any lump sum benefit shall be calculated at a minimum rate of 2 weeks’ salary for each year of service, but with no obligation on the University to pay more than a maximum of fifty-two weeks’ salary.