Even though employees can generally choose when to retire, preparing for retirement may still be a difficult time emotionally and financially for them.
There are a number of ways in which you can help an employee make the transition from employment to retirement, including:
- Allowing them to gradually reduce their working hours for a period of time before their retirement. This will give the retiring employee a chance to develop other interests outside work. However, reducing working hours in the few years leading up to retirement could reduce the pension an employee would receive.
- Providing opportunities to attend a pre-retirement course for counselling and/or financial advice.
- Providing information on the state pension and other entitlements - see pensions and retirement.
- Organising a retirement party for them and buying them a retirement gift.