Flexible retirement is where a member reduces their hours or moves to a less senior position at or after age 55, provided that you as employer agrees and that the member has met the 2 years vesting period. The employers Discretions Policy has a section where the exact definition of a reduction under that employer is stated.
The member can draw some or all of their benefits they have built up, helping them ease into retirement, although their benefits may be reduced for early payment.
If a member was paying into an APC contract this would automatically cease upon flexible retirement, although they can take out a new contract straight away.
An employer needs to complete the following forms:
Notification of Employer Decision