RMIT University Academic and Professional Staff Enterprise Agreement 2014


27. Voluntary early retirement

27.1

Offers of voluntary early retirement made to employees will be on the following terms:

(a) Early retirement will be available to all full-time or part time continuing staff who are within two years of reaching their superannuation preservation age. The superannuation preservation age is the age at which an employee can gain access to the preserved benefits in their superannuation fund.

(b) Eligible staff will be invited to apply for early retirement under the benefits of the scheme. Any employee who wishes to do so will apply for early retirement to the relevant authorised officer designated by the University. The University, through its authorised officers, will have the discretion to decide whether or not it will approve the application having regard to the staffing needs of the University.

(c) The benefit payable to employees whose application for early retirement is approved will be a lump sum of a minimum of two weeks salary for each year of service, with a maximum payment of 52 weeks salary. This benefit will be additional to the employee's other entitlements on retirement.

27.2

Notwithstanding clause 27.1 above, the University may offer early retirement in accordance with a scheme approved by the Commissioner of Taxation otherwise inconsistent with clause 27.1 provided that any lump sum benefit will be calculated at a minimum rate of two weeks salary for each year of service, but with no obligation upon the University to pay beyond a maximum of 52 weeks salary.

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