The aim of the policy is to ensure that employees feel that their retirement is handled flexibly and honestly, and it is therefore vital that the subject is discussed well in advance of retirement. According to Arion Bank’s rules employees retire at the age of 67.
How flexible an employee’s retirement will be is a matter of negotiation between the employee and management. The aim is to support employees through the period of transition ahead, i.e. from being in full-time employment to being retired from work. When a decision on retirement is made, the rights and other factors set out in employment agreements, rules and Arion’s guidelines are taken into consideration.
A meeting is held between the manager and employee where they discuss the retirement policy. This takes place in the year in which the employee turns 64, earlier if requested.
The employee is invited to attend a course which addresses the changes to a person’s life upon retirement.
Arion Bank is keen to accommodate the employee’s wishes with respect to retirement, e.g. changed working hours or duties in the final months of employment, taking into account the wishes of the person in question and of the company.From the age of 65 the employee is given the option of reducing their working hours or retiring and receiving the equivalent of six months’ salary. The salary can be spread out over a certain period, or the employee can retire and receive a salary for six months without working. An employee cannot receive a salary from the company after the age of 67.Upon retirement a farewell coffee party is arranged in consultation with the person retiring.
Retired employees and their spouses are invited to coffee mornings where they can catch up with former colleagues.