Policy on retirement

According to Arion Bank’s rules, employees retire at the age of 67. The aim of the policy is to ensure that employees feel that their retirement is handled flexibly and openly, and it is therefore vital that the subject is discussed in plenty of time.

Retirement - preparation

• In the year in which the employee turns 64, possibly earlier if requested, the manager and person considering retirement should meet to go over the retirement policy and discuss retirement.
• The employee has the option of attending 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. changes to employment ratio or duties in the final months of employment, taking into account the wishes of the person in question and the organization of the company.

Before retirement

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 out of work. Any decision on retirement takes into account the rights and other factors set out in employment agreements, rules and the Bank’s guidelines. Upon retirement a farewell coffee is arranged in consultation with the person retiring.

After retirement

Retired employees have the opportunity to attend coffee mornings where they can catch up with former colleagues.