Defined Benefit Pension Transfer
Yorkshire and Clydesdale Bank Pension Scheme
Do you have an old Yorkshire and Clydesdale Bank Pension Scheme you are thinking about transferring into a more flexible arrangement?
Below is a general overview of what the scheme benefits are, these might vary from member to member.
If you would like to find out if transferring your pension is suitable for you, why not get started today and receive your free Pension Transfer Guide and arrange a free initial consultation.
Disclaimer
The information we provide here is our understanding of the pension scheme and may not be the latest, there may also be some detail missing. It is provided in good faith as an overview of the details we hold. There has not been any endorsement or otherwise of these details by the pension scheme, their sponsoring employer or scheme administrators.
This is a partial summary of the complex benefits provided through potentially many schemes, where retirement options can be very different within the same scheme or the same individual sections of those schemes.
If you are either a current or deferred member of the pension scheme and wish specific information about your personal benefits, the scheme administrator will need to be contacted.
Overview
Website: https://www.ycbps.co.uk/
Scheme Retirement Age:
The Scheme Normal Retirement Age is 65; however, any benefits secured in the Scheme prior to 1 April 2006 have a Normal Retirement Age of 60. Both elements must be crystallised at the same time (i.e. retirement at age 60 would mean an actuarial reduction being applied to the post 31 March 2006 element of their benefits).
Late Retirement Factors are added to Pre 31 March 2006 benefits when taken at age 65.
Are partial transfers allowed?
No partial transfers.
Scheme Funding Position:
As of 30th September 2020 the scheme was 104% funded.
Revaluation:
Rate of Revaluation:
- Pre 6 April 2009 – Statutory Revaluation capped at 5%.
- Post 5 April 2009 – Statutory Revaluation capped at 2.5%.
- GMP – Section 148 Orders.
Escalation:
Rate of Escalation to Pension in Payment (excluding increases to GMPs converted into ordinary Scheme benefits:
- Pre 6 April 1997 – Previous September RPI increase subject to a 5% cap (2.5% for Clydesdale Members)
- Post 5 April 1997 – Previous September RPI increase subject to a 5% cap.
- Post 31 March 2006 – Previous September RPI increase subject to a 2.5% cap.
Rate of Escalation to Pension in Payment for GMPs converted into ordinary Scheme benefits:
- Pre 88 converted GMP – No increases applied by the Scheme.
- Post 88 converted GMP – Increases as if Section 109 of the Pension Schemes Act 1993 applies.
Flexible Options
Death in Deferment
The only lump sum (discretionary) that would be payable is equal to the Member’s voluntary fund.
Death in Retirement
The pension is guaranteed for 5 years, meaning a lump sum equal to the Member’s remaining entitlement for the 5 year period is payable at Trustee discretion.
Transfer Timescales
The timescales below are based on the entire transfer process from the initial enquiry, through to advice, and eventual completion of the transfer, in months.
This information is based on our own scheme specific real-world data gathered over an 18 month period. To be clear and ensure there is no risk this information can be deemed misleading, it is our own data for the entire process, which includes our own very thorough and complex regulatory analysis and advice process, in addition to the gathering and provision of accurate information from the scheme administrators and their subsequent completion of any pension fund transfer requests. Future timescales could vary.
Fastest: 3.5
Slowest: 9.2
Average: 5.7
Need Yorkshire and Clydesdale Bank Pension Transfer Advice?
Grove Pension Solutions Ltd is regulated by the Financial Conduct Authority and specialise solely in defined benefit pension transfer.
Get Started Today
Free Pension Transfer Guide & Initial Consultation
Complete the form below to receive your Free Pension Transfer Guide.
If you would like to find out if transferring or cashing in your pension is suitable for you, we can provide a free initial consultation known as abridged advice.
Simply return the enquiry form included in the guide and post it back in the free post envelope provided.
As part of the consultation we will look at:
- What existing pension plans you have in place.
- Whether you have the right type of pension to transfer.
- What your plans are for retirement.
- How much cash you can release.
- Whether your existing pension remains the best fit for you.
- The likely cost of more in-depth advice.
"*" indicates required fields
Defined Benefit Pension Transfer Warning
Transferring away from a defined benefit pension scheme means you will lose valuable guarantees.
Taking benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash.
If you release all your money from your pension early you will not have anything left to provide you with income in retirement.
When releasing cash from your pension, usually up to 25% is tax free, the balance is taxed at your marginal rate at the time and could change in the future.
Watch the FCA video explaining the expectations of financial advisers when advising you on defined benefit pension transfers.
Grove Pension Solutions Ltd is authorised and regulated by the Financial Conduct Authority (Reference number 465051).
What our clients say
Grove Pension Solutions assisted in moving my company pension to a personal pension, which will allow me to retire 7 years earlier than planned.
Since the FCA have made this option very difficult, Grove made the process very swift and smooth, with true professionalism throughout the process. The communication was excellent at all times, and there was always someone to answer a question if it arose.
I would highly recommend Grove Pension Solutions for your personal pension requirements.
Grove managed the transfer of my pension swiftly and kept me in touch with the process at all times. On occasions when I telephoned with questions they were patient, and regardless of who I spoke to, the staff were knowledgeable, friendly and reassuring. Grove Pension Solutions went above and beyond to complete my transfer and I cannot thank them enough.
Nothing is too much trouble, everything was explained in plain English and I was asked several times if I wanted to go through with any information again or any questions , all staff were professional and completely “knew their stuff” they returned calls when promised such a pleasure to do business with a very big thank you
In the final stages of my transfer, throughout the process the service has been very professional, regular updates by phone and email, the advisors are very friendly and explain the process in an easy to understand way. Have recommended to two other people already, wouldn't have any hesitation to use Grove Pension Solutions again, 10/10 thank you.