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, depending on what category you belonged to.

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.

Yorkshire and Clydesdale Bank Pension Scheme

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

Administrator: Capita.

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

You may have the option to exchange up to 25% of the value of your pension for a tax-free cash sum. You may also be entitled to the Pension Increase Exchange (PIE) option.

Death in Deferment

50% of the deferred pension re-valued to date of death (ignoring any early retirement reductions and any requirement to have reached Minimum Pension Age had the Member retired on the day they died) payable from 1st of calendar month following Member’s date of death.

The only lump sum (discretionary) that would be payable is equal to the Member’s voluntary fund.

Death in Retirement

50% of the Member’s pre-commuted pension, including any Pension Increase Exchange uplift, plus any increases applied to the pension between date of retirement and date of death, is payable from the day after the period to which the Member’s last actual pension payment relates.

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?

If you are a member of the Yorkshire and Clydesdale Bank Pension Scheme and would like to know if transferring or cashing in your pension at 55+ is suitable for you, why not get started today and receive your free Pension Transfer Guide and arrange a free consultation.

Grove Pension Solutions Ltd is regulated by the Financial Conduct Authority and specialise solely in defined benefit pension transfer.

Pension Transfer Consultation

Get Started Today

Free Pension Transfer Guide & Consultation
If you would like to find out if transferring your pension or taking a cash lump sum is suitable for you, we can provide a free initial Pension Transfer Consultation known as abridged advice.

Simply complete your details below, and we will send you our Pension Transfer Consultation Pack and Enquiry Form.

As part of the consultation we will look at:

  • What existing pension plans you have in place.
  • What your plans are for retirement.
  • Your needs for flexibility and control.
  • The likely cost of more in-depth advice.

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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).

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