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Update: 3 June 2024

The Trustee of the YCB Pension Scheme noted that on 21 March 2024 the boards of directors of Nationwide Building Society and Virgin Money UK plc announced they had agreed the terms for the recommended acquisition of Virgin Money by Nationwide. Following this, Virgin Money shareholders had the opportunity to vote on the proposed acquisition on 22 May and voted in favour of the Nationwide acquisition going ahead.

The next steps in the process are for the acquisition to gain formal approval by the regulators and courts, which is expected to complete during the last three months of 2024. The Trustee is continuing to talk to the Bank and our advisers to assess any impact of this on the Scheme and would like to assure members that their benefits under the Scheme remain secure. We will provide updates if we have any further information.

The Scheme was closed to new joiners with effect from 31 December 2003, and closed to future accrual of benefits for most members with effect from 31 July 2017. From this date, only a small number of eligible Yorkshire section members chose to continue to accrue benefits and remain as continuing active members of the Scheme.

If you have any questions about your YCB pension, please access the live chat feature.