The Yorkshire and Clydesdale Bank Pension Scheme is a defined benefit pension scheme. When you retire, you have the option to get a guaranteed monthly income from the Scheme for the rest of your life.
This website provides a summary of how the Scheme works for most members.
For a small number of members, the Scheme works differently. If you're one of these members, we will have written to you.
The Scheme is governed by a Trust Deed and Rules. If there’s a difference between the information on this website and the Trust Deed and Rules, then it’s the Trust Deed and Rules that apply.
If you’d like to see a copy of the Trust Deed and Rules, please contact us.
Members of the Scheme
There are 3 types of members in the Scheme:
- Active members – who still build up benefits
- Deferred members – who no longer build up benefits
- Pensioners – who are taking their benefits.
The Scheme closed to new members on 31 December 2003.
And from 31 July 2017, most active members stopped building up benefits in the Scheme and became deferred members.
If you’re an active or deferred member, you can read about how your pension builds up and your retirement options.
If you’re a pensioner, you can read about how your pension is paid and increased.
The Scheme is managed by Yorkshire and Clydesdale Bank Pension Trustee Limited
A Board of Directors is responsible for running the Scheme and overseeing members’ benefits.
Each person who sits on the board is a Trustee Director.
The Trustee Directors include:
- Professional trustees
- Trustees nominated by members
- Trustees nominated by the Bank
You can contact the Trustees through the Scheme’s administrator, Capita.