The Trustee of the YCBPS has a responsibility to make sure the Scheme has enough money to pay for everyone’s pensions.
To do this, we estimate how long members will live so that we can work out how long we’ll be paying everyone’s pensions for.
It’s possible that members will live for longer than we’ve estimated. If this happens, the Scheme will need some more money.
We’ve bought an insurance policy to help us manage this risk. If members live longer, an insurer will pay some money to the Scheme.
This is good news, because it makes your benefits more secure.
There’s nothing you need to do. Your benefits will stay the same, and you’ll continue to get the same pension.
You can read about what type of insurance this is and who’s providing it.
And if you have any questions, you can contact us.