We previously let you know that Nationwide Building Society acquired Virgin Money UK Plc on 1 October 2024. Work is underway to transfer Virgin Money’s business to Nationwide, and the High Court is due to sit in February 2026 to decide if this transfer will go ahead. If the court approves the transfer, it will take place on 2 April 2026.

Following the transfer, Nationwide Building Society would become the sponsor of the YCB Pension Scheme. The Trustee is working closely with its advisers, the Clydesdale Bank and Nationwide to consider this change and any potential impact on the Scheme.

Please be assured that your pension benefits will not be affected by the transfer and there will be no change to the day to day running of the YCB Pension Scheme.

You do not need to do anything, and we will let you know if there are any other changes that you should know about.