Virgin Money UK Plc is now part of the Nationwide Building Society (‘Nationwide’). Following the acquisition of Virgin Money UK Plc by Nationwide on 1 October 2024, Nationwide executed a Part VII transfer of the Financial Services and Markets Act 2000 of all Clydesdale Bank plc assets and liabilities into the Nationwide Building Society. This was completed on 2 April 2026.

To enable the YCB Pension Scheme (‘the Scheme’) to be transferred effectively to Nationwide and to ensure that Nationwide inherited all relevant legal and statutory funding responsibilities to the Scheme, the Trustee entered into a Deed of Participation, Substitution and Flexible Apportionment Arrangement resulting in Nationwide replacing the Clydesdale Bank plc as Principal Employer on 27 March 2026. In order to reach this agreement, the Trustee consulted with its advisers and concluded that the employer covenant would remain sufficiently strong to fund the scheme following the change to the Principal Employer.

The Scheme benefits will not be affected by the transfer and there will be no change to the day-to-day running of the Scheme.