Updates to members’ pensions
In 2020 we consulted with deferred members and members already taking their benefits who are affected by the 2018 ruling on Guaranteed Minimum Pension (GMP). We proposed converting their GMP into normal pension in the Yorkshire and Clydesdale Bank Pension Scheme (‘the Scheme’).
Following the consultation:
- In July 2021, we wrote to around 4,500 members who were already taking their benefits. We explained we would convert their GMP into normal pension on and from 1 December 2021. Not everyone received a letter, because we had to do extra calculations for some members.
- In July 2022, we wrote to around 1,800 members who were already taking their benefits. We explained we would convert their GMP into normal pension on and from 1 December 2022.
- In July 2023, we wrote to another 800 members to explain that their GMP will be converted to normal pension this year. If you’re expecting a letter but you haven’t received one yet, please wait until the end of August to get in touch.
If you haven’t started taking your benefits yet
We’ll convert your GMP into normal pension when you take your benefits from the Scheme. You’ll receive a pension quotation around the time of your retirement, or beforehand if, for example, you choose to transfer your benefits out of the Scheme.
For more information, please see our Q&As section on Changes to your pension.
PIE offers to exchange pension increases
Separate to GMP conversion, we’ve been in touch with some members who’ve already started taking their benefits with the option to exchange future pension increases for a higher pension now. This option is called Pension Increase Exchange (PIE). Not all members will have received a PIE offer, because it’s not available to everyone.
Here is an animation to explain how PIE works
To find out more about a PIE offer you’ve received, please see our Q&As section on Your PIE offer.
If you’d like to speak to someone about any changes to your pension or your PIE offer, please contact us.