Home ► DB Home

The XPS ‘MyPension’ member site – a new service for our DB Members

We’re pleased to offer our DB Members online access to information regarding their Scheme benefits via the MyPension site.

You’ll be able to:

  • Check and amend your personal contact details
  • See a high-level summary of your pension benefits
  • Update your expression of wish form (also known as your nomination form) online
  • Contact XPS from the site
  • Link through to other important information websites

To register for this new service, contact XPS for your unique username and password on 0191 341 0677.

Read more news

Are you scam smart?

Make sure you’re clued up on what to look out for when it comes to pension scams. Take the Financial Conduct Authority’s pension scams quiz and see if you could spot a scam!

Take the quiz

An update on Guaranteed Minimum Pension (GMP)

Find out more about what a GMP is, the steps we’re taking to equalise any GMP-related Scheme benefits, and whether any of the changes may affect you.

Read more

Looking for a document?

Access important documents such as the expression of wish form or the Annual Report and Accounts in the document library.

Go to library

Case studies

The importance of advice when thinking about transferring out – Kate’s story

Kate has just turned 53 and has worked for the Society since she was 17. She’d recently been speaking to her sister, Laura, about retirement plans when Laura told her about how she’d recently transferred out of her workplace pension scheme so she could access more retirement options. After getting advice and transferring out, Laura now has a greater range of choice when it comes to how she can take her benefits at retirement.

Although Kate wasn’t quite sure how she wanted to take her benefits at retirement, more options sounded like a great idea to her, so she decided to look into transferring her benefits too. She even remembered receiving an email about pension transfer offers earlier in the year and decided to look into the offers further. Thankfully, she remembered to contact a financial adviser before making any big decisions...

After reading about them in her last YBS newsletter, Kate decided to contact Wren Sterling, the independent financial adviser (IFA) appointed by the Scheme’s Trustee. Once she’d paid for a consultation and had the chance to discuss her options, Kate went away feeling informed and glad she’d taken the time to get professional advice.

Unlike her sister Laura, Kate had a DB pension and, after getting advice and considering all the options that would be available to her if she were to transfer out, she decided that staying in her DB scheme with YBS was far more beneficial to her.

Although transferring out might have been the right decision for Laura, Kate realised it wouldn’t have been right for her and was glad she had taken advice – especially when she learned that transferring out was an irreversible decision! During her consultation with her financial adviser, Kate also brought up the pension transfer offer emails she’d received earlier in the year and was shocked to learn they could have been part of a scam.

Kate was grateful she’d taken financial advice and she also made a mental note to read up on pension scams too!

Are you thinking about transferring out of the Scheme? Before making any big decisions, make sure to obtain financial advice (this will often be a legal obligation when transferring out) and be aware of pension scams. For help finding an IFA, visit the Unbiased or VouchedFor websites.

Approaching retirement and tracing lost pensions – Dave’s story

Dave is 60 and only five years away from retiring. Over the years he’s made sure to keep an eye on his YBS pension to make sure he’ll have enough for the retirement he wants – he’s excited to go travelling with his wife, and perhaps finally take on a classic car renovation project!

Recently though, he remembered another workplace pension scheme he’d been a part of when he was younger and working elsewhere. Though he’d been planning on taking a small portion of his YBS pension as cash and the rest as an income for life, when he received the letter from YBS asking him how he’d like to take his pension, he thought it’d be best to try and track down his previous pension savings before making any decisions...

After a quick web search, Dave found the Government’s pension tracing service and through them managed to track down the pension savings he’d had with his previous employer. Though he hadn’t saved much with them, it was still more than he expected and was enough to make him reconsider his previous retirement plans. Now that he’d found his pension from his old employer, Dave decided to take less of his YBS pension as cash and use his previous pension arrangement as a supplement. This way, he’d have more regular pension from YBS each year and he’d still have enough of a cash lump sum to book a holiday and get himself the classic car he’d always wanted to renovate!

Do you know how you’d like to take your pension at retirement? Find out more about your options – and don’t forget to take all your pension savings into account when making your retirement plans!