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Pensions - Investment strategy (Details) - GBP (£) £ in Millions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2021 | Dec. 31, 2020
Pensions |  |
Fair value of assets | £ 106,139 | £ 166,523
Fair value of liabilities | £ 100,835 | £ 160,705
Main Scheme |  |
Pensions |  |
Percentage of total plan assets | 90.00% | 90.00%
Equities | 8.40% | 8.50%
Index-linked bonds | 46.70% | 49.40%
Government bonds | 9.80% | 6.20%
Corporate and other bonds | 15.10% | 16.80%
Real estate | 4.40% | 4.20%
Derivatives | 8.80% | 10.00%
Cash and other assets | 6.80% | 4.90%
Total | 100.00% | 100.00%
Percentage of collateral | 95.00% |
Maximum percentage of indirect investment by trustees | 5.00% |
Main Scheme | Swap |  |
Pensions |  |
Notional amount | £ 192,000 | £ 88,000
Fair value of assets | 4,573 | 4,706
Main Scheme | Inflation rate swaps |  |
Pensions |  |
Notional amount | 20,000 | 18,000
Fair value of assets | 1,408 | 1,390
Fair value of liabilities | 796 | 1,716
Main Scheme | Interest rate contracts |  |
Pensions |  |
Notional amount | 172,000 | 68,000
Fair value of assets | 8,385 | 11,197
Fair value of liabilities | 4,421 | 6,215
Main Scheme | Currency forwards |  |
Pensions |  |
Notional amount | 12,000 | 11,000
Fair value of assets | 61 | 334
Fair value of liabilities | 98 | 38
Main Scheme | Equity and bond call options |  |
Pensions |  |
Notional amount |  | 1,000
Fair value of assets | 1 | 169
Fair value of liabilities |  | 1
Main Scheme | Equity and bond put options |  |
Pensions |  |
Notional amount |  | 3,000
Fair value of assets | 1 | 1
Fair value of liabilities | 3 | 19
Main Scheme | Other |  |
Pensions |  |
Notional amount | 1,000 | 2,000
Fair value of assets | 9 | 63
Fair value of liabilities | £ 10 | £ 17
Quoted |  |
Pensions |  |
Equities | 3.70% | 3.90%
Index-linked bonds | 46.70% | 49.40%
Government bonds | 9.80% | 6.20%
Corporate and other bonds | 10.70% | 11.80%
Total | 70.90% | 71.30%
Unquoted |  |
Pensions |  |
Equities | 4.70% | 4.60%
Corporate and other bonds | 4.40% | 5.00%
Real estate | 4.40% | 4.20%
Derivatives | 8.80% | 10.00%
Cash and other assets | 6.80% | 4.90%
Total | 29.10% | 28.70%

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