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Pensions - Investment strategy (Details) - GBP (£) £ in Millions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2022 | Dec. 31, 2021
Pensions |  |
Fair value of assets | £ 99,545 | £ 106,139
Fair value of liabilities | £ 94,047 | £ 100,835
Main Scheme |  |
Pensions |  |
Percentage of total plan assets | 91.00% | 90.00%
Equities | 7.80% | 8.40%
Index-linked bonds | 37.70% | 46.70%
Government bonds | 18.40% | 9.80%
Corporate and other bonds | 22.00% | 15.10%
Real estate | 6.00% | 4.40%
Derivatives | 8.20% | 8.80%
Cash and other assets | (0.10%) | 6.80%
Total | 100.00% | 100.00%
Percentage of collateral | 112.00% |
Maximum percentage of indirect investment by trustees | 5.00% |
Main Scheme | Swap |  |
Pensions |  |
Derivatives notional (£bn) | £ 124,000 | £ 192,000
Fair value of assets | 2,642 | 4,573
Main Scheme | Inflation rate swaps |  |
Pensions |  |
Derivatives notional (£bn) | 21,000 | 20,000
Fair value of assets | 1,873 | 1,408
Fair value of liabilities | 990 | 796
Main Scheme | Interest rate swaps |  |
Pensions |  |
Derivatives notional (£bn) | 103,000 | 172,000
Fair value of assets | 14,317 | 8,385
Fair value of liabilities | 12,546 | 4,421
Main Scheme | Currency forwards |  |
Pensions |  |
Derivatives notional (£bn) | 12,000 | 12,000
Fair value of assets | 310 | 61
Fair value of liabilities | 113 | 98
Main Scheme | Equity and bond call options |  |
Pensions |  |
Fair value of assets |  | 1
Main Scheme | Equity and bond put options |  |
Pensions |  |
Fair value of assets | 2 | 1
Fair value of liabilities | 70 | 3
Main Scheme | Other |  |
Pensions |  |
Derivatives notional (£bn) | 1,000 | 1,000
Fair value of assets | 14 | 9
Fair value of liabilities | £ 19 | £ 10
Quoted |  |
Pensions |  |
Equities | 0.10% | 3.70%
Index-linked bonds | 37.70% | 46.70%
Government bonds | 18.40% | 9.80%
Corporate and other bonds | 15.30% | 10.70%
Total | 71.50% | 70.90%
Unquoted |  |
Pensions |  |
Equities | 7.70% | 4.70%
Corporate and other bonds | 6.70% | 4.40%
Real estate | 6.00% | 4.40%
Derivatives | 8.20% | 8.80%
Cash and other assets | (0.10%) | 6.80%
Total | 28.50% | 29.10%

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