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Pensions - Investment strategy (Details) - GBP (£) £ in Millions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2023 | Dec. 31, 2022
Pensions |  |
Derivatives notional (£bn) |  | £ 13,925,000
Fair value of assets | £ 78,904 | 99,545
Fair value of liabilities | 72,395 | 94,047
Interest rate swaps |  |
Pensions |  |
Derivatives notional (£bn) | 6,533,000 | 7,201,000
Fair value of assets | 33,807 | 39,039
Fair value of liabilities | £ 27,424 | £ 32,992
Main Pension Scheme |  |
Pensions |  |
Percentage of total plan assets | 91.00% | 91.00%
Equities | 6.80% | 7.80%
Index-linked bonds | 36.70% | 37.70%
Government bonds | 13.30% | 18.40%
Corporate and other bonds | 25.60% | 22.00%
Real estate | 4.50% | 6.00%
Derivatives | 2.70% | 8.20%
Cash and other assets | 10.40% | (0.10%)
Total | 100.00% | 100.00%
Percentage of collateral | 128.00% |
Maximum percentage of indirect investment by trustees | 5.00% |
Main Pension Scheme | Quoted plan assets |  |
Pensions |  |
Equities | 0.10% | 0.10%
Index-linked bonds | 36.70% | 37.70%
Government bonds | 13.30% | 18.40%
Corporate and other bonds | 19.20% | 15.30%
Total | 69.30% | 71.50%
Main Pension Scheme | Unquoted plan assets |  |
Pensions |  |
Equities | 6.70% | 7.70%
Corporate and other bonds | 6.40% | 6.70%
Real estate | 4.50% | 6.00%
Derivatives | 2.70% | 8.20%
Cash and other assets | 10.40% | (0.10%)
Total | 30.70% | 28.50%
Main Pension Scheme | Swap |  |
Pensions |  |
Derivatives notional (£bn) | £ 81,000 | £ 124,000
Derivatives, amount contributed to fair value of plan assets | 714 | 2,642
Main Pension Scheme | Inflation rate swaps |  |
Pensions |  |
Derivatives notional (£bn) | 29,000 | 21,000
Fair value of assets | 1,929 | 1,873
Fair value of liabilities | 940 | 990
Main Pension Scheme | Interest rate swaps |  |
Pensions |  |
Derivatives notional (£bn) | 52,000 | 103,000
Fair value of assets | 3,121 | 14,317
Fair value of liabilities | 3,394 | 12,546
Main Pension Scheme | Currency forwards |  |
Pensions |  |
Derivatives notional (£bn) | 13,000 | 12,000
Fair value of assets | 235 | 310
Fair value of liabilities | 34 | 113
Main Pension Scheme | Equity and bond put options |  |
Pensions |  |
Fair value of assets |  | 2
Fair value of liabilities | 4 | 70
Main Pension Scheme | Other |  |
Pensions |  |
Derivatives notional (£bn) | 1,000 | 1,000
Fair value of assets | 8 | 14
Fair value of liabilities | 20 | £ 19
AA section of the group pension fund |  |
Pensions |  |
Bulk annuity policy, amount contributed to fair value of plan assets | £ 546 |
Percentage of defined benefit obligation covered by value of bulk annuity policy | 99.00% |
Residual assets, amount contributed to fair value of plan assets | £ 145 |

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