XML 392 R97.htm IDEA: XBRL DOCUMENT v3.24.0.1
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