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Pensions - Investment strategy (Details) - GBP (£) £ in Millions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2024 | Dec. 31, 2023
Pensions |  |
Fair value of assets | £ 78,406 | £ 78,904
Fair value of liabilities | 72,082 | 72,395
Interest rate Contracts |  |
Pensions |  |
Derivatives notional (£bn) | 7,015,000 | 6,533,000
Fair value of assets | 28,960 | 33,807
Fair value of liabilities | £ 23,138 | £ 27,424
Main Pension Scheme |  |
Pensions |  |
Percentage of total plan assets | 90.00% | 91.00%
Percentage of defined benefit obligation covered by buy-in insurance contracts | 33.33% |
Equities | 6.70% | 6.80%
Index-linked bonds | 23.60% | 36.70%
Government bonds | 9.90% | 13.30%
Corporate and other bonds | 18.50% | 25.60%
Real estate | 2.40% | 4.50%
Derivatives | 0.10% | 2.70%
Buy-in insurance contracts | 27.00% |
Cash and other assets | 11.80% | 10.40%
Total | 100.00% | 100.00%
Percentage of fair value of derivatives included in plan assets for which counterparty has posted collateral | 85.00% |
Maximum percentage of indirect investment by trustees | 5.00% |
Main Pension Scheme | Quoted plan assets |  |
Pensions |  |
Equities | 0.10% | 0.10%
Index-linked bonds | 23.60% | 36.70%
Government bonds | 9.90% | 13.30%
Corporate and other bonds | 14.40% | 19.20%
Total | 48.00% | 69.30%
Main Pension Scheme | Unquoted plan assets |  |
Pensions |  |
Equities | 6.60% | 6.70%
Corporate and other bonds | 4.10% | 6.40%
Real estate | 2.40% | 4.50%
Derivatives | 0.10% | 2.70%
Buy-in insurance contracts | 27.00% |
Cash and other assets | 11.80% | 10.40%
Total | 52.00% | 30.70%
Main Pension Scheme | Swap |  |
Pensions |  |
Derivatives notional (£bn) | £ 81,000 | £ 81,000
Derivatives, amount contributed to fair value of plan assets | 73 | 714
Main Pension Scheme | Inflation rate swaps |  |
Pensions |  |
Derivatives notional (£bn) | 24,000 | 29,000
Fair value of assets | 1,548 | 1,929
Fair value of liabilities | 812 | 940
Main Pension Scheme | Interest rate Contracts |  |
Pensions |  |
Derivatives notional (£bn) | 57,000 | 52,000
Fair value of assets | 3,096 | 3,121
Fair value of liabilities | 3,763 | 3,394
Main Pension Scheme | Currency forwards |  |
Pensions |  |
Derivatives notional (£bn) | 8,000 | 13,000
Fair value of assets | 60 | 235
Fair value of liabilities | 130 | 34
Main Pension Scheme | Equity and bond put options |  |
Pensions |  |
Fair value of liabilities |  | 4
Main Pension Scheme | Other |  |
Pensions |  |
Derivatives notional (£bn) | 1,000 | 1,000
Fair value of assets | 22 | 8
Fair value of liabilities | £ 4 | £ 20
AA section of the group pension fund |  |
Pensions |  |
Percentage of defined benefit obligation covered by buy-in insurance contracts | 99.00% |

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- Definition The percentage real estate contributes to the fair value of defined benefit plan assets. [Refer: Plan assets, at fair value; Defined benefit plans [domain]] [Contrast: Real estate, amount contributed to fair value of plan assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 142 -Subparagraph d -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_142_d&doctype=Standard -URIDate 2024-03-27 + Details
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