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Pensions (Tables) | 12 Months Ended
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Dec. 31, 2024
Pensions |
Schedule of major classes of plan assets as a percentage of total plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ |  | Quoted |  | Unquoted |  | Total |  | Quoted |  | Unquoted |  | Total
​ | ​ | % | ​ | % | ​ | % | ​ | % | ​ | % | ​ | %
Equities | ​ | 0.1 | ​ | 6.6 | ​ | 6.7 | ​ | 0.1 | ​ | 6.7 | ​ | 6.8
Index-linked bonds |  | 23.6 | ​ | — | ​ | 23.6 | ​ | 36.7 | ​ | — | ​ | 36.7
Government bonds |  | 9.9 | ​ | — | ​ | 9.9 | ​ | 13.3 | ​ | — | ​ | 13.3
Corporate and other bonds |  | 14.4 | ​ | 4.1 | ​ | 18.5 | ​ | 19.2 | ​ | 6.4 | ​ | 25.6
Real estate |  | — |  | 2.4 | ​ | 2.4 | ​ | — |  | 4.5 | ​ | 4.5
Derivatives |  | — |  | 0.1 | ​ | 0.1 | ​ | — |  | 2.7 | ​ | 2.7
Buy-in insurance contracts | ​ | — | ​ | 27.0 | ​ | 27.0 | ​ | — | ​ | — | ​ | —
Cash and other assets | ​ | — | ​ | 11.8 | ​ | 11.8 | ​ | — | ​ | 10.4 | ​ | 10.4
​ |  | 48.0 | ​ | 52.0 | ​ | 100.0 | ​ | 69.3 | ​ | 30.7 | ​ | 100.0
Summary of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | Notional | ​ | Fair value | ​ | Notional | ​ | Fair value
​ |  | amounts |  | Assets |  | Liabilities |  | amounts |  | Assets |  | Liabilities
​ | ​ | £bn | ​ | £m | ​ | £m | ​ | £bn | ​ | £m | ​ | £m
Inflation rate swaps |  | 24 |  | 1,548 |  | 812 |  | 29 |  | 1,929 |  | 940
Interest rate swaps |  | 57 |  | 3,096 |  | 3,763 |  | 52 |  | 3,121 |  | 3,394
Currency forwards |  | 8 |  | 60 |  | 130 |  | 13 |  | 235 |  | 34
Equity and bond call options |  | — |  | — |  | — |  | — |  | — |  | —
Equity and bond put options |  | — |  | — |  | — |  | — |  | — |  | 4
Other |  | 1 |  | 22 |  | 4 |  | 1 |  | 8 |  | 20
​
Schedule of changes in value of net pension liability | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Main section | ​ | All schemes
​ |  |  |  | Present value |  | Asset |  | Net |  |  |  | ​ |  | Asset |  | ​
​ | ​ | Fair value | ​ | of defined | ​ | ceiling/ | ​ | pension | ​ | Fair | ​ | Present value | ​ | ceiling/ | ​ | Net
​ | ​ | of plan | ​ | benefit | ​ | minimum | ​ | assets/ | ​ | value of | ​ | of defined | ​ | minimum | ​ | pension
​ | ​ | assets | ​ | obligation (1) | ​ | funding | ​ | liability | ​ | plan assets | ​ | benefit obligation (1) | ​ | funding | ​ | assets (2)
Changes in value of net pension assets/(liability) | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
At 1 January 2023 |  | 34,016 |  | (24,733) |  | (9,283) |  | — |  | 37,598 |  | (27,601) |  | (9,777) |  | 220
Currency translation and other adjustments | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (21) | ​ | 21 | ​ | 4 | ​ | 4
Income statement - operating expenses | ​ | 1,677 | ​ | (1,286) | ​ | (464) | ​ | (73) | ​ | 1,841 | ​ | (1,478) | ​ | (485) | ​ | (122)
Other comprehensive income | ​ | (1,042) | ​ | (1,737) | ​ | 2,643 | ​ | (136) | ​ | (1,182) | ​ | (1,939) | ​ | 2,841 | ​ | (280)
Contributions by employer | ​ | 209 | ​ | — | ​ | — | ​ | 209 | ​ | 278 | ​ | 2 | ​ | — | ​ | 280
Contributions by plan participants and other scheme members | ​ | 7 | ​ | (7) | ​ | — | ​ | — | ​ | 12 | ​ | (12) | ​ | — | ​ | —
Assets/liabilities extinguished upon settlement | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (50) | ​ | 50 | ​ | — | ​ | —
Benefits paid | ​ | (1,229) | ​ | 1,229 | ​ | — | ​ | — | ​ | (1,365) | ​ | 1,365 | ​ | — | ​ | —
At 1 January 2024 | ​ | 33,638 | ​ | (26,534) | ​ | (7,104) | ​ | — | ​ | 37,111 | ​ | (29,592) | ​ | (7,417) | ​ | 102
Currency translation and other adjustments | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (5) | ​ | 9 | ​ | (4) | ​ | —
Income statement - operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest expense | ​ | 1,589 | ​ | (1,244) | ​ | (341) | ​ | 4 | ​ | 1,737 | ​ | (1,374) | ​ | (355) | ​ | 8
Current service cost | ​ | — | ​ | (72) | ​ | — | ​ | (72) | ​ | — | ​ | (99) | ​ | — | ​ | (99)
Past service cost | ​ | — | ​ | (3) | ​ | — | ​ | (3) | ​ | — | ​ | (3) | ​ | — | ​ | (3)
Loss on curtailments and settlements | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 8 | ​ | — | ​ | 8
​ | ​ | 1,589 | ​ | (1,319) | ​ | (341) | ​ | (71) | ​ | 1,737 | ​ | (1,468) | ​ | (355) | ​ | (86)
Other comprehensive income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Return on plan assets excluding recognised interest income (3) | ​ | (4,612) | ​ | — | ​ | — | ​ | (4,612) | ​ | (4,860) | ​ | — | ​ | — | ​ | (4,860)
Experience gains and losses | ​ | — | ​ | 13 | ​ | — | ​ | 13 | ​ | — | ​ | (3) | ​ | — | ​ | (3)
Effect of changes in actuarial financial assumptions | ​ | — | ​ | 2,182 | ​ | — | ​ | 2,182 | ​ | — | ​ | 2,343 | ​ | — | ​ | 2,343
Effect of changes in actuarial demographic assumptions | ​ | — | ​ | (77) | ​ | — | ​ | (77) | ​ | — | ​ | (62) | ​ | — | ​ | (62)
Asset ceiling adjustments (3) | ​ | — | ​ | — | ​ | 2,360 | ​ | 2,360 | ​ | — | ​ | — | ​ | 2,416 | ​ | 2,416
​ | ​ | (4,612) | ​ | 2,118 | ​ | 2,360 | ​ | (134) | ​ | (4,860) | ​ | 2,278 | ​ | 2,416 | ​ | (166)
Contributions by employer (4) | ​ | 205 | ​ | — | ​ | — | ​ | 205 | ​ | 250 | ​ | — | ​ | — | ​ | 250
Contributions by plan participants and other scheme members | ​ | 7 | ​ | (7) | ​ | — | ​ | — | ​ | 11 | ​ | (11) | ​ | — | ​ | —
Assets/liabilities extinguished upon settlement | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (42) | ​ | 42 | ​ | — | ​ | —
Benefits paid | ​ | (1,281) | ​ | 1,281 | ​ | — | ​ | — | ​ | (1,445) | ​ | 1,455 | ​ | — | ​ | 10
At 31 December 2024 (5) | ​ | 29,546 | ​ | (24,461) | ​ | (5,085) | ​ | — | ​ | 32,757 | ​ | (27,287) | ​ | (5,360) | ​ | 110
​
(1) | Defined benefit obligations are subject to annual valuation by independent actuaries.
(2) | NatWest Group recognises the net pension scheme surplus or deficit as a net asset or liability. In doing so, the funded status is adjusted to reflect any schemes with a surplus that NatWest Group may not be able to access, as well as any minimum funding requirement to pay in additional contributions. This is most relevant to the Main section, where the surplus is not recognised as the trustees have rights over the use of the surplus. Other NatWest Group schemes that this applies to include the Ulster Bank Pension Scheme (NI) and the NatWest Markets section.
(3) | Buy-in transactions have had a significant, offsetting impact on the ‘Return on plan assets excluding recognised income’ and “Asset ceiling adjustments” line items recognised in OCI.
(4) | NatWest Group expects to make contributions to the Main section of £39 million in 2025.
(5) | During 2024, the Court of Appeal upheld the initial High Court ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others), calling into question the validity of rule amendments made between 1997 and 2016. In 2023, a selection of amendments from the relevant period judged as material, were reviewed. While uncertainties remain, the review indicated the risk of a change in the defined benefit obligation (DBO) was remote, so no adjustment was made to the DBO value. This position is unchanged at year end.
​
​ | ​ | ​ | ​ | ​
​ | ​ | All schemes
​ |  | 2024 |  | 2023
Amounts recognised on the balance sheet | ​ | £m | ​ | £m
Fund asset at fair value |  | 32,757 |  | 37,111
Present value of fund liabilities |  | (27,287) |  | (29,592)
Funded status |  | 5,470 |  | 7,519
Assets ceiling/minimum funding |  | (5,360) |  | (7,417)
​ |  | 110 |  | 102
​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Net pension asset/(liability) comprises | ​ | £m | ​ | £m
Net assets of schemes in surplus (refer to Note 17) |  | 190 |  | 201
Net liabilities of schemes in deficit (refer to Note 20) |  | (80) |  | (99)
​ |  | 110 |  | 102
Schedule of principal actuarial assumptions | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal IAS 19 actuarial assumptions (1) | ​
​ |  | 2024 |  | 2023 |
​ | ​ | % | ​ | % | ​
Discount rate |  | 5.6 |  | 4.8 |
Inflation assumption (RPI) |  | 3.2 |  | 3.1 |
Rate of increase in salaries |  | 1.8 |  | 1.8 |
Rate of increase in deferred pensions |  | 3.4 |  | 3.2 |
Rate of increase in pensions in payment |  | 2.6 |  | 2.4 |
Lump sum conversion rate at retirement |  | 18.0 |  | 18.0 |
​ | ​ | ​ | ​ | ​ | ​
Longevity at age 60: |  | years |  | years |
Current pensioners | ​ | ​ | ​ | ​ | ​
Males |  | 26.5 |  | 26.8 |
Females |  | 28.5 |  | 28.6 |
Future pensioners, currently aged 40 |  | ​ |  | ​ |
Males |  | 27.5 |  | 27.7 |
Females |  | 29.7 |  | 29.5 |
​
(1) | The above financial assumptions are long-term assumptions set with reference to the period over which the obligations are expected to be settled.
Schedule of sensitivities of the present value of defined benefit obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (Decrease)/ | ​ | (Decrease)/ | ​ | Increase in
​ | ​ | increase in | ​ | increase in | ​ | net pension
​ | ​ | value of | ​ | value of | ​ | (obligations)/
​ |  | assets |  | liabilities |  | assets
2024 | ​ | £m | ​ | £m | ​ | £m
0.5% increase in interest rates/discount rate | ​ | (1,554) | ​ | (1,529) | ​ | (25)
0.25% increase in inflation | ​ | 648 | ​ | 571 | ​ | 77
0.5% increase in credit spreads | ​ | (4) | ​ | (1,529) | ​ | 1,525
Longevity increase of one year | ​ | 295 | ​ | 832 | ​ | (537)
0.25% additional rate of increase in pensions in payment | ​ | 205 | ​ | 605 | ​ | (400)
Increase in equity values of 10% (1) | ​ | 199 | ​ | na | ​ | 199
​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​
0.5% increase in interest rates/discount rate |  | (2,292) | ​ | (1,746) | ​ | (546)
0.25% increase in inflation |  | 811 | ​ | 578 | ​ | 233
0.5% increase in credit spreads |  | (12) | ​ | (1,746) | ​ | 1,734
Longevity increase of one year | ​ | na | ​ | 902 | ​ | (902)
0.25% additional rate of increase in pensions in payment | ​ | na | ​ | 706 | ​ | (706)
Increase in equity values of 10% (1) |  | 229 | ​ | na | ​ | 229
​ na = not applicable ​
(1) | Includes both quoted and private equity.
​ The table below shows the combined change in defined benefit obligation from larger movements in these assumptions, assuming no changes in other assumptions. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Change in life expectancies
​ | ​ | ​ |  | -2 years |  | -1 year |  | No change |  | + 1 year |  | + 2 years
2024 |  |  |  | £bn |  | £bn |  | £bn |  | £bn |  | £bn
Change in credit spreads |  | +50 bps |  | (3.1) |  | (2.3) |  | (1.5) |  | (0.7) |  | —
​ |  | No change |  | (1.7) |  | (0.9) |  | — |  | 0.8 |  | 1.7
​ |  | -50 bps |  | (0.2) |  | 0.7 |  | 1.7 |  | 2.5 |  | 3.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Change in credit spreads |  | +50 bps |  | (3.5) |  | (2.6) |  | (1.7) |  | (0.9) |  | (0.1)
​ |  | No change |  | (1.9) |  | (0.9) |  | — |  | 0.9 |  | 1.8
​ |  | -50 bps |  | — |  | 1.0 |  | 2.0 |  | 2.9 |  | 3.9
Schedule of different classes of scheme members proportions | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Membership category | ​ | % | ​ | %
Active members |  | 6.9 |  | 7.5
Deferred members |  | 40.7 |  | 41.9
Pensioners and dependants |  | 52.4 |  | 50.6
​ |  | 100.0 |  | 100.0
Schedule of history of defined benefit schemes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Main section | ​ | All schemes |
​ |  | 2024 | ​ | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2024 | ​ | 2023 | ​ | 2022 |  | 2021 |  | 2020 |
Experience history of defined benefit schemes | ​ | £m | ​ | £m |  | £m |  | £m |  | £m |  | £m | ​ | £m | ​ | £m |  | £m |  | £m |
Fair value of plan assets | ​ | 29,546 | ​ | 33,638 |  | 34,016 |  | 52,021 |  | 51,323 |  | 32,757 | ​ | 37,111 | ​ | 37,598 |  | 57,787 |  | 57,249 |
Present value of plan obligations | ​ | (24,461) | ​ | (26,534) |  | (24,733) |  | (42,020) |  | (43,870) |  | (27,287) | ​ | (29,592) | ​ | (27,601) |  | (46,808) |  | (48,864) |
Net surplus | ​ | 5,085 | ​ | 7,104 |  | 9,283 |  | 10,001 |  | 7,453 |  | 5,470 | ​ | 7,519 | ​ | 9,997 |  | 10,979 |  | 8,385 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Experience (losses)/gains on plan liabilities | ​ | 13 | ​ | (1,531) |  | (2,053) |  | 241 |  | 427 |  | (3) | ​ | (1,599) | ​ | (2,137) |  | 237 |  | 455 |
Experience (losses)/gains on plan assets | ​ | (4,612) | ​ | (1,042) |  | (18,180) |  | 841 |  | 5,486 |  | (4,860) | ​ | (1,182) | ​ | (20,326) |  | 872 |  | 6,027 |
Actual return on plan assets | ​ | (3,023) | ​ | 634 |  | (17,248) |  | 1,554 |  | 6,422 |  | (3,123) | ​ | 659 | ​ | (19,285) |  | 1,667 |  | 7,064 |
Actual return on plan assets | ​ | (9.0) | % | 1.9 | % | (33.2) | % | 3.0 | % | 13.8 | % | (8.4) | % | 1.8 | % | (33.4) | % | 2.9 | % | 13.6 | %
​

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