v3.25.4

Retirement benefit obligations (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of employee benefits [Abstract] |
Schedule of - Retirement Benefit Charges to Income Statement, Analysis of Defined Benefit Obligation, Pooled Investment Vehicles, Assumptions Used in Valuation, Member Life Expectancy, Alternative Valuation Assumptions Used, Weighted Average Duration of Defined Benefit Obligations, Maturity Analysis of Benefits To Be Paid and Other Movements |
| 2025 £m | 2024 £m | 2023 £m
Charge (credit) to the income statement |  |  |
Defined benefit pension schemes | (39) | (13) | (80)
Other retirement benefit schemes | 2 | 2 | 1
Total defined benefit schemes | (37) | (11) | (79)
Defined contribution pension schemes | 564 | 537 | 434
Total charge to the income statement (note 10) | 527 | 526 | 355
| 2025 £m | 2024 £m
Analysis of the defined benefit obligation |  |
Active members | (1,960) | (2,463)
Deferred members | (6,722) | (7,080)
Dependants | (1,486) | (1,429)
Pensioners | (16,403) | (16,146)
At 31 December | (26,571) | (27,118)
The pension schemes’ pooled investment vehicles comprise:
| 2025 £m | 2024 £m
Alternative credit funds | 1,138 | 1,793
Bond and debt funds | 276 | 449
Equity funds | 1,644 | 1,553
Hedge and mutual funds | – | 709
Infrastructure funds | 1,012 | 1,059
Liquidity funds | 1,702 | 1,449
Property funds | 817 | 992
Other | 28 | 24
At 31 December | 6,617 | 8,028
The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows:
| 2025 % | 2024 %
Discount rate | 5.57 | 5.55
Rate of inflation: |  |
Retail Price Index (RPI) | 2.65 | 2.97
Consumer Price Index (CPI) | 2.13 | 2.52
Rate of salary increases | 0.00 | 0.00
Weighted average rate of increase for pensions in payment | 2.52 | 2.69
| Men |  | Women
| 2025 Years | 2024 Years |  | 2025 Years | 2024 Years
Life expectancy for average member aged 60, on the valuation date | 26.5 | 26.4 |  | 28.6 | 28.5
Life expectancy for average member aged 60, 15 years after the valuation date | 27.4 | 27.3 |  | 29.5 | 29.4
| Effect of reasonably possible alternative assumptions
| Increase (decrease) in the income statement charge |  | Increase (decrease) in the net defined benefit pension scheme surplus
| 2025 £m | 2024 £m |  | 2025 £m | 2024 £m
Inflation (including pension increases)1: |  |  |  |  |
Increase of 0.25% | 27 | 28 |  | (455) | (484)
Decrease of 0.25% | (25) | (27) |  | 433 | 467
Discount rate 2: |  |  |  |  |
Increase of 0.25% | (46) | (51) |  | 659 | 718
Decrease of 0.25% | 45 | 49 |  | (700) | (757)
Expected life expectancy of members: |  |  |  |  |
Increase of one year | 45 | 46 |  | (802) | (806)
Decrease of one year | (47) | (47) |  | 827 | 830
1 At 31 December 2025, the assumed rate of RPI inflation is 2.65% and CPI inflation 2.13% (2024: RPI 2.97% and CPI 2.52%). 2 At 31 December 2025, the assumed discount rate is 5.57% (2024: 5.55%). The following table provides information on the weighted average duration of the defined benefit pension obligation and the distribution and timing of benefit payments:
| 2025 Years | 2024 Years
Duration of the defined benefit obligation | 11 | 12
Maturity analysis of benefits expected to be paid:
| 2025 £m | 2024 £m
Within 12 months | 1,816 | 1,800
Between 1 and 2 years | 1,625 | 1,595
Between 2 and 5 years | 5,229 | 5,134
Between 5 and 10 years | 9,294 | 9,318
Between 10 and 15 years | 8,993 | 9,150
Between 15 and 25 years | 15,679 | 16,316
Between 25 and 35 years | 10,382 | 11,294
Between 35 and 45 years | 4,375 | 5,171
In more than 45 years | 906 | 1,201
| 2025 £m | 2024 £m
At 1 January | (39) | (44)
Actuarial gains | 2 | 4
Insurance premiums paid | 2 | 3
Charge for the year | (2) | (2)
At 31 December | (37) | (39)
Schedule of Retirement Benefits - Recognised in Balance Sheet, Pension Expense and Composition of Scheme Assets |
| 2025 £m | 2024 £m
Amounts recognised in the balance sheet |  |
Retirement benefit assets | 2,695 | 3,028
Retirement benefit obligations | (120) | (122)
Total amounts recognised in the balance sheet | 2,575 | 2,906
The total amounts recognised in the balance sheet relate to:
| 2025 £m | 2024 £m
Defined benefit pension schemes | 2,612 | 2,945
Other retirement benefit schemes | (37) | (39)
Total amounts recognised in the balance sheet | 2,575 | 2,906
The credit recognised in the income statement for the year ended 31 December comprises:
| 2025 £m | 2024 £m | 2023 £m
Current service cost | 64 | 85 | 88
Net interest amount | (165) | (166) | (208)
Past service cost – plan amendments | 30 | 35 | 5
Plan administration costs incurred during the year | 32 | 33 | 35
Total defined benefit pension credit | (39) | (13) | (80)
Note 12: Retirement benefit obligations continued (iii)Composition of scheme assets
| 2025 |  | 2024
| Quoted £m |  | Unquoted £m |  | Total £m |  | Quoted £m |  | Unquoted £m |  | Total £m
Debt instruments 1: |  |  |  |  |  |  |  |  |  |  |
Fixed interest government bonds | 6,326 |  | – |  | 6,326 |  | 6,985 |  | – |  | 6,985
Index-linked government bonds | 15,382 |  | – |  | 15,382 |  | 15,550 |  | – |  | 15,550
Corporate and other debt securities | 9,771 |  | – |  | 9,771 |  | 7,396 |  | – |  | 7,396
Asset-backed securities | 3 |  | – |  | 3 |  | – |  | – |  | –
| 31,482 |  | – |  | 31,482 |  | 29,931 |  | – |  | 29,931
Pooled investment vehicles | 653 |  | 5,964 |  | 6,617 |  | 686 |  | 7,342 |  | 8,028
Property | – |  | 132 |  | 132 |  | – |  | 130 |  | 130
Equity instruments | 12 |  | 59 |  | 71 |  | 23 |  | 66 |  | 89
Money market instruments, cash, derivatives and other assets and liabilities | 135 |  | (9,254) |  | (9,119) |  | 55 |  | (8,170) |  | (8,115)
At 31 December | 32,282 |  | (3,099) |  | 29,183 |  | 30,695 |  | (632) |  | 30,063
1 Of the total debt instruments, £29,876 million (2024: £27,551 million) were investment grade (credit ratings equal to or better than ‘BBB’).
Schedule of Retirement Benefits Amounts Recognized in Balance Sheet and Change in Fair Value of Scheme Assets |
| 2025 £m | 2024 £m
Amount included in the balance sheet |  |
Present value of funded obligations | (26,571) | (27,118)
Fair value of scheme assets | 29,183 | 30,063
Net amount recognised in the balance sheet | 2,612 | 2,945
Note 12: Retirement benefit obligations continued
| 2025 £m | 2024 £m
Net amount recognised in the balance sheet |  |
At 1 January | 2,945 | 3,532
Net defined benefit pension credit | 39 | 13
Actuarial gains on defined benefit obligation | 412 | 2,940
Return on plan assets | (934) | (3,712)
Employer contributions | 150 | 172
At 31 December | 2,612 | 2,945
| 2025 £m | 2024 £m
Changes in the fair value of scheme assets |  |
At 1 January | 30,063 | 33,733
Return on plan assets excluding amounts included in interest income | (934) | (3,712)
Interest income | 1,624 | 1,551
Employer contributions | 150 | 172
Benefits paid | (1,693) | (1,638)
Settlements | (2) | (1)
Administrative costs paid | (32) | (33)
Exchange and other adjustments | 7 | (9)
At 31 December | 29,183 | 30,063
Schedule of Movements in Defined Benefit Obligation |
| 2025 £m | 2024 £m
Movements in the defined benefit obligation |  |
At 1 January | (27,118) | (30,201)
Current service cost | (64) | (85)
Interest expense | (1,459) | (1,385)
Remeasurements: |  |
Actuarial gains – demographic assumptions | 114 | 109
Actuarial (losses) gains – experience | (427) | 94
Actuarial gains – financial assumptions | 725 | 2,737
Benefits paid | 1,693 | 1,638
Past service cost | (30) | (35)
Settlements | 2 | 1
Exchange and other adjustments | (7) | 9
At 31 December | (26,571) | (27,118)

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- Definition The disclosure of an analysis of the present value of a defined benefit obligation that distinguishes the nature, characteristics and risks of the obligation. Such a disclosure could distinguish: (a) between amounts owing to active members, deferred members, and pensioners; (b) between vested benefits and accrued but not vested benefits; and (c) between conditional benefits, amounts attributable to future salary increases and other benefits. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 19 -IssueDate 2025-01-01 -Paragraph 137 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2025-en-r&anchor=para_137&doctype=Standard -URIDate 2025-03-27 + Details
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