
	At 30 Jun 2026 £m	At 31 Dec 2025 £m

Defined benefit pension schemes:
Present value of funded obligations	(25,483)	(26,571)
Fair value of scheme assets	28,262	29,183
Net pension scheme asset	2,779	2,612
Other post-retirement schemes	(35)	(37)
Total amounts recognised in the balance sheet	2,744	2,575

Recognised on the balance sheet as:
Retirement benefit assets	2,860	2,695
Retirement benefit obligations	(116)	(120)
Total amounts recognised in the balance sheet	2,744	2,575

Movements in the Group’s net post-retirement defined benefit scheme asset during the period were as follows:

The principal assumptions used in the valuations of the defined benefit pension schemes were as follows:


	At 30 Jun 2026 %	At 31 Dec 2025 %

Discount rate	6.03	5.57
Rate of inflation:
Retail Price Index (RPI)	2.77	2.65
Consumer Price Index (CPI)	2.33	2.13
Rate of salary increases	0.00	0.00
Weighted-average rate of increase for pensions in payment	2.61	2.52

In July 2024, the Court of Appeal handed down a judgment (Virgin Media Limited v NTL Pension Trustees Limited)

which potentially has implications for the validity of amendments made by pension schemes that were contracted

out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. The Pension

Schemes Act 2026 gives affected pension schemes the ability to retrospectively obtain written actuarial

confirmation that historic benefit changes met the necessary standards. The Group has not made any allowance

for the possible impact of the ruling as it is currently unclear whether any additional liabilities might arise, and if

they were to arise, how they would be reliably measured. The Group is continuing to review scheme amendments

to decide whether any subsequent actions are required and will continue to monitor developments.