v3.26.1
Retirement benefit obligations (Tables)
6 Months Ended
Jun. 30, 2026
Disclosure of defined benefit plans [abstract]  
Schedule of Group's post-retirement defined benefit scheme obligations The Group’s post-retirement defined benefit scheme obligations are comprised as follows:
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
Schedule of movement in the Group's net post-retirement defined benefit scheme asset during the period Movements in the Group’s net post-retirement defined benefit scheme asset during the period were as follows:
£m
Asset at 1 January 2026
2,575
Income statement credit
15
Employer contributions
63
Remeasurement
91
Asset at 30 June 2026
2,744
Schedule of principal assumptions used in the valuations of the defined benefit pension schemes 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