RETIREMENT BENEFIT PLANS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of net defined benefit liability (asset) [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RETIREMENT BENEFIT PLANS | 22. RETIREMENT BENEFIT PLANS The amounts recognised in the balance sheet were as follows:
a) Defined contribution pension plans An expense of £41m (H1-25: £39m) was recognised for defined contribution plans in the period and is included in staff costs within operating expenses. b) Defined benefit pension schemes A credit to the income statement of £10m (H1-25: £4m) was recognised for defined benefit plans in the period. The amounts recognised in other comprehensive income were as follows: For the half year to
During the period, a buy-in transaction covering the majority of deferred and pensioner members in one of the seven sections of the main defined benefit scheme was completed. The transaction insured benefits representing approximately 20% of the total defined benefit obligation. The qualifying insurance policy is included within plan assets. As the premium paid exceeded the present value of the defined benefit obligation covered, a loss on plan assets is included in the loss shown above. The net assets recognised in the balance sheet were as follows:
Actuarial assumptions The principal actuarial assumptions used for the Scheme were:
1 The discount rate and inflation-related assumptions set out in the table above reflect the assumptions calculated based on the Scheme’s duration and cash flow profile as a whole. The actual assumptions used were determined for each section independently based on each section’s duration and cash flow profile. The majority of the liability movement in H1-26 was due to the increase in the discount rate, partially offset by an increase in the inflation assumption arising from changes in market conditions as well as adverse inflation experience. Actuarial assumption sensitivities The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
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