RETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of net defined benefit liability (asset) [abstract]

The amounts recognised in the balance sheet were as follows:


	30 June 2026	31 December 2025
	£m	£m
Assets/(liabilities)
Funded defined benefit pension scheme - surplus	560	524
Unfunded pension and post-retirement medical benefits	(21)	(22)
Total net assets	539	502

Summary of Amounts Recognised in Other Comprehensive Income


	30 June 2026	30 June 2025
	£m	£m
(Loss) on plan assets (excluding amounts included in net interest expense)	(202)	(258)
Actuarial gains arising from changes in demographic assumptions	–	52
Actuarial (losses) arising from experience adjustments	(63)	(69)
Actuarial gains arising from changes in financial assumptions	223	277
Pension remeasurement	(42)	2

Summary of Net Assets Recognised

The net assets recognised in the balance sheet were as follows:


	30 June 2026	31 December 2025
	£m	£m
Present value of defined benefit obligations	(6,974)	(7,127)
Fair value of scheme assets	7,513	7,629
Net defined benefit assets	539	502

Summary of Principal Actuarial Assumptions Used for Defined Benefit Schemes

The principal actuarial assumptions used for the Scheme were:


	30 June 2026	31 December 2025
	%	%
To determine benefit obligations1:
- Discount rate for scheme liabilities	5.9	5.6
- General price inflation	3.0	2.9
- General salary increase	1.0	1.0
- Expected rate of pension increase	2.8	2.8


	Years	Years
Longevity at 60 for current pensioners, on the valuation date:
- Males	27.3	27.2
- Females	29.2	29.1
Longevity at 60 for future pensioners currently aged 40, on the valuation date:
- Males	28.8	28.7
- Females	30.7	30.6

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.

Summary of 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.


		(Decrease)/increase
		30 June 2026	31 December 2025
Assumption	Change in pension obligation at period end from	£m	£m
Discount rate	50bps increase	(360)	(377)
General price inflation	50bps increase	290	305
Mortality	Each additional year of longevity assumed	185	195