Pensions and other post-retirement benefit obligations (Tables)

6 Months Ended

Sep. 30, 2026

Employee Benefits [Abstract]

Schedule of defined benefit plan recognised in balance sheet


			30 September 2026			31 March 2026
			£m			£m
Present value of funded obligations			(14,127)			(15,098)
Fair value of plan assets			17,184			17,780
			3,057			2,682
Present value of unfunded obligations			(229)			(247)
Other post-employment liabilities			(45)			(44)
			2,783			2,391
Restrictions on asset recognised			(492)			(244)
Net defined benefit asset			2,291			2,147
Presented in consolidated statement of financial position:
Assets			2,617			2,507
Liabilities			(326)			(360)
			2,291			2,147

Schedule of key actuarial assumptions


Key actuarial assumptions			30 September 2026			31 March 2026
Discount rate – UK			6.45		%	6.00		%
Discount rate – US			6.40		%	5.60		%
Rate of increase in RPI – UK			3.05		%	3.17		%

Schedule of reconciliation of the net defined benefit asset

The movement in the net pensions and other post-retirement benefit (OPEB) obligations position in the period can be analysed as follows:


			30 September 2026			30 September 2025
			£m			£m
Net defined benefit asset at 1 April			2,147			1,916
Cost recognised in the income statement			(16)			(25)
Employer contributions			45			62
Remeasurements and foreign exchange			353			260
Other movements			—			2
Movements on restrictions on asset recognised			(238)			(140)
Net defined benefit asset at 30 September			2,291			2,075


Changes in restrictions on asset recognised			30 September 2026			30 September 2025
			£m			£m
Opening restrictions on asset recognised at 1 April			(244)			(77)
Interest on restrictions on asset recognised			(9)			(5)
Other change in restrictions on asset recognised			(238)			(140)
Exchange adjustment on restrictions on asset recognised			(1)			1
Closing restrictions on asset recognised at 30 September			(492)			(221)