|
|
|
Group |
|
Bank |
||||||||||||
|
|
|
|
|
Present |
|
Asset |
|
Net |
|
|
|
Present |
|
Asset |
|
Net |
|
|
|
Fair value |
|
of defined |
|
ceiling/ |
|
pension |
|
Fair value |
|
of defined |
|
ceiling/ |
|
pension |
|
|
|
of plan |
|
benefit |
|
minimum |
|
liability/ |
|
of plan |
|
benefit |
|
minimum |
|
liability/ |
|
|
|
assets |
|
obligation |
|
funding (1) |
|
(asset) |
|
assets |
|
obligation |
|
funding (1) |
|
(asset) |
|
Changes in value of net pension liability/(asset) |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
At 1 January 2016 |
|
32,485 |
|
32,896 |
|
3,120 |
|
3,531 |
|
30,703 |
|
30,964 |
|
2,981 |
|
3,242 |
|
Currency translation and other adjustments |
|
422 |
|
469 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
Income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense |
|
1,374 |
|
1,249 |
|
122 |
|
(3) |
|
1,310 |
|
1,184 |
|
116 |
|
(10) |
|
Current service cost |
|
|
|
243 |
|
|
|
243 |
|
|
|
199 |
|
|
|
199 |
|
Less direct contributions from other scheme members |
|
|
|
(171) |
|
|
|
(171) |
|
|
|
(171) |
|
|
|
(171) |
|
Past service cost |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,374 |
|
1,349 |
|
122 |
|
97 |
|
1,310 |
|
1,240 |
|
116 |
|
46 |
|
Statement of comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on plan assets above recognised interest income |
|
8,824 |
|
|
|
|
|
(8,824) |
|
8,562 |
|
|
|
|
|
(8,562) |
|
Experience gains and losses |
|
|
|
(766) |
|
|
|
(766) |
|
|
|
(658) |
|
|
|
(658) |
|
Effect of changes in actuarial financial assumptions |
|
|
|
9,019 |
|
|
|
9,019 |
|
|
|
8,804 |
|
|
|
8,804 |
|
Effect of changes in actuarial demographic assumptions |
|
|
|
(472) |
|
|
|
(472) |
|
|
|
(402) |
|
|
|
(402) |
|
Asset ceiling/minimum funding adjustments |
|
|
|
|
|
2,073 |
|
2,073 |
|
|
|
|
|
1,876 |
|
1,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,824 |
|
7,781 |
|
2,073 |
|
1,030 |
|
8,562 |
|
7,744 |
|
1,876 |
|
1,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by employer |
|
4,473 |
|
— |
|
|
|
(4,473) |
|
4,349 |
|
— |
|
|
|
(4,349) |
|
Contributions by plan participants and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
scheme members |
|
174 |
|
174 |
|
|
|
— |
|
169 |
|
169 |
|
|
|
— |
|
Liabilities extinguished upon settlement |
|
— |
|
(20) |
|
|
|
(20) |
|
— |
|
— |
|
|
|
— |
|
Benefits paid |
|
(1,374) |
|
(1,374) |
|
|
|
— |
|
(1,269) |
|
(1,269) |
|
|
|
— |
|
Transfers to/from fellow subsidiaries |
|
93 |
|
104 |
|
— |
|
11 |
|
— |
|
— |
|
— |
|
— |
|
Transfer to disposal groups |
|
(1,160) |
|
(1,369) |
|
|
|
(209) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2017 |
|
45,311 |
|
40,010 |
|
5,315 |
|
14 |
|
43,824 |
|
38,848 |
|
4,973 |
|
(3) |
|
Currency translation and other adjustments |
|
(2) |
|
(1) |
|
3 |
|
4 |
|
— |
|
— |
|
— |
|
— |
|
Income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense |
|
1,188 |
|
1,046 |
|
142 |
|
— |
|
1,155 |
|
1,021 |
|
134 |
|
— |
|
Current service cost |
|
|
|
243 |
|
|
|
243 |
|
|
|
226 |
|
|
|
226 |
|
Less direct contributions from other scheme members |
|
|
|
(131) |
|
|
|
(131) |
|
|
|
(135) |
|
|
|
(135) |
|
Past service cost |
|
|
|
19 |
|
|
|
19 |
|
|
|
19 |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,188 |
|
1,177 |
|
142 |
|
131 |
|
1,155 |
|
1,131 |
|
134 |
|
110 |
|
Statement of comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on plan assets above recognised interest income |
|
1,602 |
|
|
|
|
|
(1,602) |
|
1,580 |
|
|
|
|
|
(1,580) |
|
Experience gains and losses |
|
|
|
107 |
|
|
|
107 |
|
|
|
108 |
|
|
|
108 |
|
Effect of changes in actuarial financial assumptions |
|
|
|
695 |
|
|
|
695 |
|
|
|
678 |
|
|
|
678 |
|
Effect of changes in actuarial demographic assumptions |
|
|
|
(806) |
|
|
|
(806) |
|
|
|
(795) |
|
|
|
(795) |
|
Asset ceiling/minimum funding adjustments |
|
|
|
|
|
1,628 |
|
1,628 |
|
|
|
|
|
1,608 |
|
1,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,602 |
|
(4) |
|
1,628 |
|
22 |
|
1,580 |
|
(9) |
|
1,608 |
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by employer |
|
157 |
|
— |
|
|
|
(157) |
|
127 |
|
— |
|
|
|
(127) |
|
Contributions by plan participants and other scheme members |
|
140 |
|
140 |
|
|
|
— |
|
141 |
|
141 |
|
|
|
— |
|
Benefits paid |
|
(2,233) |
|
(2,233) |
|
|
|
— |
|
(2,175) |
|
(2,175) |
|
|
|
— |
|
Transfer to/from fellow subsidiaries |
|
36 |
|
31 |
|
— |
|
(5) |
|
1 |
|
1 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2017 |
|
46,199 |
|
39,120 |
|
7,088 |
|
9 |
|
44,653 |
|
37,937 |
|
6,715 |
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
(1) |
In recognising the net surplus or deficit of a pension scheme, the funded status of each scheme is adjusted to reflect any minimum funding requirement imposed on the sponsor and any ceiling on the amount that the sponsor has an unconditional right to recover from a scheme. |
|
(2) |
The Group expects to make contributions to the Main scheme of £190 million in 2018. |