Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 628

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 628
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 to be able to recover any surplus. Similarly, a liability in respect of future minimum funding requirements is not recognised. The Trustee does not have a substantive right to augment benefits, nor do they have the right to wind up the plan except in the dissolution of the Group or termination of contributions by the Group. The application of the asset ceiling to other plans and recognition of additional liabilities in respect of future minimum funding requirements are considered on an individual plan basis.

| Strategy                                      | Shareholderinformation | Climate andsustainability report | Governance | Riskreview | Financialreview |     | Financialstatements |     | Barclays PLC 2024Annual Reporton Form 20-F | 428 |
| Notes to the financial statements (continued) |                        |                                  |            |            |                 |     |                     |     |                                            |     |
| Employee benefits                             |                        |                                  |            |            |                 |     |                     |     |                                            |     |

Critical accounting estimates and judgements Actuarial valuation of the scheme's obligation is dependent upon a series of assumptions. Below is a summary of the main financial and

demographic assumptions adopted for the UKRF.

|                                |   2024 |   2023 |
| Key UKRF financial assumptions | % p.a. | % p.a. |
| Discount rate                  |   5.44 |   4.49 |
| Inflation rate (RPI)           |   3.32 |   3.17 |

The UKRF discount rate assumption for 2024 was based on a standard WTW RATE Link model. The RPI inflation assumption for 2024 was set by reference to the Bank of England’s implied inflation curve. The inflation assumption incorporates a deduction of 20 basis points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and inflation assumptions is consistent with that used at the prior year end. The UKRF’s post-retirement mortality assumptions are based on best estimates derived from an analysis in 2022 of the UKRF’s own post-retirement mortality experience and taking account of recent evidence from published mortality surveys. An allowance has been made for future mortality improvements based on the 2023 core projection model published by the Continuous Mortality Investigation Bureau subject to a long-term trend of 1.25% per annum in future improvements ( 2023 : 1.25% per annum). The table below shows how

the assumed life expectancy, for members of the UKRF, has changed since last year: