Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 627

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 627
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,199 |   3,667 |                   3,616 |
| Retirement benefit liabilities                                            |    -240 |                       — |    -266 |                       — |
| Net retirement benefit assets                                             |   3,023 |                   3,199 |   3,401 |                   3,616 |

Included within the benefit obligation is £ 695m ( 2023 : £ 694m ) relating to overseas pensions and £ 175m ( 2023 : £ 201m ) relating to other post- employment benefits. Barclays has considered the potential implications for the UKRF of the ruling and appeal in Virgin Media v NTL Pension Trustees II Ltd. Activity to date has not identified any relevant amendments to the UKRF (of the nature of that found to have been void in the Virgin Media case) that were not subject to actuarial confirmation. No material additional benefit obligation is expected. As at 31 December 2024 , the UKRF’s scheme assets were in surplus versus IAS 19 obligations by £ 3,199m ( 2023 : £ 3,616m ). During 2024, the decrease in the UKRF surplus was driven by changes in market conditions. Defined benefit obligation reduced due to increases in underlying corporate bond yields, however assets reduced by a higher amount. The UKRF’s hedging strategy is more aligned to the funding basis than the accounting basis. The weighted average duration of the benefit payments reflected in the defined benefit obligation for the UKRF is 11years ( 2023 : 12 years ). The UKRF expected benefits promised to date are projected to be paid out for in excess of 50years , although 32% of the benefits are expected to be paid in the n ext 10 years ; 33% in years 11 to 20 and 21% in years 21 to 30 . The remainder of the benefits are expected to be paid beyond 30 years . Of the £ 1,189m ( 2023 : £ 1,075m ) UKRF benefits paid out, £ 165m ( 2023 : £ 122m ) related to transfers out of the fund. Where a scheme’s assets exceed its obligation, an asset is recognised to the extent that it does not exceed the present value of future contribution holidays or refunds of contributions (the asset ceiling). In the case of the UKRF the asset ceiling is not applied as, in certain specified circumstances such as wind-up, the Group expects