Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 459

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 459
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b n to £ 41.6b n ( 2023 : £ 40.4b n) driven predominantly by a £ 1.4b n increase in USD & increase

in INR by £ 0.1 bn, offset by £ 0.3b n decrease in EUR. The hedges (excluding economic hedges) associated with these investments

de creased by £ 0.7b n to £ 16.2b n ( 2023 : £ 16.9b n).

Pension risk review The UK Retirement Fund (UKRF) represents approximat ely 96% ( 2023 : 96% ) of the Group’s total retirement benefit obligations globally. As such this risk review section focuses exclusively on the UKRF. The UKRF is closed to new entrants and there is no new final salary benefit being accrued. Existing active members accrue a combination of a cash balance benefit and a defined contribution element. Pension risk arises as the market value of the pension fund assets may decline, investment returns may reduce or the estimated value of the pension liabilities may increase. Refer to the Management of pension risk section in the Barclays PLC Pillar 3 Report 2024 (unaudited) for more information on how pension risk is managed. Assets The Trustee Board of the UKRF defines its overall long-term investment strategy with investments across a broad range of asset classes. This results in a diversified mix of return seeking assets as well as liability matching assets to better match future pension obligations. The two largest risks within the asset portfolio are credit spread and growth assets. The split of scheme assets is shown within Note 32 to the financial statements. The fair value of the UKRF assets was £21.9b n as at 31 December 2024 ( 2023 : £24.2b n).

| Strategy                                                 | Shareholderinformation | Climate andsustainability report | Governance |     | Riskreview | Financialreview | Financialstatements |     | Barclays PLC 2024Annual Reporton Form 20-F | 301 |
| Risk performance - Treasury and Capital risk (continued) |                        |                                  |            |     |            |                 |                     |     |                                            |     |

Liabilities The UKRF retirement benefit obligations are a series of future cash flows with relatively long duration. On an IAS 19 basis these cash flows are sensitive to changes in the expected long-term price inflation rate (RPI) and the discount rate (GBP AA corporate bond