Pensions and other post-retirement benefit obligations (Tables)

6 Months Ended

Sep. 30, 2025

Employee Benefits [Abstract]

Schedule of defined benefit plan recognised in balance sheet


			30 September 2025			31 March 2025
			£m			£m
Present value of funded obligations			(15,628)			(16,154)
Fair value of plan assets			18,218			18,441
			2,590			2,287
Present value of unfunded obligations			(250)			(247)
Other post-employment liabilities			(44)			(47)
			2,296			1,993
Restrictions on asset recognised			(221)			(77)
Net defined benefit asset			2,075			1,916
Presented in consolidated statement of financial position:
Assets			2,424			2,489
Liabilities			(349)			(573)
			2,075			1,916

Schedule of key actuarial assumptions


Key actuarial assumptions			30 September 2025			31 March 2025
Discount rate – UK past service			5.76		%	5.73		%
Discount rate – US			5.30		%	5.50		%
Rate of increase in RPI – UK past service			2.81		%	2.99		%

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 2025			30 September 2024
			£m			£m
Opening net defined benefit asset			1,916			1,814
Cost recognised in the income statement			(25)			(29)
Employer contributions			62			81
Remeasurements and foreign exchange			260			18
Other movements			2			(9)
Adjustments for restrictions on the defined benefit asset			(140)			—
Closing net defined benefit asset			2,075			1,875