v3.25.4
Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of defined benefit plans [abstract]  
Disclosure of income statement charge The following tables include amounts recognised in the income statement and an analysis of benefit obligations and scheme
assets for all Barclays Bank Group defined benefit schemes. The net position is reconciled to the assets and liabilities
recognised on the balance sheet. The tables include funded and unfunded post-retirement benefits. The income statement
charge with respect to defined contribution schemes is disclosed as part of footnotes to Note 28 Staff costs.
Income statement charge/(credit)
2025
2024
2023
£m
£m
£m
Current service cost
122
150
119
Net finance income
(163)
(157)
(222)
Curtailments or Settlements1
53
—
—
Other movements
1
1
(1)
Total
13
(6)
(104)
Note
1  Settlement loss arising from allocation of a portion of the UKRF assets and liabilities to the Barclays UK Section of the UKRF on account of
sectionalisation effective from 1 July 2025, for which Barclays Bank UK PLC are now responsible for.
Disclosure of balance sheet reconciliation
Balance sheet reconciliation
2025
2024
Barclays Bank
Group Total
Of which relates to
Barclays Bank
Section of the
UKRF
Barclays Bank
Group Total
Of which relates to
UKRF
£m
£m
£m
£m
Benefit obligation at beginning of the year
(19,524)
(18,729)
(21,420)
(20,618)
Current service cost
(135)
(120)
(168)
(155)
Interest costs on scheme liabilities
(1,005)
(975)
(930)
(901)
Curtailments or settlements1
697
697
—
—
Remeasurement gain - financial
541
546
1,804
1,797
Remeasurement (loss)/gain - demographic
(59)
(47)
12
13
Remeasurement loss - experience
(197)
(203)
(55)
(54)
Employee contributions
(5)
—
(6)
—
Benefits paid
1,197
1,158
1,226
1,189
Exchange and other movements
15
(1)
13
—
Benefit obligation at end of the year
(18,475)
(17,674)
(19,524)
(18,729)
Fair value of scheme assets at beginning of the year
22,623
21,928
24,914
24,234
Interest income on scheme assets
1,168
1,143
1,087
1,062
Employer contribution
29
16
37
22
Settlements1
(750)
(750)
—
—
Remeasurement - return on scheme assets less than
discount rate
(299)
(310)
(2,192)
(2,184)
Employee contributions
5
—
6
—
Benefits paid
(1,189)
(1,158)
(1,221)
(1,189)
Exchange and other movements
(29)
(14)
(8)
(17)
Fair value of scheme assets at end of the year
21,558
20,855
22,623
21,928
Net surplus
3,083
3,181
3,099
3,199
Retirement benefit assets
3,240
3,181
3,263
3,199
Retirement benefit liabilities
(157)
—
(164)
—
Net retirement benefit assets
3,083
3,181
3,099
3,199
Note
1  Settlement loss arising from allocation of a portion of the UKRF assets and liabilities to the Barclays UK Section of the UKRF on account of
sectionalisation effective from 1 July 2025, for which Barclays Bank UK PLC are now responsible for.
Breakdown of the Barclays Bank Section of the UKRF benefit obligation
2025
2024
Barclays Bank
Section
UKRF Total
£m
£m
Active members   
981
1,699
Deferred members (Afterwork)
1,828
1,716
Deferred members (Non-Afterwork)
3,786
4,269
Pensioners and Dependents
11,079
11,045
Total Barclays Bank Section of the UKRF benefit obligation at end of the year
17,674
18,729
Disclosure of actuarial valuation of schemes Below is a summary of the main financial and demographic assumptions adopted for the Barclays Bank Section of the UKRF.
Key financial assumptions
2025
2024
Barclays Bank
Section
Total UKRF
% p.a.
% p.a.
Discount rate
5.46
5.44
Inflation rate (RPI)
2.92
3.32
The table below shows how the assumed life expectancy, for
members of the Barclays Bank Section of the UKRF (2024: whole UKRF), has changed since last year:
Assumed life expectancy1
2025
2024
Life expectancy at 60 for current pensioners (years)
– Males
26.6
26.5
– Females
29.3
29.4
Life expectancy at 60 for future pensioners currently aged 40 (years)
– Males
28.0
28.0
– Females
30.6
30.8
Note:
1  The life expectancies disclosed are in respect of a population of the membership that represents c60% of the Defined Benefit Obligation of the
Barclays Bank Section of the UKRF (excluding the Afterwork section which has no post-retirement mortality risk) with the remaining members
having life expectancy at age 60 of between 26.4 years and 29.3 years.
Change in key assumptions for the Barclays Bank Section of the UKRF (2024: whole UKRF)
2025
2024
(Decrease)/Increase in
defined benefit
obligation
(Decrease)/Increase in
defined benefit
obligation
£bn
£bn
Discount rate
0.5% p.a. increase
(0.9)
(1.0)
0.25% p.a. increase
(0.4)
(0.5)
0.25% p.a. decrease
0.5
0.5
0.5% p.a. decrease
1.0
1.1
Assumed RPI
0.5% p.a. increase
0.7
0.7
0.25% p.a. increase
0.3
0.3
0.25% p.a. decrease
(0.3)
(0.4)
0.5% p.a. decrease
(0.6)
(0.7)
Life expectancy at 60
One year increase
0.5
0.5
One year decrease
(0.5)
(0.5)
Disclosure of analysis of scheme assets The value of the assets of the schemes and their percentage in relation to total scheme assets were as follows:
Analysis of scheme assets
Barclays Bank Group Total
Of which relates to Barclays Bank Section of the
UKRF
Quoted1
Unquoted1,2
Value
% of total
fair value
of
scheme
assets
Quoted1
Unquoted1,2
Value
% of total
fair value
of
scheme
assets
£m
£m
£m
%
£m
£m
£m
%
As at 31 December 2025
Bonds - fixed government
1,926
4
1,930
9.0
1,721
4
1,725
8.3
Bonds - index-linked government
7,765
—
7,765
36.0
7,751
—
7,751
37.2
Bonds - corporate and other3
1,676
4,729
6,405
29.7
1,471
4,729
6,200
29.7
Equities
128
—
128
0.6
—
—
—
—
Private equities 
—
1,859
1,859
8.6
—
1,859
1,859
8.9
Property
22
1,392
1,414
6.6
—
1,392
1,392
6.7
Infrastructure
—
414
414
1.9
—
413
413
2.0
Hedge funds
13
1,635
1,648
7.6
—
1,635
1,635
7.8
Derivatives
1
(1,478)
(1,477)
(6.9)
—
(1,478)
(1,478)
(7.1)
Longevity reinsurance contracts
—
(103)
(103)
(0.5)
—
(103)
(103)
(0.5)
Cash and liquid assets4
2,292
(830)
1,462
6.8
2,288
(830)
1,458
7.0
Mixed investment funds
—
—
—
—
—
—
—
—
Other
15
98
113
0.6
—
3
3
—
Fair value of scheme assets5
13,838
7,720
21,558
100.0
13,231
7,624
20,855
100.0
As at 31 December 2024
Bonds - fixed government
1,546
—
1,546
6.8
1,306
—
1,306
6.0
Bonds - index-linked government
8,234
—
8,234
36.4
8,214
—
8,214
37.5
Bonds - corporate and other
5,604
717
6,321
27.9
5,395
717
6,112
27.9
Equities
121
—
121
0.5
—
—
—
—
Private equities 
—
2,134
2,134
9.4
—
2,134
2,134
9.7
Property
19
1,238
1,257
5.6
—
1,238
1,238
5.6
Infrastructure
—
1,388
1,388
6.1
—
1,388
1,388
6.3
Hedge funds
9
1,390
1,399
6.2
—
1,390
1,390
6.3
Derivatives
(7)
(1,799)
(1,806)
(8.0)
(7)
(1,799)
(1,806)
(8.2)
Longevity reinsurance contracts
—
(117)
(117)
(0.5)
—
(117)
(117)
(0.5)
Cash and liquid assets4
(454)
2,529
2,075
9.2
(464)
2,529
2,065
9.4
Mixed Investment funds
8
—
8
—
—
—
—
—
Other
7
56
63
0.4
—
4
4
—
Fair value of scheme assets5
15,087
7,536
22,623
100.0
14,444
7,484
21,928
100.0
Notes:
1.During the year ended 31 December 2025, there were c£3bn assets re-classified from unquoted to quoted under cash and liquid assets and
c£4bn assets reclassified from quoted to unquoted for Bonds - corporate and other (year ended 31 December 2024: there were no material re-
classifications). These re-classifications reflect enhancement to the Bank’s levelling policy, including the use of additional data in the active
market assessment of issued debt.
2.Valuation of unquoted assets is provided by the underlying managers or qualified independent valuers. The valuation for some of the unquoted
assets, in particular private equities, is based on valuations as at 30 September 2025 adjusted by cash flows, these being the latest available
valuations as at the point of publication. All valuations are determined in accordance with relevant industry guidance. Barclays Bank Group does
not believe these valuations will differ materially from the fair value, in the context of the overall Barclays Bank Section asset size.
3.During the year ended 31 December 2025, there were c£740m of infrastructure loan assets reclassified to Bonds - corporate and other (2024
classification : Infrastructure).
4.Cash and liquid assets for the Barclays Bank Section of the UKRF consist of £186m (2024: £484m) of cash including receivables/payables,
£2,102m (2024: £2,529m) of pooled cash funds and £(830)m (2024: £(948)m) of repurchase agreements.
5.Included within the fair value of the Barclays Bank Section of the UKRF scheme assets was nil (2024: nil) relating to shares in Barclays PLC and nil
(2024: nil) relating to bonds issued by Barclays PLC or Barclays Bank PLC. The UKRF also invests in pooled investment vehicles which may hold
shares or debt issued by Barclays PLC.