RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of - Retirement Benefit Charges to Income Statement, Analysis of Defined Benefit Obligation, Pooled Investment Vehicles, Assumptions Used in Valuation, Member Life Expectancy, Alternative Valuation Assumptions Used, Weighted Average Duration of Defined Benefit Obligations, Maturity Analysis of Benefits To Be Paid and Other Movements


	2020	2019
	£m	£m
Analysis of the defined benefit obligation:
Active members	(6,550)	(6,413)
Deferred members	(17,647)	(16,058)
Pensioners	(23,409)	(21,032)
Dependants	(1,943)	(1,738)
	(49,549)	(45,241)

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of Retirement Benefits - Recognised in Balance Sheet, Pension Expense and Composition of Scheme Assets


	2020			2019
	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m
Equity instruments	616	45	661	555	39	594
Debt instruments1:
Fixed interest government bonds	11,328	—	11,328	8,893	—	8,893
Index-linked government bonds	21,058	—	21,058	18,207	—	18,207
Corporate and other debt securities	12,736	—	12,736	10,588	—	10,588
Asset-backed securities	—	—	—	—	—	—
	45,122	—	45,122	37,688	—	37,688
Property	—	136	136	—	158	158
Pooled investment vehicles	650	13,022	13,672	4,773	10,585	15,358
Money market instruments, cash, derivatives and other assets and liabilities	812	(9,276)	(8,464)	204	(8,211)	(8,007)
At 31 December	47,200	3,927	51,127	43,220	2,571	45,791

1Of the total debt instruments, £39,439 million (2019: £33,134 million) were investment grade (credit ratings equal to or better than ‘BBB’).

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of - Retirement Benefit Charges to Income Statement, Analysis of Defined Benefit Obligation, Pooled Investment Vehicles, Assumptions Used in Valuation, Member Life Expectancy, Alternative Valuation Assumptions Used, Weighted Average Duration of Defined Benefit Obligations, Maturity Analysis of Benefits To Be Paid and Other Movements

The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows:


	2020	2019
	%	%
Discount rate	1.44	2.05
Rate of inflation:
Retail Price Index (RPI)	2.80	2.94
Consumer Price Index (CPI)	2.41	1.99
Rate of salary increases	0.00	0.00
Weighted-average rate of increase for pensions in payment	2.61	2.57

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of - Retirement Benefit Charges to Income Statement, Analysis of Defined Benefit Obligation, Pooled Investment Vehicles, Assumptions Used in Valuation, Member Life Expectancy, Alternative Valuation Assumptions Used, Weighted Average Duration of Defined Benefit Obligations, Maturity Analysis of Benefits To Be Paid and Other Movements


	Effect of reasonably possible alternative assumptions
	Increase (decrease) in the income statement charge		(Increase) decrease in the net defined benefit pension scheme surplus
	2020	2019	2020	2019
	£m	£m	£m	£m
Inflation (including pension increases)1:
Increase of 0.1 per cent	11	12	531	467
Decrease of 0.1 per cent	(11)	(12)	(522)	(460)
Discount rate2:
Increase of 0.1 per cent	(20)	(20)	(866)	(763)
Decrease of 0.1 per cent	19	21	890	784
Expected life expectancy of members:
Increase of one year	39	40	2,146	1,636
Decrease of one year	(37)	(39)	(2,052)	(1,575)

1At 31 December 2020, the assumed rate of RPI inflation is 2.80 per cent and CPI inflation 2.41 per cent (2019: RPI 2.94 per cent and CPI 1.99 per cent).

2At 31 December 2020, the assumed discount rate is 1.44 per cent (2019: 2.05 per cent).

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of - Retirement Benefit Charges to Income Statement, Analysis of Defined Benefit Obligation, Pooled Investment Vehicles, Assumptions Used in Valuation, Member Life Expectancy, Alternative Valuation Assumptions Used, Weighted Average Duration of Defined Benefit Obligations, Maturity Analysis of Benefits To Be Paid and Other Movements


	2020	2019
	£m	£m
Maturity analysis of benefits expected to be paid:
Within 12 months	1,293	1,274
Between 1 and 2 years	1,350	1,373
Between 2 and 5 years	4,347	4,455
Between 5 and 10 years	8,301	8,426
Between 10 and 15 years	9,093	9,229
Between 15 and 25 years	17,485	17,400
Between 25 and 35 years	13,479	13,999
Between 35 and 45 years	7,162	8,291
In more than 45 years	2,287	3,160

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of Retirement Benefits - Recognised in Balance Sheet, Pension Expense and Composition of Scheme Assets

The expense recognised in the income statement for the year ended 31 December comprises:


	2020	2019	2018
	£m	£m	£m
Current service cost	206	201	261
Net interest amount	(23)	(48)	(22)
Past service credits and curtailments	—	—	12
Settlements	2	1	1
Past service cost – plan amendments	5	44	108
Plan administration costs incurred during the year	54	43	41
Total defined benefit pension expense	244	241	401

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of Retirement Benefits Amounts Recognized in Balance Sheet and Change in Fair Value of Scheme Assets


	2020	2019
	£m	£m
Amount included in the balance sheet
Present value of funded obligations	(49,549)	(45,241)
Fair value of scheme assets	51,127	45,791
Net amount recognised in the balance sheet	1,578	550

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]

Schedule of Retirement Benefits - Recognised in Balance Sheet, Pension Expense and Composition of Scheme Assets


	2020	2019
	£m	£m
Amounts recognised in the balance sheet
Retirement benefit assets	1,714	681
Retirement benefit obligations	(245)	(257)
Total amounts recognised in the balance sheet	1,469	424

RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items]