Retirement benefit obligations

6 Months Ended

Jun. 30, 2023

Note 19: Retirement benefit obligations

The Group’s post-retirement defined benefit scheme obligations are comprised as follows:


	At 30 Jun 2023 £m	At 31 Dec 2022 £m

Defined benefit pension schemes:
Present value of funded obligations	(27,482)	(28,965)
Fair value of scheme assets	32,081	32,697
Net pension scheme asset	4,599	3,732
Other post-retirement schemes	(34)	(35)
Total amounts recognised in the balance sheet	4,565	3,697

Recognised on the balance sheet as:
Retirement benefit assets	4,685	3,823
Retirement benefit obligations	(120)	(126)
Total amounts recognised in the balance sheet	4,565	3,697

Movements in the Group’s net post-retirement defined benefit scheme asset during the period were as follows:

The charge to the income statement in respect of pensions and other post-retirement benefit schemes is comprised as follows:


	Half-year to 30 Jun 2023 £m	Half-year to 30 Jun 2022 £m	Half-year to 31 Dec 2022 £m

Defined benefit schemes	(37)	68	57
Defined contribution schemes	190	167	163
Total charge to the income statement	153	235	220

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


	At 30 Jun 2023 %	At 31 Dec 2022 %

Discount rate	5.39	4.93
Rate of inflation:
Retail Price Index (RPI)	3.22	3.13
Consumer Price Index (CPI)	2.77	2.69
Rate of salary increases	0.00	0.00
Weighted-average rate of increase for pensions in payment	2.89	2.84