FY 2022 Results
Prior capital drag from pensions eliminated
Triennial actuarial valuation
Pension transaction unwind
Pension portfolio position
Completed
UKRF triennial actuarial valuation¹
£2bn funding surplus (vs. £2.3bn
funding deficit in 2019)
Completed
Pension transaction unwind²
UKRF well positioned with a
balanced portfolio
Robust hedging and liquidity stood up to
2022 bond yield increases
Deficit reduction contributions
in 2023 no longer required
In prior plan a £0.3bn deficit reduction
contribution was scheduled for 2023
£1.25bn
Accelerated 33bps CET1 impact
absorbed in Q4223
UKRF surplus improved by £0.9bn
£10bn reduction in assets more than
offset by £10.9bn reduction in liabilities
Capital impact schedule
As at FY21 results
As at FY22 results
35.5
Capital impact of deficit reduction contributions (£bn)
2022
2023-25
2022
2023-25
31.9
25.4
Based on triennial actuarial valuation
(0.3)
(0.3)
(0.3)
20.9
Dec-2019 £500m and Jun-2020 £750m Senior Notes
(1.25)
(1.25)
Capital impact (pre-tax)
(0.3)
(1.55)
(1.55)
Capital impact (pre-tax bps)4
(9)bps
(46)bps
(46)bps
IAS19 Assets (£bn)
IAS19 Liabilities (£bn)
2021 2022
1 With an effective date of 30 September 2022 | 2 During 2019 and 2020, the UKRF subscribed for non-transferable listed senior fixed rate notes for £1.25bn, deferring the CET1 impact of pension contributions made by Barclays until 2023, 2024 and 2025. Following the PRA's
statement on 13 April 2022, Barclays unwound these transactions as part of the 2022 triennial actuarial valuation | 3 Post-tax impact | 4 Based on Dec-22 RWAS | Note: tables may not sum due to rounding |
37 | Barclays FY 2022 Results | 15 February 2023
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