Report and Accounts

The report presents the company's improved funding position, including a 125% funding ratio and an estimated £15.8bn DB surplus at 31 March 2026. It describes service and operational progress, including an average workforce of 723 colleagues and continued implementation of the new pensions platform. Its climate disclosures report a 2050 net-zero ambition for investments, achievement of the 2025 interim emissions-intensity target, and Trustee Board oversight of climate-related risks.