Santander suffers £413m funding slump

clock

Santander UK has suffered a near 50% increase in its total defined benefit scheme deficit in the first six months of this year, half year results reveal.

The Spanish-owned banking group - which recently agreed a deal to buy 318 Royal Bank of Scotland and NatWest branches - blamed a 34 basis point spike in the net discount rate, coupled with "below e...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Benefit

Partner Insight: Aon UK Risk Settlement Bulletin - Q3 2026

Partner Insight: Aon UK Risk Settlement Bulletin - Q3 2026

Latest edition of the Aon UK Risk Settlement Bulletin is now available.

Aon
clock 05 August 2026 • 1 min read
PIC completes build-to-rent development in Birmingham

PIC completes build-to-rent development in Birmingham

Specialist insurer has completed the development, One Eastside, which is the city’s tallest building

Alex Levy
clock 03 August 2026 • 1 min read
DB surpluses should be viewed as strategic assets, not just opportunities

DB surpluses should be viewed as strategic assets, not just opportunities

Hughes Price Walker says decisions must balance security, employer objectives and scheme resilience

Holly Roach
clock 30 July 2026 • 2 min read
Trustpilot