It’s time once again to update you on what’s been happening in the Barclays Bank UK Retirement Fund (UKRF). I’m pleased to say that, overall, 2021 was a strong year.

I say ‘strong’ because the UKRF continued to run smoothly, our investments performed well, and we remained on track to meet our long-term funding goals.

With the pandemic still influencing our day-to-day lives, I was impressed by the way in which everyone involved in running the UKRF adapted during 2021, including embracing new ways of working. Overcoming such circumstances makes our achievements all the more admirable. However, I am also conscious that this will have been a very difficult time personally for many of our members and their families, and our thoughts continue to be with you.

Our funding continues to improve

Making sure we have enough money to pay members’ benefits is at the heart of everything we do, which is why I am delighted to report that our financial check at 30 September 2021 showed that the UKRF was 101.7% funded. This means that at this point in time we were in surplus because the value of how much we have (our assets) was greater than the amount we’re likely to need to meet our expected payments (our liabilities). This improvement in our financial position was due to Barclays’ £0.7 billion of deficit contributions and the strong investment performance of the UKRF.

We are pleased that our 2021 results show a continued improvement but recognise that any financial checks we do are only a snapshot based on the circumstances at the time. In practice our funding level is constantly adjusting, which is why we need to continue to monitor and manage the Fund’s assets in line with our long-term goals. Read more in our financial picture.

Responsible investment (RI) influences what we do

We believe it is our responsibility, as financial stewards and as members of society, to invest in funds that support sustainable returns and practices. We’ve been working hard to integrate our RI approach into our processes, and you can read about how we’re turning words into action. In particular, I am pleased to confirm that the UKRF has announced an ambition to align itself with the Paris Agreement across its investment portfolio, with the aim being to halve the greenhouse gas emissions by 2030 and to be net zero carbon by 2050 or sooner.

Supporting members

We continue to work on activities that aim to help members achieve good outcomes for their retirement savings. In this year’s news, we update you on our efforts to make pensions equal for those members with Guaranteed Minimum Pensions (GMPs) and invite you to visit our new GMP equalisation pages for supporting videos, articles, and FAQs. We also encourage you to look out for the signs of a scam and remind you why you might not want to delay claiming your pension beyond your Normal Retirement Date.

It takes a dedicated team of people to run the UKRF successfully, which is why I am pleased to report that the Board remained stable throughout 2021, with no personnel changes. We were also supported by our excellent internal team and advisers. I’d like to thank my colleagues for their hard work and dedication during the year.

Peter Goshawk
Chair of the Trustee Board
February 2022

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