Santander cuts £230m from liabilities by capping pensionable pay

Stephanie Baxter
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Santander has trimmed its UK defined benefit (DB) pension scheme obligation by £230m by introducing a cap on pensionable pay increases, according to the bank's half-yearly report.

The bank's net obligations for its DB schemes fell to £173m in the first half of year, leading to a net gain of £218m. The bank introduced a cap on pensionable pay increases of 1% a year from 1 ...

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