The Royal Bank of Scotland’s (RBS) retirement benefit liabilities have increased by £1.6bn for the year ended 31 December 2012, according to its latest annual results.
The increase meant that retirement benefit liabilities rose to £3.9bn with net actuarial losses of £2.3bn on the group’s defined benefit pension schemes. RBS stated that this arose from significant reductions in the real discount rates in the sterling, euro and US dollar currency zones.
RBS’s annual results also showed that reductions were partially offset by the £0.6bn excess of employer contributions.
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