Santander and NatWest Mull Multibillion Pound UK Pension Transfers

Banco Santander SA and NatWest Group Plc are exploring offloading billions of pounds in UK pension assets to an insurer, according to people familiar with the plans.

The Spanish lender held exploratory talks to transfer assets from its £7.6 billion ($10.4 billion) UK pension pot, the people said, asking not to be identified discussing private information. The pension fund’s surplus had risen by 20% to £527 million in the six months through June, according to its latest financial results.