Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the UK Asset Resolution Annual Report and Accounts 2025-2026, published 19 August 2026, what proportion of the assets in each of the (a) NRAM and (b) B&B funded defined benefit pension schemes are held in UK equities.

The NRAM and B&B pension schemes are managed independently from government by Trustees responsible for the schemes’ investment strategy. The schemes’ investments are concentrated in UK-based bonds, with no current equity holdings, reflecting their status as defined benefit schemes closed to new members.