Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the impact of low and negative bond yields on the funding and capital assumptions of (1) pension funds, and (2) insurance companies; and the ability of the banking system to support economic growth.
HM Treasury does not hold this information. This is a matter for the Prudential Regulation Authority (PRA), who are operationally independent from Government, and the Department of Work and Pensions (DWP).
The question has been passed on to the PRA and the DWP. The PRA and the DWP will reply directly to the Noble Lord by letter. Copies of the letters will be placed in the Library of the House.