Chancellor Rachel Reeves' reforms will see the £360bn of assets in 86 local government pension schemes pooled into eight 'mega funds'

THE government is set to announce huge plans to create “pension megafunds” in a bid to boost both savers’ retirement pots and investment in the UK. Chancellor Rachel Reeves will

Rachel Reeves will set out plans to create British ‘megafunds ... The speech will also unveil plans to condense the Local Government Pension Scheme (LGPS), currently a collection of 86 separate funds worth a combined £360bn, into fewer, bigger ...

The chancellor will use her maiden Mansion House speech to unveil what she calls the "biggest pension reform in decades". How will her plans affect your retirement savings?

Chancellor of the Exchequer Rachel Reeves said the UK will introduce legislation next year to pool £1.3 trillion ($1.7 trillion) of pension savings into a series of “megafunds,” as the new Labour government tries to deliver on its pledge to boost private investment and economic growth.

Rachel Reeves will announce plans to merge local government retirement schemes into “megafunds” as she tries to revive long-running efforts to overhaul the public pension system. She will tell an audience of City leaders and chief executives on Thursday that she will introduce a pensions bill next year aimed at pooling assets from the 86 separate local government pension schemes (LGPS) in England and Wales into eight funds,

Chancellor Rachel Reeves is to set out what she is calling the "biggest pension reform in decades" in an attempt to boost growth. The government wants to merge the UK's 86 council pension schemes into a handful of "pension megafunds".