US EditionReeves outlines plan for £25bn pension 'megafunds'
- Chancellor Rachel Reeves announced plans requiring smaller multi-employer pension schemes to merge, forming large funds with a minimum of £25 billion in assets within five years.
- The reforms aim to consolidate 86 local government pension authorities into six pools and require smaller defined contribution schemes to merge.
- These larger funds will invest billions in infrastructure, clean energy, and high-growth businesses, potentially increasing returns and boosting workers' retirement pots.
- The changes are expected to save £1 billion annually through economies of scale and better investments, with Reeves stating, "We're making pensions work for Britain."
- Officials such as Deputy Prime Minister Angela Rayner and former minister Sir Steve Webb highlighted the reforms' potential to drive growth, better returns, and productive use of surplus funds.
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Some UK pension funds told to merge into 'megafunds' by 2030
Some British pension schemes will be told to merge to become 'megafunds' with at least 25 billion pounds ($34 billion) of assets by 2030, the government said on Thursday, part of its wider drive to channel more investment into the UK economy.
·United Kingdom
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Evening Standard+3 Reposted by 3other sources
Workers could see £6,000 boost to pension pots under Government plans
Chancellor Rachel Reeves said: ‘We’re making pensions work for Britain.’
·London, United Kingdom
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44% Center
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C 44%
11%
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