US EditionReform vows to overhaul pension schemes for new local government workers
- Reform officials confirmed recently that Reform would end defined benefit pensions for new local government workers and merge nearly 100 schemes into a '100' structure.
- Tice argued current local government schemes underperform and lack coordination, prompting Reform UK to propose about £100bn additional investment in UK-listed shares backing defence, steel and energy sectors.
- Reform plans to stop new workers from joining local government DB pension schemes and enroll future hires into defined contribution schemes, affecting seven million members or pensioners.
- Unions warned the proposals would almost certainly trigger industrial action and worsen recruitment, while analysts cautioned local councils might need more funds from taxpayers or must raise wages.
- Financial authorities noted Andrew Bailey, Governor of the Bank of England, opposes mandating pension investment, while experts John Ralfe and Steve Webb warn mandates risk member losses as UK pension allocation fell from about 40% to below 4%.
17 Articles
17 Articles
Reform UK Unveils 'Sovereign Wealth Fund' Plan to Back British Industry
A Reform UK government would create a Sovereign Wealth Fund along the line of Norway or Singapore to back key British industries in a strategic and directed manner, Shadow Business, Trade, and Energy Secretary Richard Tice said on Tuesday. The post Reform UK’s Richard Tice Unveils ‘Sovereign Wealth Fund’ Plan to Back British Industry appeared first on Breitbart.
Richard Tice Unveils Reform Business and Energy Policies
Reform’s ‘Shadow Business, Trade & Energy Secretary’ Richard Tice is in Birmingham to outline his plans for the business and energy sectors, including establishing a British Sovereign Wealth Fund and a “Great Repeal Bill”. Watch live below… Tice pledges to: Establish a British Sovereign Wealth Fund: Transform the Local Government Pension Scheme into a single…
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