UK plans to create pension megafunds with aim of unlocking $100 billion for investment
British Treasury chief Rachel Reeves said Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.'s subpar economic growth.
Reeves Plans Law to Make Pension ‘Megafunds’ in Growth Push
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.
Reeves to force UK council pensions to consolidate into 8 ‘megafunds’
Reeves told the Financial Times that the development of eight pools worth an average £50bn by 2030 would end the role of local councils in administering the money and boost “fast-growing British businesses and infrastructure”.
'Too small' pension funds hold back growth - Reeves
The chancellor wants to merge the UK's pension funds, but critics worry about the impact on savers.
Pension 'megafunds' will boost growth and reward British savers - Reeves
Rachel Reeves has told City chiefs she plans to create pension "megafunds" that will "power growth" in the economy and reward British savers. In her first Mansion House speech as Chancellor, Ms Reeves announced plans for the megafunds which she said could bring in £80 billion to invest in businesses and infrastructure.
Reeves to shake up pensions to try to boost growth
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".
UK economy grows by just 0.1% in Q3
Britain's economy grew by a slower than expected 0.1% in the third quarter of 2024, official figures showed on Friday.
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