Rachel Reeves will use her first Mansion House speech today as chancellor to outline what is billed as the biggest pensions shake-up in decades.
Consolidating assets into a handful of funds run by professional fund managers will allow them to invest more in infrastructure, supporting economic growth and local investment on behalf of the UK’s 6.7 million public servants, the government says.
It predicts the move could deliver around £80bn of investment in new businesses and critical infrastructure.
The reforms, which will be introduced through a new Pension Schemes Bill next year, involve consolidating defined contribution (DC) schemes, as well as pooling assets from 86 local-government pension scheme authorities.
There are already around 60 different multi-employer schemes, such as the Independent Schools’ Pension Scheme, each investing savers’ money into one or more funds.
The government will consult on setting a minimum size requirement for these funds.
Esta historia es de la edición November 14, 2024 de The Independent.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 14, 2024 de The Independent.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Why home advantage has lost its sting in Test series.
“The tour is only a matter of hours old, but the wry thought occurs to me that reputations will almost certainly be destroyed in the next few months.”
North can't compete with south's individual X factor
Ex-Lions captain Sam Warburton has a theory why southern hemisphere teams have dominated the autumn internationals
Aimless Villa stagger to bore draw against Juventus
Aston Villa and Unai Emery have run out of ideas, far too early in the Spaniard’s previously exhilarating revolution.
Reds humble Real and Slot does what Klopp could not
A few weeks ago, it was possible to look at Arne Slot’s seemingly impressive start at Liverpool, adopt a sceptical tone and ask who they had really beaten.
Vauxhall's closure shows No 10 must recharge EV rules
Electric vehicles aren't selling in the volume anticipated and James Moore says government is right to order a swift review
Nationwide banks £2bn in takeover of Virgin Money
Nationwide has gained £2.3bn following its acquisition of Virgin Money, according to the firm’s half-year results.
Red Sea boat survivors were trapped in cabins, says diver
Two Britons who were on the yacht remain unaccounted for
Record snowfall leaves Seoul scrambling to cope
Transport chaos and power cuts hit city as two die on roads
Myanmar junta chief faces crimes against humanity charge for Rohingya deaths
Arrest warrant requested by International Criminal Court
Lebanon ceasefire is part of plan to keep Trump on side
Benjamin Netanyahu knows the incoming president won't be happy if the Gaza war drags on, writes Chris Stevenson, so he is turning his attention to Iran to buy himself some time
