Pension bosses have attacked Rachel Reeves’ plan to merge local authority pension funds and get them to invest in projects like housing, fearing the government is trying to grab their cash after years of prudent investing.
Dozens of local government pension funds, which manage a total of about £360bn for 6.5 million local authority workers and pensioners, will be asked to merge their assets in a bid to grow them faster under plans unveiled last month by the Chancellor.
