Rachel Reeves plans pensions reform as part of Labour’s growth plan

Rachel Reeves, the shadow chancellor, said she would like ‘lower taxes on working people’, but she would not make unfunded cuts. Photograph: Andrew Fox/The Guardian

Rachel Reeves is proposing to shake up Britain’s pension system as part of a three-pronged plan aimed at boosting the economy’s sluggish growth rate if Labour wins the next election.

The shadow chancellor wants more of the money saved for retirement schemes to find its way into support for expanding UK businesses, and says her reforms could increase the size of the average pension pot by up to £37,000.