Rachel Reeves pledges ‘big bang’ for private pension funds

Rachel Reeves, Chancellor of the Exchequer, said the pensions review was part of a burst of reforms through which Labour would ‘rebuild Britain and improve people’s lives’. Photograph: Justin Tallis/AFP/Getty Images

Labour has promised to bring forward wide-ranging reforms of the £2tn private pensions industry in a review that aims “to boost investment, increase pension pots and tackle waste in the pensions system”.

A taskforce of industry executives and ministers from the Treasury and department of work and pensions will propose ways to cut costs and improve investment options, allowing retirement scheme managers to boost pension pots by up to £11,000.