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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Reeves to announce ‘megafunds’ shake-up of local government pension scheme

Rachel Reeves David Cameron Canada LGPS
Rachel Reeves is seen outside BBC in a magenta suit. She is wearing a poppy
Rachel Reeves is promising to introduce the ‘biggest pension reforms in decades’ in the UK. Photograph: Tayfun Salcı/Zuma Press Wire/Rex/Shutterstock

Rachel Reeves will announce plans to merge local government retirement schemes into “megafunds” as she tries to revive long-running efforts to overhaul the public pension system.

She will tell an audience of City leaders and chief executives on Thursday that she will introduce a pensions bill next year aimed at pooling assets from the 86 separate local government pension schemes (LGPS) in England and Wales into eight funds, worth about £50bn, by 2030.

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