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

What will Rachel Reeves’s retirement scheme changes mean for pensions?

Rachel Reeves LGPS United Kingdom David Cameron Canada Jeremy Hunt
models of elderly people on a pile of coins and banknotes.
The chancellor plans to introduce a new pensions bill next year to pool assets from 86 separate local government pension schemes in England and Wales. Photograph: Joe Giddens/PA

Rachel Reeves has announced plans to merge local government retirement schemes into eight Canada-style “megafunds” in what the Treasury claims will be part of the biggest reform of the UK pension market in decades.

So what will the changes, announced as part of the chancellor’s inaugural Mansion House speech on Thursday, actually mean for UK pensions and what can they achieve?

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