Title

PENSIONS

Chancellor confirms pension 'megafund' plans

Chancellor Rachel Reeves has confirmed plans to merge local government pension schemes into ‘megafunds’ to drive economic growth.

Rachel Reeves ©parliamentlive.tv

Rachel Reeves ©parliamentlive.tv

Chancellor Rachel Reeves has confirmed plans to merge local government pension schemes into ‘megafunds' to drive economic growth.

The reforms, which will be introduced through a Bill next year, will pool assets from the 86 separate local government pension schemes (LGPS) in England and Wales.

Together the LGPS represents one of the world's largest defined-benefit schemes, with 6.5 million members and £360bn in assets.

Pensions minister Emma Reynolds said the reforms could unlock £80bn of investment into new businesses and critical infrastructure.

In her Mansion House speech today, the chancellor will say the move would ‘boost people's savings in retirement and drive economic growth so we can make every part of Britain better off.'

In 2015, the former Conservative prime minister David Cameron tried to push local funds into eight larger pools, but to date only around 39% of LGPS assets have been merged into larger funds.

Labour's reforms include plans to have each administering authority specify targets for investment in their local economies. The Treasury claims that a 5% target for local investment could secure £20bn for communities.

A new independent review process will also be established to ensure each of the 86 administering authorities is ‘fit for purpose.'

PENSIONS

Why local sport must be the greenest game in town

By Tunde Williams | 28 August 2025

Tunde Williams says sport has always been about more than games, and now it must become about futures too - ‘climate-safe, financially sound, and community ...

PENSIONS

A taxing dilemma

By Paul Marinko | 27 August 2025

Councils calling for council tax reform should be careful what they wish for, writes Paul Marinko

PENSIONS

Labour drops plans to introduce LTN restrictions

By Izzy Lepone | 18 August 2025

The Government has reportedly abandoned plans to impose limitations on Low Traffic Neighbourhoods (LTNs) and speed-restricted zones.

PENSIONS

Putting the spotlight on place

By Ann McGauran | 06 August 2025

The Government is pushing on with a flurry of policy reforms, but leader of the sector’s place directors Angela Jones says she remains positive, despite conc...

Popular articles by William Eichler