Pension Megafunds to Unlock Billions Under Government Plans

Published on November 14, 2024

Plans to reform the UK pension market will create megafunds, unlocking billions in business and infrastructure investment, the government has announced. Chancellor Rachel Reeves is pushing ahead with a shake-up of the pension fund system and will deliver a speech on government plans at Mansion House on Thursday. Labour wants to introduce legislation next year that will merge funds currently managed by 86 local pension schemes. The consolidated assets will then be allocated to professional fund managers to invest on behalf of 6.7 million public servants in the schemes. It’s expected that the so-called megafunds will manage assets worth around £500 billion by 2030, which the Treasury hopes could unlock as much as £80 billion worth of investment in businesses and infrastructure. More than £20 billion in funding will be dedicated to invest in local communities....

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