THE government is set to announce huge plans to create “pension megafunds” in a bid to boost both savers’ retirement pots and investment in the UK. Chancellor Rachel Reeves will

Chancellor Rachel Reeves is set to unveil a proposal to consolidate £400bn of UK local authority pension schemes.

Chancellor of the Exchequer Rachel Reeves said the UK will introduce legislation next year to pool £1.3 trillion ($1.7 trillion) of pension savings into a series of “megafunds,” as the new Labour government tries to deliver on its pledge to boost private investment and economic growth.