Plans for pension ‘megafunds’ unveiled to boost growth and reward British savers - In her first Mansion House speech as Chancellor, Rachel Reeves announced plans for megafunds which she said could unlock £80 billion for investment.

Unlock significant investment in high-growth businesses with the Chancellor's plan to create 'megafunds' for pension consolidation.

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.

New plans will see the 86 authorities managing local government pension schemes pooling their assets into a smaller number of 'megafunds'.

The UK government is set to implement major reforms in the pension sector by consolidating assets into “pension megafunds,” aimed at unlocking investment for critical infrastructure and fast-growing businesses.