In Rachel Reeves’s Mansion House speech, she has unveiled her plans to consolidate the 86 funds of the Local Government Pension Scheme (LGPS) into a small number of “mega-funds”. There has already been some consolidation under previous administrations,

Rachel Reeves has told City chiefs she plans to create pension “megafunds” that will “power growth” in the economy and reward British savers. In her first Mansion House speech as Chancellor, Ms Reeves announced plans for the megafunds which she said could bring in £80 billion to invest in businesses and infrastructure.

Right-wing think tank welcomes Rachel Reeves’ pension ‘megafunds’ overhaul - Rachel Reeves will promise the biggest overhaul of the pensions market in decades as she addresses the City of London

Rachel Reeves’s radical pension reforms risk putting retirements in danger and leaving taxpayers “on the hook” if investments go wrong, experts have warned. The Chancellor says she is “going for growth” with major reforms she will announce on Thursday in a Mansion House speech.