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.

Rachel Reeves will set out plans to create British ‘megafunds ... The speech will also unveil plans to condense the Local Government Pension Scheme (LGPS), currently a collection of 86 separate funds worth a combined £360bn, into fewer, bigger ...

The chancellor will use her maiden Mansion House speech to unveil what she calls the "biggest pension reform in decades". How will her plans affect your retirement savings?

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.

Chancellor Rachel Reeves is to set out what she is calling the "biggest pension reform in decades" in an attempt to boost growth. The government wants to merge the UK's 86 council pension schemes into a handful of "pension megafunds".