The chancellor Rachel Reeves has announced the first phase of a landmark pensions review as part of the new government’s mission to boost growth and make every part of Britain better off.
Under the plans the chancellor said billions of pounds of investment could be unlocked in the UK economy from defined contribution (DC) schemes alone and pension pots for savers in defined contribution schemes could be boosted by over £11,000. The review will also look at how to unlock the investment potential of the £360bn Local Government Pensions Scheme (LGPS), which manages the savings of those working to deliver vital local services, as well as how to tackle the £2bn that is being spent on fees. Pension Schemes Bill announced in the King's Speech The announcement comes ahead o...
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