Reeves to create LGPS and DC 'megafunds' in Mansion House growth bid

‘Biggest pension reforms in decades’

Chancellor Rachel Reeves will set out plans to create pension “megafunds” through a series of reforms to the Local Government Pension Scheme (LGPS) and defined contribution (DC) schemes as part of the government’s bid to generate economic growth and boost retirement outcomes.

In her maiden Mansion House speech, to be delivered later today (14 November), Reeves will unveil the measures as part of the "biggest pension reforms in decades". The government explained that, while the LGPS and DC markets hold a combined £1.3trn in assets under management (AUM), the current pensions landscape is "fragmented" and lacks the size required to invest in new businesses or infrastructure projects. 'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale The government's analysis, which has been republished in the interim report of t...