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Reeves to lay out plans to merge pension pots of local authorities
The Guardian
|November 14, 2024
Rachel Reeves will announce plans to merge local government retirement schemes into "megafunds" as she tries to revive long-running efforts to reform the public pension system.
The chancellor will tell an audience of City leaders and chief executives today that she will introduce a pensions bill next year that will aim to pool assets frorn the 86 separate local government pension schemes (LGPS), which together make up one ofthe world's largest defined-benefit schemes, with 6.5 million members and £360bn in assets.
The decision is meant to mirror similar setups in Australia and Canada, where public sector pension schemes have been consolidated into larger funds that are managed in-house by professional investors.
This story is from the November 14, 2024 edition of The Guardian.
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