Reeves' investment plan could 'hijack your pension savings'

CHANCELLOR Rachel Reeves stands accused of jeopardising retirement pots by plotting to "hijack your pension". Millions of people will be worse off in retirement if the Chancellor brings in rules that will ensure pension funds are directed where to invest, experts warn.

- By David Williamson CHIEF POLITICAL EDITOR

The Treasury wants funds to commit to investing more in the UK and a deal is due to be signed imminently to make investment managers commit 10% of assets to private markets including private equity, real estate and infrastructure funds with half of that going to the UK.

Ms Reeves' department has reportedly warned executives it could bring in a legal requirement to do this if they fail to fulfil the voluntary pledge. Criticising her "strong-arm tactics", Shadow Chancellor Mel Stride said: "Rachel Reeves wants to hijack your pension to paper over the cracks in her failing agenda.

"Pension funds exist to serve savers, not to bankroll a government that has run out of road.