LONDON (AP) — British Treasury chief Rachel Reeves said Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.'s subpar economic growth.

Unlock significant investment in high-growth businesses with the Chancellor's plan to create 'megafunds' for pension consolidation.

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.

The House passed House Resolution 82, the Social Security Fairness Act of 2023, on Tuesday, Nov. 12. H.R. 82 aims to eliminate two provisions in the United States, including the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

Chancellor, Rachel Reeves, is set to announce plans to create 'pension megafunds' in her upcoming Mansion House speech, as part of a

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

Rachel Reeves will tear up workplace pension rules as part of a broader shake-up that the Chancellor claims will unlock up to £80bn in investment.

In her Mansion House speech tonight, the Chancellor will confirm she is pressing ahead with plans to merge pension schemes to create new 'megafunds' capable of investing in major infrastructure projects and emerging industries.