UK Pension Overhaul: Reeves Pushes for 'Megafunds' to Boost Economy

Chancellor Rachel Reeves is proposing a major reform of the UK's pension system by consolidating 86 council pension schemes into a few large 'megafunds' to boost economic growth. The plan aims to increase investment in UK infrastructure and services, similar to pension models in Canada and Australia. While some experts support the potential for higher returns and economic benefits, critics warn of risks to savers' money and the potential neglect of smaller companies. The reform also includes setting a minimum size for private sector pension schemes to encourage consolidation.