While her changes may constitute the biggest overhaul of the pensions sector in decades, some in the City say the truly radical option remains firmly in the back pocket.

Ms Reeves has announced plans to merge local government retirement schemes into eight Canada-style “megafunds” in what the Treasury claims will be part of the biggest reform of the UK pension market in decades.

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

THE government is set to announce huge plans to create “pension megafunds” in a bid to boost both savers’ retirement pots and investment in the UK. Chancellor Rachel Reeves will

Rachel Reeves will announce she wants to reform the pension system in order to boost economic growth. The UK's first female Chancellor will deliver her first Mansion House speech to city chiefs at 9pm today and will announce that she wants to create pension 'megafunds' which could result in around £80bn to invest in businesses and infrastructure.

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".

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.

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.