Chancellor Rachel Reeves has set out government plans to double the number of so-called pension ‘megafunds’ by 2030.
A megafund is a multi-employer Defined Contribution pension scheme or a local government pension scheme which manages at least £25 billion in assets.
The government has outlined its plans to help reform the pensions industry in the UK. £25 billion megafunds will be created and will have to make a portion of their investments locally in order to help boost economic growth.
Megafunds will also see millions of UK workers retire with bigger pension pots, the government added. 17 of the largest pension firms in the UK have already approved the terms of the reforms, according to the government.
Commenting on the matter, the Chancellor said: ‘We’re making pensions work for Britain.
‘These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses — the Plan for Change in action.’
04/06/2025
View all >
01/06/2026
Approved Mileage Allowance Payments (AMAPs), Mileage Allowance Relief (MAR) and self-employed mileage
The government has announced increases to AMAPs, MAR and self-employed mileage rates, which will be backdated to 6 April 2026. This is the first uprating of the mileage rates in 15 years.
READ MORE
Crime against business putting growth at risk
Decisive action is needed to tackle the ‘hidden threat’ of crime against businesses damaging growth, according to the British Chambers of Commerce (BCC).
Temporary reduced rate of VAT for children's meals, tickets and family attractions
The government is helping families this summer with the cost-of-living crisis by cutting VAT on attractions and meals out.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.