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 >
15/04/2026
Government unveils crackdown on late payments
Small businesses to be backed by new, stronger measures to tackle late payments, the government has announced.
READ MORE
New procurement rules offer SMEs hope
The government’s new procurement rules that target opportunities for smaller businesses offer hope to SMEs, according to the British Chambers of Commerce (BCC).
Tourist tax would hit consumers with £1.6 billion tax rise
The government’s proposed tourist tax would constitute a £1.6 billion tax increase for holidaymakers, according to analysis by Oxford Economics.
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.