Chancellor says pension scheme big bang to boost Brits’ nest eggs | Personal Finance | Finance [Video]

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A Government “big bang” pension shake-up will boost the nation’s nest eggs by an average of £11,000, claims the Chancellor. The Pensions Review begins this week and it is claimed that it will open the door to better returns from the money invested in workplace and private pensions.

At the same time, the proposals are likely to see a bigger share of the £2 trillion held in UK pension pots invested in UK businesses and infrastructure, such as green energy projects, transport schemes and house building.

A joint statement from the Treasury, the Department for Work and Pensions (DWP) and the Ministry for Housing, Communities and Local Government claimed the reforms could boost savers’ pension pots by £11,000. However, ministers have not specified how this figure was arrived at or how it will be achieved.

Britons keep a high proportion of their savings and pensions in safe cash accounts …