Chancellor to create pension ‘megafunds’ to drive economic growth – here’s how it would work [Video]

Updated 07:41 EST 14 Nov 2024

A government plan to use people’s pension savings to boost economic growth has broad public support, new research reveals.

In her Mansion House speech tonight, Chancellor Rachel Reeves will announce the creation of pension ‘megafunds’, by forcing mergers of smaller local authority and private work schemes to unlock £80billion of new investment.

Some 57 per cent of people want their pension to include a higher percentage of UK company shares – though 42 per cent said that was under the proviso it would not impact investment returns.

Meanwhile, 54 per cent want their pensions to invest more into private assets like housing schemes, infrastructure projects, and early-stage growth companies, according to the survey by Abrdn.

Its poll of 3,000 people, weighted to be nationally representative, found 14 per cent did not want …