Skip to main content
Reeves plots mega raid on pensions, union warns
Models of elderly people on a pile of coins and bank notes

MORE than six million workers’ pension pots are at risk under Treasury plans to create so-called “megafunds” to siphon off into national infrastructure projects, GMB warned today.

Chancellor Rachel Reeves has said she wants to pool assets from the 86 separate local government pension schemes (LGPS) into eight funds, worth about £50 billion, by 2030.

She is due to announce her plans, which the government claims will be part of the “biggest pension reforms in decades,” in her inaugural Mansion House speech as Chancellor before City leaders tonight.

Liberation webinar, 30 November2024, 6pm (UK)
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
 Prime Minister Sir Keir Starmer
Britain / 31 March 2025
31 March 2025
Starmer's ‘Organised Immigration Crime Summit’ fails to find the simple solution to upend human smugglers’ business model: safe routes
A person holding an energy bill
Britain / 31 March 2025
31 March 2025
Similar stories
CAIWU
Britain / 12 February 2025
12 February 2025
Children play at a tent camp for displaced Palestinians in G
Britain / 7 February 2025
7 February 2025
Urgent divestment call for local authority schemes
British one pound coins
Unison Conference 2024 / 17 June 2024
17 June 2024