CashNews.co
LONDON (Reuters) – Britain’s Pensions Regulator said on Thursday that it welcomed government reforms to create larger pension schemes, which would enable them to invest more effectively in the UK economy.
Britain wants to build a slew of “megafunds” with up to 80 billion pounds ($102 billion) in fresh investment firepower, under plans for the biggest shake-up in UK pensions seen in decades, finance minister Rachel Reeves said on Wednesday.
“We welcome the bold reforms announced by the chancellor which will accelerate the move towards a consolidated market of fewer, larger pension schemes better equipped to deliver for savers and invest in the UK economy,” the regulator’s chief executive Nausicaa Delfas said in a statement.
“Backed by new powers, we can make sure larger schemes deliver real value for money for pension savers and raise standards across the market, while also encouraging innovation in new models.”
(Reporting by Carolyn Cohn; Editing by Alison Williams)