UK Government Announces Major Pension Reforms to Boost Economic Growth

Rachel Reeves unveils comprehensive review aimed at increasing pension investment and enhancing retirement savings.

Labour's plan includes a taskforce to cut costs and improve investment options for pension funds.
The review aims to boost the average pension pot by £11,000 and unlock billions in investment.
Proposals include consolidating Local Government Pension Scheme assets to reduce fees and increase returns.
Consideration of higher pension contribution rates for workers is part of the review.
Industry leaders support the reforms, highlighting potential benefits for UK businesses and economic growth.