Mansion House reforms to unlock £75bn from pension funds

'Evolutionary, rather than revolutionary change' in pensions

Jasmine Urquhart
clock • 4 min read

Up to £75bn of investment from defined contribution (DC) and the Local Government Pension Scheme (LGPS) could be used to grow the economy and boost member outcomes, the chancellor has announced.

In last night's (10 July) Mansion House speech, chancellor Jeremy Hunt launched an array of reforms encompassing DC, the local government pensions, and defined benefit (DB) schemes, with the average saver expected to benefit from more than £1,000 extra a year in their pension pot. He said the ‘Mansion House Reforms' could increase the average savers' pension pot by about £16,000, or 12%, with the aim of increasing investment in high-growth UK businesses as well as ensuring better member outcomes. The reforms will include the chancellor's "three golden rules" of securing the best membe...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Could an independent commission solve the state pension dilemma?

Could an independent commission solve the state pension dilemma?

'The next government needs to take a step back from political rhetoric'

Rachel Vahey
clock 17 June 2024 • 3 min read
Number of SIPP millionaires up 20% at Hargreaves Lansdown

Number of SIPP millionaires up 20% at Hargreaves Lansdown

Provider has 3,794 SIPP millionaires on its client roster

Jenna Brown
clock 17 June 2024 • 2 min read
Welsh firm declared failed by FSCS over pensions advice

Welsh firm declared failed by FSCS over pensions advice

Claims can now be made against Broadlands Partnership

Isabel Baxter
clock 17 June 2024 • 1 min read