Chancellor Jeremy Hunt has announced plans for the majority of defined contribution (DC) savers to have their pension pots managed in schemes over £30bn by 2030.
Hunt confirmed the plans were part of his plans to advance his Mansion House reforms to consolidate the industry in a way that "improves outcomes for savers". Alongside this, Hunt also announced plans for Local Government Pension Scheme funds to be invested in pools of £200bn or more by 2040, as well as plans to consult on pension "pot for life" reforms and a plan to open the Pension Protection Fund as an investment vehicle for smaller defined benefit (DB) schemes.
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