Chancellor launches pensions review to boost investment

Chancellor vows 'big bang on growth' to boost savings

Jonathan Stapleton
clock • 9 min read

The chancellor Rachel Reeves has announced the first phase of a landmark pensions review as part of the new government’s mission to boost growth and make every part of Britain better off.

Under the plans the chancellor said billions of pounds of investment could be unlocked in the UK economy from defined contribution (DC) schemes alone and pension pots for savers in defined contribution schemes could be boosted by over £11,000. The review will also look at how to unlock the investment potential of the £360bn Local Government Pensions Scheme (LGPS), which manages the savings of those working to deliver vital local services, as well as how to tackle the £2bn that is being spent on fees. The announcement comes ahead of the first Growth Mission Board on Tuesday (23 July). ...

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 Your profession

Firms with £500bn in AUM call for DE&I advancements

Firms with £500bn in AUM call for DE&I advancements

Rathbones, Sarasin & Partners and Scottish Widows sign statement

Patrick Brusnahan
clock 06 June 2025 • 1 min read
Professional Adviser TV: Behavioural psych to 'rapidly' become an advice essential

Professional Adviser TV: Behavioural psych to 'rapidly' become an advice essential

Dan Haylett and Louis Williams discuss the future of behavioural finance

Professional Adviser
clock 06 June 2025 • 1 min read
Neil Woodford to charge up to £70 a month to access portfolio platform

Neil Woodford to charge up to £70 a month to access portfolio platform

W4.0 launches

Cristian Angeloni
clock 06 June 2025 • 1 min read