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

FOS freezes all case fees and levies amid heightened demand

FOS freezes all case fees and levies amid heightened demand

Predicts around 240,000 cases in 2025/26

Isabel Baxter
clock 11 December 2024 • 3 min read
Andrew Goodwin: Human connection is central to both personal and career success

Andrew Goodwin: Human connection is central to both personal and career success

'It's tough to make predictions – especially about the future'

Andrew Goodwin
clock 11 December 2024 • 4 min read
'Expensive' AI tools put financial advice at crossroads of caution and innovation

'Expensive' AI tools put financial advice at crossroads of caution and innovation

AI agents in financial advice: Opportunity or overreach?

Sahar Nazir
clock 10 December 2024 • 2 min read