The government has published the interim report of its Pensions Investment Review – setting out proposals it is consulting on to “deliver scale and consolidation” of the defined contribution (DC) market and the Local Government Pension Scheme (LGPS).
The report – published as chancellor Rachel Reeves delivered her inaugural Mansion House speech last night (14 November) – sets out interim findings of phase one of the Pensions Review, which was launched by the chancellor in July 2024. It puts forward proposals to legislate for a minimum size and maximum number of DC pension scheme default funds, and to legislate to require for the 86 LGPS administering authorities to consolidate their assets into fewer, larger pools of capital. The government said this would set the DC workplace market and the LGPS onto a path of fewer, larger funds...
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