Labour is set to shake up the private pensions industry with wide-ranging reforms aimed at boosting investments and increasing pension pots. A taskforce of industry executives and government officials will propose measures to cut costs, improve investment options, and potentially increase retirement savings by up to £11,000.
The review will also explore simplifying investment strategies for pension funds to encompass more UK businesses, signaling a significant overhaul in the industry. The push for reform comes amidst plans for a £7bn national wealth fund and economic improvements to drive growth.
Led by pensions minister Emma Reynolds, the review aims to merge individual pension schemes in the Local Government Pension Scheme (LGPS) to enhance efficiency and potentially reduce costs. The goal is to unlock the potential for UK assets and drive productive investments for future retirement outcomes.
The reforms are part of a broader strategy to revitalize the UK economy and ensure a brighter financial future for all. With new rules expected to be in place as soon as next year, the government is committed to building a stronger foundation for long-term prosperity.
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