The government has revealed plans to merge the UK's local government pension scheme - into a handful of so called "pension megafunds". Rachel Reeves will use her first Mansion House speech as Chancellor today to outline a shake-up of the sector.The proposed reforms will be introduced through a new Pension Schemes Bill next year - with assets consolidated into a handful of funds run by professional managers.
Read more: Who has Trump picked to be in his cabinet so far and who is in the running?Read more: Sara Sharif’s father ‘did not intend to kill her’ but admits beating her over the head with phone months before death Rachel Reeves said: “Last month’s Budget fixed the foundations to restore economic stability and put our public services on a firmer footing. Now we’re going for growth.