Chancellor says industry taskforce will allow retirement scheme managers to increase pension pots by up to £11,000

• Will Hutton: pension reform is the key to unleashing investment boom and turning round stock market

Labour has promised to bring forward wide-ranging reforms of the £2tn private pensions industry in a review that aims “to boost investment, increase pension pots and tackle waste in the pensions system”.

A taskforce of industry executives and ministers from the Treasury and department of work and pensions will propose ways to cut costs and improve investment options, allowing retirement scheme managers to boost pension pots by up to £11,000.