Chancellor to tell City leaders of Canada-style plan to pool assets for benefit of long-term investment

Rachel Reeves will announce plans to merge local government retirement schemes into “megafunds” as she tries to revive long-running efforts to overhaul the public pension system.

She will tell an audience of City leaders and chief executives on Thursday that she will introduce a pensions bill next year aimed at pooling assets from the 86 separate local government pension schemes (LGPS) in England and Wales into eight funds, worth about £50bn, by 2030.