The chancellor has announced plans to merge local government retirement schemes into eight Canada-style ‘megafunds’

• Reeves to announce ‘megafunds’ shake-up

Rachel Reeves has announced plans to merge local government retirement schemes into eight Canada-style “megafunds” in what the Treasury claims will be part of the biggest reform of the UK pension market in decades.

So what will the changes, announced as part of the chancellor’s inaugural Mansion House speech on Thursday, actually mean for UK pensions and what can they achieve?