Finance minister eyes Canada-style pension reforms to boost UK investment | Business News

The finance minister has confirmed he is considering plans to merge local government pension systems and use some of the $360 billion in resources to invest in the economy.

Rachel Reeves said she wanted to follow Canada's example of using pension funds to invest heavily in infrastructure projects to spur growth.

It comes after Sky News reported the finance minister was due to meet Canadian retirement fund funders in Toronto during a three-day tour of North America this week.

Local government pensions in England and Wales are currently split into 86 separate funds serving around 6 million members.

“The size of the Canada Pension Plan means it can invest far more in productive assets like essential infrastructure than we can,” Ms. Reeves said.

“I hope the British system will learn from the Canadian model and reinvigorate the British economy, which will provide greater returns to savers and lead to billions of pounds being invested.

“We are already starting to see plans announced to invest. It is a vote of confidence in our work to fix the foundations of our economy, rebuild Britain and make every part of our country a better place.”

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Mrs Reeves previously announced a review of the pensions sector, and boosting economic growth was also a key message in the King's Speech.

The Chancellor is expected to give details of his pension plans in his first Mansion House speech.

Investment firms including Legal & General, Aviva and Phoenix have welcomed the industry review, which began in July.

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