The reforms would consolidate almost 90 smaller local authority and private workplace schemes together, in the hope that larger funds could generate greater returns

The Chancellor has announced plans to merge local government retirement schemes into Canadian-style 'mega-funds'

Ms 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.

The new Labour Party Chancellor 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.