Pension pots could receive boost as Labour propose 'big bang' reforms
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manchestereveningnews.co.ukThe Chancellor hopes to boost pension pots by £11,000 and unlock billions more in investment with a review of retirement savings.
With pension schemes expected to manage about £800bn by 2030, the review will look at how they can be encouraged to invest in productive assets such as infrastructure.
As well as supporting the Government’s aim of boosting economic growth, the Treasury said this would also ensure better returns for savers, increasing the average pension pot by more than £11,000.
The announcement follows the inclusion of a Pension Schemes Bill in Wednesday’s King’s Speech, to help savers by introducing automatic consolidation of small pension pots and a value-for-money framework to improve governance.
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