Chancellor Rachel Reeves eyes Canadian-style pension model to transform UK's £360bn Local Government Pension Scheme
October 04, 2024
Chancellor Rachel Reeves is working to create a “Canadian-style” pension fund in the UK, according to a recent article by the Financial Times.
The article reports that during a recent visit to Toronto, Reeves met with leaders of major Canadian pension plans to explore how the UK’s Local Government Pension Scheme (LGPS) can emulate investment practices of Canada’s largest pension funds. The LGPS, is currently fragmented into 86 individual funds managing £360bn, but would rank among the 10 largest funds in the world if consolidated.
Financial Times reports that Reeves sees this consolidation as crucial to unlocking potential for significant investments in equities and infrastructure, areas where Canada’s Maple 8 pension funds excel.
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