Chancellor Hunt Unveils Major Pension Reforms

Consolidation of Local Pension Schemes, Wider Role for Pension Protection Fund

Government to Consult on Measures to Improve Retirement Savings

Chancellor of the Exchequer Jeremy Hunt has announced plans to revamp the UK's pension system, promising to deliver an extra £1,000 a year in retirement income for Britons. The reforms, which will be unveiled in a consultation paper, include:

• Consolidating local government pension schemes to reduce costs and improve efficiency.
• Widening the role of the Pension Protection Fund to protect savers from the risks of scheme failures.
• Encouraging pension funds to invest in high-growth companies to boost returns.

The government believes that these reforms will make the pension system fairer, more sustainable, and better equipped to meet the challenges of the 21st century.