The chancellor, Jeremy Hunt, is poised to announce plans to merge workplace pension schemes and release up to £75bn of retirement funds for fast-growing startups, in a move that could accelerate plans to create the next Silicon Valley.
Hunt will say that the government will push for consolidation of the UK’s wide range of pension schemes – including final salary pensions – in order to pool their funding and create better returns for future retirees.
He will also confirm that the Treasury has struck a deal with nine of the largest pension providers that would result in firms earmarking 5% of retirement funds towards private investments.
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