The UK government has unveiled a plan for a comprehensive overhaul of the pension sector, aiming to create 'megafunds' through consolidation, which could unlock significant investment in domestic infrastructure, projects, and new businesses.

British Treasury chief Rachel Reeves said Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.'s subpar economic growth.

“More often than not, it is Canadian teachers and Australian professors reaping the rewards of investing in British productive assets through their pensions schemes rather than British savers,” said Reeves. “That’s not good enough and we need to change that.”

The UK’s chancellor of the exchequer Rachel Reeves is due to propose merging Local Government Pension Scheme (LGPS) assets and consolidating defined contribution (DC) schemes into megafunds to unlock £80bn of investment for infrastructure projects and businesses of the future, the HM Treasury has confirmed.

The chancellor will use her maiden Mansion House speech to unveil what she calls the "biggest pension reform in decades". How will her plans affect your retirement savings?

Britain wants to build a slew of "megafunds" with up to 80 billion pounds ($102 billion) in fresh investment firepower, under plans for the biggest shake-up in UK pensions seen in decades, finance minister Rachel Reeves said on Wednesday.

Chancellor Rachel Reeves has unveiled an ambitious plan to supercharge the UK economy by reforming the pensions market, aiming to unleash tens of billions of pounds in investments for British businesses and infrastructure.

A government plan to use people's pension savings to boost economic growth has broad public support, new research reveals. Do YOU think it's a good idea - take our poll.

Outnumbered cast are all grown up in new BBC reunion photo Reeves to rip up pension rules in dash for growth 'Otherworldly' crash site discovered on surface of Mars by NASA helicopter What a 'Normal'