UK set to create new pension megafunds with aim of unlocking $100 billion for investment

British Treasury chief Rachel Reeves is set to announce plans later Thursday to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.’s sub-par economic growth. In comments released by the Treasury ahead of her speech to finance leaders in central London, Reeves will say that the creation of so-called “megafunds” will represent the “biggest pension reform in decades.” Reeves will say that the changes could help unlock 80 billion pounds ($100 billion) for investment. Pension funds invest in a variety of assets, such as shares, bonds, real estate and infrastructure, in an attempt to increase the retirement benefits for their members.