TUC – With the right safeguards, workers savings can help boost the UK economy

Commenting on plans for pension fund reforms set to be announced in the Chancellor Rachel Reeves’ Mansion House speech tomorrow, TUC General Secretary Paul Nowak said:

“These proposals have the potential to boost workers’ pensions and encourage the extra investment we need across the country. With the right safeguards this could be a win-win, funding jobs, housing and infrastructure today, and retirement incomes tomorrow.

“Trade unions will work with ministers to make sure that workers’ savings are used in their best interests. Retirement security must be first and foremost, but working people also benefit when their pension savings help to create jobs and upgrade infrastructure where they live.

“It’s encouraging that the Chancellor is looking to Australia and Canada, where the best-performing pension funds combine scale with strong member oversight from trade union representatives.”