On 14 November, the Chancellor of the Exchequer gave a speech to the Lord Mayor of London, business leaders and City notables, at the Mayor’s official residence, Mansion House. She used the occasion to launch an interim report from the ongoing Pensions Investment Review, and a consultation exercise on proposed reforms to workplace defined contribution (DC) schemes.

Read our 60-second summary for more on the Chancellor's vision to:

• Consolidate smaller pension funds into "megafunds" with £25–50 billion of assets under management.
• Limit the number of default investment options and setting minimum asset thresholds for remaining funds.
• Allow automatic transfers of savings into larger schemes without member consent, with safeguards for member interests.
• Introduce periodic employer reviews of pension performance, possibly targeting large employers and potentially requiring a board-level appointee.

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If you would like to discuss anything in more detail, please do get in touch.