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• Reeves to announce ‘megafunds’ shake-up of local government pension scheme

Tracy Blackwell, chief executive of Pension Insurance Corporation, has backed Rachel Reeves’s pension reforms as “a step in the right direction”.

Blackwell told BBC Radio 4’s Today programme that new pension “megafunds” will benefit the taxpayer.

We think it’s a really important step in the right direction. It really mirrors what has already happened in the defined benefit private sector world.

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