Britain is planning a major overhaul of its pension system, with the aim of attracting up to £80 billion ($102 billion) in new investments through the establishment of "megafunds."

The proposed megafunds are intended to improve investment capabilities and create a strong framework for pension funds, potentially reshaping the retirement savings landscape in the UK. This move demonstrates the government's commitment to strengthening financial stability and promoting long-term investment strategies in the pension sector.

The implementation of these megafunds could potentially be the most significant transformation in UK pensions in decades. By attracting substantial investments, the government hopes to enhance the investment capabilities of pension funds and provide a solid foundation for retirement savings. This initiative reflects the government's dedication to ensuring financial stability and fostering long-term investment strategies in the pension sector.