The British government is making efforts to simplify its pension schemes by consolidating local government pension schemes (LGPS) into larger "megafunds."

This move aims to create a more efficient and robust pension system in a time of political instability. Former Chancellor George Osborne had previously initiated a similar effort in 2015, referring to it as "British wealth funds."

The current push demonstrates a continued commitment to rationalizing the fragmented pension landscape in the country, potentially improving investment capabilities and financial stability for future retirees.