00:00We are publishing the interim report of the Pensions Investment Review.
00:04It sets out our plans to create Canadian and Australian-style mega-funds to power growth
00:10in our economy, and start the most significant set of changes to the pensions landscape since
00:16the Turner Review, underpinned by a clear commitment to legislate for these changes
00:22for the first time in the Pensions Scheme Bill next year.
00:26We will deliver a significant consolidation of the defined contribution market to enable
00:31schemes to deliver better, safer outcomes, while investing to support growth.
00:37And we will legislate on measures to consolidate the Local Government Pension Scheme, one of
00:42the largest pension schemes in the world, and require that the 86 Local Government Pension
00:47Scheme administering authorities consolidate all of their assets into eight pools.
00:54These reforms will deliver real change in our economy.
00:58Through consolidation of the DC market and the Local Government Pension Scheme into mega-funds,
01:04previous domestic and international experience suggests that we could unlock around £80
01:10billion for investment in private equity, including exciting growth businesses, and
01:17in vital infrastructure projects, including transport, energy and housing projects, here
01:23in the UK.
01:24I look forward to working closely with President-elect Trump and his team to strengthen our relationship
01:31in the years ahead.
01:33And of course, our biggest trading partner is the European Union.
01:39We will not be reversing Brexit or re-entering the Single Market or Customs Union.
01:45But we must reset our relationship.
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