U.K. government retirement reform takes cues from Australia, Canada.

The U.K. government is planning significant retirement system reforms, inspired by models in Australia and Canada, to consolidate pension schemes into "megafunds" and improve governance. The goal is to unlock £80 billion in investments and enhance local economic growth through infrastructure investments. While the changes have been largely welcomed by the industry, there are concerns about potential disruptions and costs associated with consolidation. The reforms will be introduced through a new pension funds bill next year. [Extracted from the article]