British Chancellor of the Exchequer Rachel Reeves said on Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the UK's subpar economic growth.

British Treasury chief Rachel Reeves is set to announce plans later Thursday to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.’s sub-par economic growth.

Chancellor of the Exchequer Rachel Reeves said the UK will introduce legislation next year to pool £1.3 trillion ($1.7 trillion) of pension savings into a series of “megafunds,” as the new Labour government tries to deliver on its pledge to boost private investment and economic growth.

The UK Government plans to create pension megafunds that could unlock billions of pounds for infrastructure investment, Pensions Minister Emma Reynolds has told GB News. The initiative aims to consolidate existing pension schemes into larger funds capable of making substantial investments in major projects across Britain.

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The UK government is set to implement major reforms in the pension sector by consolidating assets into “pension megafunds,” aimed at unlocking investment for critical infrastructure and fast-growing businesses.