British Treasury chief Rachel Reeves said 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 U.K.'s subpar 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 chancellor will use her maiden Mansion House speech to unveil what she calls the "biggest pension reform in decades". How will her plans affect your retirement savings?

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.