MORE than six million workers’ pension pots are at risk under Treasury plans to create so-called “megafunds” to siphon off into national infrastructure projects, GMB warned today.

Chancellor Rachel Reeves has said she wants to pool assets from the 86 separate local government pension schemes (LGPS) into eight funds, worth about £50 billion, by 2030.

She is due to announce her plans, which the government claims will be part of the “biggest pension reforms in decades,” in her inaugural Mansion House speech as Chancellor before City leaders tonight.