Rachel Reeves plans Canadian-style retirement funds, Times reports

The U.K. government is considering consolidating a number of local pension plans in a bid to combine their £360 billion ($458 billion) in assets and create a “Canadian-style” model, according to the Times.

Chancellor Rachel Reeveswho meets in Toronto on Wednesday with the head of Canada’s largest pension funds, believes a single fund will drive investment in infrastructure projects and generate higher returns. The consolidation is also aimed at cutting costs and fees, the newspaper reported.