Image: Rachel Reeves wants to reform pensions. Pic: PA
Almost 90 local government pension pots will be grouped together, with defined contribution schemes merged and assets pooled together.
This is part of the government’s plan to increase economic growth through investing in infrastructure.
Pension schemes get greater returns when they reach around £20bn to £50bn as they are “better placed to invest in a wider range of assets”, according to the government.
This is backed up by evidence from Canada and Australia, the government argues – with Canada’s schemes investing four times more in infrastructure, and Australia three times more compared to the UK’s defined contribution schemes.
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Ms Reeves said it marks “the biggest set of reforms to the pensions market in decades”.
The chancellor added the changes would “unlock tens of billions of pounds of investment in business and infrastructure, boost people’s savings in retirement and drive economic growth so we can make every part of Britain better off”.
However, Tom Selby, the director of public policy at financial company AJ Bell, said: “There needs to be some caution in this push to use other people’s money to drive economic growth. It needs to be made very clear to members what is happening with their money.”
The government says the funds will be regulated by the Financial Conduct Authority and will need to “meet rigorous standards to ensure they deliver for savers”.
The Local Government Pension Scheme in England and Wales will manage assets worth around £500bn by 2030. These assets are currently split across 86 different administering authorities, with local government officials and councillors managing each fund.
Under the government plans, the management of local government pensions and what they invest in will be moved from councillors and local officials to “professional fund managers”.
This will allow them to invest more in assets such as infrastructure, supporting economic growth and local investment on behalf of the 6.7 million public servants, the government said.
Defined contribution pension schemes are set to manage £800bn worth of assets by the end of the decade.
There are around 60 different multi-employer schemes, each investing savers’ money into one or more funds. The government will consult on setting a minimum size requirement for these funds.
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Businesses cautious – but pensions sector backs plans
Businesses will need to be reassured that the government’s plans are watertight following the fallout from the budget, according to the trade group the Confederation of British Industry (CBI).
The CBI’s chief economist Louise Hellem said: “While the chancellor is right to concentrate on mobilising investment, putting pension reform to work for the government’s growth mission, unlocking investment also needs competitive and profitable businesses.
“With the budget piling additional costs on firms and squeezing their headroom to invest, the government needs to work hard to regain the confidence in the UK as a place businesses and communities can succeed.
“Pension schemes will want to operate within a UK economy that is prospering.”
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But key parts of the pensions sector gave their backing to the government’s plans, including Standard Life, Royal London, Local Pensions Partnership Investments and the Pensions and Lifetime Savings Association.
Deputy Prime Minister Angela Rayner said: “This is about harnessing the untapped potential of the pensions belonging to millions of people, and using it as a force for good in boosting our economy.”
A teenager suddenly becomes violent, his anger towards women fuelled by online influencers, while his parents struggle to process what their son is capable of.
Does this sound familiar?
It’s the story of the hit drama Adolescence – but for Jess and Rob, it’s their life.
Their 14-year-old son Harry’s violence has escalated so rapidly he’s had to be taken into care. We’ve changed all their names to protect their identities.
Until the age of 12, Harry’s parents say he was a “wonderful” son. But they saw a change in his personality, which they believe was sparked by an incident when he was hit by a girl. Soon, he developed an online interest in masculine power and control.
Image: Harry’s personality changed after he was assaulted (this image shows an actor in a Sky News reconstruction)
“Harry became obsessed with being strong, and I think he developed a difficulty around certain female people because of the assault,” Jess says.
“He had to be in charge… in every setting,” Rob adds.
Then one night, he punched his mother, Jess. His parents called the police in the hope it would shock him out of doing it again. But, as time went on, the violence escalated.
“We probably must have called the police over 100 times,” Rob says.
One attack was so serious, Jess ended up in hospital. The violence spilled outside the home too as Harry assaulted neighbours and friends.
Then he threatened to stab a teacher.
“Every time we think it can’t get any worse, something else happens and it does get worse,” Rob says. “Unfortunately, him getting hold of a knife is quite likely to happen.”
They say Adolescence, which stars Stephen Graham, Ashley Walters and Owen Cooper, touched a nerve.
Image: Jess and Rob say they called the police 100 times (this image shows actors in a Sky News reconstruction)
“My worst fear is that he’s going to end up killing one of us,” says Jess. “If not us, then somebody else…”
It’s a shocking thought for any parent to have. As well as contacting police, the family have tried many times to get help from social services and the NHS for Harry’s deteriorating mental health.
“We’ve been told that we’re using too many resources and accessing too many services,” Rob says. “We tried for 18 months to get him more intensive therapeutic help. At every turn it was ‘no, no, no’.”
They have found help with an organisation called PEGS that supports parents who are victims of their own children’s violence.
Image: PEGS founder Michelle John says many families struggle to have their concerns taken seriously
Last year it was contacted by over 3,500 families, a 70% increase on 2023. Founder Michelle John says many families struggle to have their concerns taken seriously.
“What we’re hearing time and time again is that referrals are not being picked up because thresholds aren’t being met and perhaps the parent or caregiver isn’t a risk to the child,” she says. “Families are falling through gaps.”
In some parts of the country, local organisations are attempting to fill those gaps. Bright Star Boxing Academy in Shropshire has children referred by schools, social workers and even the police.
Joe Lockley, who runs the academy, says the problem is services that deal with youth violence are “inundated”.
“The biggest cause of the violent behaviour is mental health,” he says. “They lack that sense of belonging and control, and it’s quite easy to gain that from the wrong crowd and getting involved in violence.
“Social media is having a huge impact, especially around that young person’s identity.”
Image: Ethan at the Bright Star Boxing Academy
Ethan, 18, agrees. He joined the academy aged 14. By then he had already been arrested several times for getting into fights.
He believes bullying sparked anxiety and depression. “Someone could look at me, I’d be angry,” he says.
“Social media – that’s definitely a massive part. You’ve got so many people that are living this material life. They’ve got loads of money.
“My main thing was seeing people with amazing bodies – I felt I couldn’t reach that point and it made me self-conscious, which would add on to the anger which then turned to hatred towards other people.”
Image: Ethan says boxing has helped him turn his life around
Without the support of the boxing academy, he believes, he wouldn’t have been able to turn his life around.
“I would either be in prison or I would have done something a lot worse to myself,” he says.
“It’s just this massive mess in your head where you’ve got a million thoughts at once – you don’t know what to think or how to even speak sometimes,” he adds.
“All we need is someone that’s got the time for us… and the understanding that it’s a war in our heads.”
A government spokesperson told Sky News: “We have seen too many preventable tragedies caused by the failings of mental health services, and it’s unacceptable that young people have not been getting the care and treatment they need to keep them, their families and the wider public safe.
“We are working to ensure children and their families get that help. We are investing over £50m to fund specialist support in schools, launching a Young Futures hub in every community, and providing access to a specialist mental health professional in every school in England.”
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK
A plastic surgeon has been found guilty of the attempted murder of a fellow doctor who he stabbed after a failed attempt to set his house on fire.
Peter Brooks had cycled to the home of Graeme Perks in Halam, near Southwell, Nottinghamshire, while wearing camouflage gear and armed with a crowbar, petrol, matches and a knife in the early hours of 14 January 2021.
The 61-year-old then doused the ground floor of the property with petrol before stabbing fellow plastic surgeon Mr Perks because he wanted him “out of the way”, his trial at Loughborough Courthouse heard.
The victim’s wife and children were sleeping at the time of the attack, the jury was told.
Mr Perks, a consultant plastic surgeon, had provided evidence in disciplinary proceedings against Brooks, who faced potentially losing his job with Nottingham University Hospitals NHS Trust, the jury was told.
Brooks was “voluntarily absent” from his month-long trial because he was on hunger strike and said he would “rather be dead than incarcerated”, it can now be reported.
He also sacked his lawyers before the trial and was unrepresented in the case.
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Image: Graeme Perks is fighting for his life in hospital. Pic: BAPRAS
When opening the prosecution’s case, Tracy Ayling KC had told the jury it was “clear that the defendant hated Graeme Perks” and wanted him “out of the way”.
Mr Perks, who was 65 at the time, had retired the month before the attack and suffered “extremely life-threatening” injuries to his liver, intestines and pancreas, and was given a 95% chance of death, the court was told.
He had woken up on the night of the attack when Brooks smashed through his conservatory, the jury heard.
Image: The camouflage suit worn by Peter Brooks during the attack. Pic Nottinghamshire Police
Mr Perks then went downstairs where his feet “felt a bit damp” from the petrol, which Brooks had also thrown against the wall next to the stairs, before he felt a “blow to his body”, the court was told.
Brooks was later found asleep on a garden bench later that morning when he was taken to hospital for injuries to his hand, and was arrested.
His blood was found on a door at the scene of the attack.
Brooks has been convicted of two counts of attempted murder, attempted arson with intent to endanger life, and possession of a knife in a public place.
Jurors deliberated for more than 12 hours before finding Brooks guilty of all the charges against him.
Image: Graeme Perks leaves court in Loughborough after giving evidence.
Pic: PA
This breaking news story is being updated and more details will be published shortly.
A two-phase statutory public inquiry into the Southport murders has been formally launched.
Home Secretary Yvette Cooper said the first phase would look at the circumstances around Axel Rudakubana’s attack on a Taylor Swift-themed dance class last summer.
It will focus on issues around policing, the criminal justice system and the multiple agencies involved with the attacker who killed three girls – seven-year-old Elsie Stancombe, six-year-old Bebe King and Alice da Silva Aguiar, nine.
It follows the revelation Rudakubana had been referred to the government’s Prevent scheme on three occasions, with the cases being closed each time.
This breaking news story is being updated and more details will be published shortly.