Ministers are considering a sweeping reform to the fund that protects savers in company pension plans, according to the Financial Times.

The “sweeping reform” is a £39bn pot that provides a safety net for pension schemes when an employer fails – that would turn it into a vehicle for tens of billions of pounds worth of investment in UK businesses. 

The paper says that, under the plans, the fund’s remit would be widened to allow it to take on struggling pension plans that have not yet failed, and that the additional funds could be invested in start-ups and fast-growing businesses.