Over the past decade of political turmoil, few goals of government policy have been quite so consistent as that of rationalising the country’s mish-mash of pension schemes. In a speech in the City of London on November 14th Rachel Reeves, the chancellor, announced plans to consolidate local government pension schemes (LGPSs) into “megafunds”. Back in 2015 George Osborne, a previous chancellor, inaugurated his own push to merge them into “British wealth funds”.