pension

She wants council pension pots to be merged so they can make bigger investments to generate higher returns, a move criticised as risky by some.

Mr Bailey will also echo Reeves' concern that the UK pension system is "fragmented" and requires "heavy lifting" to fix it.

Mr Bailey's Mansion House address will come alongside a speech by Chancellor Rachel Reeves, who will talk about her plans to shake up the UK pension system in a bid for growth.

That is different to private pension pots, which rise and fall in value depending on how investments perform.

While UK pension schemes tend to invest more in assets like equities and bonds, their Canadian rivals focus more on private markets.