Labour MP Torsten Bell has been named as the new pensions minister.
Bell will step in to replace Emma Reynolds, who has been drafted in to fill the gap left by Tulip Siddiq after her resignation from the government.
Jon Greer, head of retirement policy at Quilter, said: “Torsten Bell’s appointment as a joint Parliamentary Secretary in HM Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions signals Labour’s intention to place pensions policy at the heart of its economic agenda.
“Bell’s background as an economist and his tenure as chief executive of the Resolution Foundation provides him with a solid background for the pensions brief and will enable him to grasp the complexities of a sector that is so critical to the financial well-being of millions.
“While Bell has previously advocated for radical pension tax reforms – such as moving to flat-rate pension tax relief and capping the tax-free lump sum at £40,000 – these ideas often fail to account for the practical realities facing savers who have relied on the stability of the existing system.
“That said, his dual appointment, like Reynolds role, across Treasury and DWP reflects the broader implications pensions have for the economy and the public finances.”
Greer said Labour’s commitment to the state pension triple lock, despite fiscal constraints, will “test his ability to deliver on manifesto promises while ensuring long-term sustainability”.
“Bell’s appointment also underscores a perennial issue, which is the revolving door of pensions ministers,” added Greer.
“This role, pivotal to the retirement prospects of millions, has seen a succession of short-lived appointees, each struggling to leave a meaningful legacy.
“The pensions industry is eager for a minister who can combine vision with execution and remain in post long enough to deliver meaningful reform.”
Andy Haldane, who was voted one of the most influential people in the world by Time magazine in 2014, said during a speech at a dinner that he did not understand the pensions system in the UK and that many financial advisors in the field don’t either. He was the Bank of England Chief Economist.
Hopefully Mr Bell does understand and makes a positive contribution.
Is this No. 465 over the last 10 years?
There has been a total of 18 ministers responsible for pensions since 1998 apparently.
Frank Field was one of the better ones in my view.