Thursday, December 7, 2023
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New Pensions Minister to be introduced



A brand new Pensions Minister seems to be set to be appointed shortly after Laura Trott MP was promoted to be Chief Secretary to the Treasury in as we speak’s Cupboard reshuffle.

Ms Trott was Pensions Minister for simply over a yr having been appointed Parliamentary Below-Secretary of State on the Division for Work and Pensions in October 2022.

Earlier this yr she introduced a serious shake-up of personal pensions to create “fairer, extra predictable, and better-run pensions.” 

Ms Trott grew to become a political adviser within the Quantity 10 Coverage Unit in 2011 beneath David Cameron when he was Prime Minister and rose to change into head of strategic communications by 2016. As a thanks for her work he awarded her an MBE in his resignation honours record.

She grew to become an MP in 2019, successful the secure Tory seat of Sevenoaks.

The function of Pensions Minister has seemingly change into a short-term one lately. The earlier Pensions Minister earlier than Laura Trott lasted simply 37 days. Alex Burghart was appointed by former PM Liz Truss on 20 September 2022 and misplaced the function on 27 October 2022.

Earlier than him Man Opperman MP held the function for greater than 5 years, from July 2017 to September 2022. However that also means 4 completely different individuals may have held the title Pensions Minister in little over a yr.

Jon Greer, head of retirement coverage at Quilter, stated: “The tenure of any Pensions Minister ought to ideally be marked by stability and a long-term dedication, reflective of the very nature of pension planning itself. As such Laura Trott has been unable to realize a lot in observe, which is probably merely down the place we’re within the political cycle quite than because of her capability.

“She has overseen the beginning of reforms designed to deliver equity, predictability and higher retirement outcomes for these invested in outlined contribution schemes. Nevertheless, whereas it might have been exterior of her management, there was a notable lack of particular political dedication to necessary coverage points like Collective Outlined Contribution schemes (CDC), Outlined Profit superfunds, worth for cash framework and small pot consolidation. With out this dedication from the broader authorities, it’s unclear what the timelines will probably be which leaves the trade in a state of flux.”

 

In different Cupboard adjustments introduced as we speak, James Cleverly turns into Residence Secretary, changing Suella Braverman, and former Prime Minister David Cameron returns as International Secretary and has been elevated to the Home of Lords as Lord Cameron. Victoria Atkins turns into the brand new Well being Secretary whereas Steve Barclay, previously Well being Secretary, replaces Therese Coffey as Atmosphere Secretary


 

 



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