Ros Altmann has been confirmed as the new pensions minister, replacing the popular Steve Webb who lost his seat last week.
Before the election Ms Altmann was told by Prime Minister David Cameron that she would be given a peerage and made a minister for financial consumer protection and financial education.
But since the election a number of industry insiders have raised concerns about the lack of pensions expertise in the wake of April’s reforms.
Earlier today, David Gauke had been touted on social media as the possible candidate. However, Ms Altmann, who has campaigned on a number of pensions issued for years and was the Government’s older workers champion, was invited to Downing Street this afternoon and offered the position.
Speaking when she was offered a peerage, Mrs Altmann said she would be carrying out a review into charge caps for pension products and developing the Pension Wise service.
At the time she said: “The reforms to savings and pensions in the past year have been so exciting.
“These reforms have proved to me that the Conservatives really do care about all savers, not just the wealthiest.
“They really do seem to want to make long-term savings work for the many, not just the few at the top.
“The wealthiest already had the freedoms and flexibility that are now open to everyone, but of course we now need to ensure financial services firms move with the times and adapt to the new environment.”
Joanne Segars, chief executive of the National Association of Pension Funds, welcomed the move, saying: “Pensions were a hot topic during the General Election campaign and will no doubt continue to be of interest in the coming Parliament. Pensions are also a complex topic where seemingly minor changes have major ramifications.”
Ms Segars added: “We are looking forward to working with Dr Altmann. We want to share our expertise to negotiate the tough challenges that lie ahead – some of which may require difficult decisions.
“We encourage the Minister to consider the benefits an independent commission would offer. By providing impartial and independent expertise and analysis a commission would allow the Minister to make policy that stands the test of time.”
