Ros Altmann has stepped down as pension minister but has said she remains “deeply committed” to making better long-term savings policy.
She told FTAdviser her decision to quit the Cabinet would mean “I will have my life back and be able to speak freely at this dreadfully difficult time for our country”.
Ms Altmann tendered her resignation in a letter to new Prime Minister Theresa May on Friday (15 July).
The letter - which the former pension minister published on her Twitter feed – stated she looks forward to “continuing to advise on pensions, finance and later life policies from the House of Lords benches”.
I remain deeply committed to helping our great country make better pensions policy for the British people and to planning ahead for the long-term future of our ageing population. Ros AltmannMs Altmann was given a peerage by then prime minister David Cameron when he gave her the job of pension minister, despite her not being an MP.
Her resignation letter lays out a series of requests to her successor, including the continued roll-out of auto-enrolment and measures to address long-term care costs for people in later life.
She also details three policy areas where she would like to see more work done by government.
Ms Altmann backed a flat rate of pension tax relief to “end discrimination against Britain’s lowest earners”, branding the current incentive structure for retirement savings “ineffective and complex”.
She also called for a review of defined benefit scheme funding and “fair treatment” for women on the issue of state pension age equalisation.
Ms Altmann ends her resignation letter by saying, “I remain deeply committed to helping our great country make better pensions policy for the British people and to planning ahead for the long-term future of our ageing population.
“I stand ready to help my successor and to offer my policy expertise. As you set a new course for our country at this very difficult time, I wish [Theresa May] every success.”
laura.miller@ft.com
