Personal Pension  

UPDATE: Ros Altmann new pensions minister

UPDATE: Ros Altmann new pensions minister

Consumer champion Ros Altmann, who acted as ‘older workers tsar’ in the final months of the coalition government during the last parliament, has been confirmed as the new pension minister.

Former financial secretary to the Treasury David Gauke had been touted as the new minister for pensions earlier today, with trade titles and even the Financial Times apparently having the news confirmed.

Instead the prime minister has offered the role to Ros Altmann, who was set to take up a peerage and was lined up for a role as consumer affairs minister. It comes as a surprise after several trade titles carried stories on Friday stating she had turned down the pensions brief.

Earlier this morning FTAdviser reported on David Cameron announcing the first of the appointments to his cabinet, confirming many of his existing senior team will stay on in their current positions.

Ms Altmann takes over from the generally well-supported Steve Webb, who lost not only his job but also his Thornbury and Yate seat at last week’s general election. His Liberal Democrat party were routed and lost 49 seats in a dramatic reversal following five years in coalition government.

Elsewhere, Sajid Javid becomes the secretary of state for business, innovation and skill, taking over from Vince Cable, another Lib Dem to have been unseated; while Priti Patel becomes minister of state for employment, replacing Esther McVey, the Conservative former television presenter who also lost her seat.