Pensions minister Laura Trott has been promoted to chief secretary to the Treasury while Rachel Maclean lost her job as housing minister in the latest cabinet reshuffle.
Trott had been in post as pensions minister since October last year - making her the fourth pensions minister since 2015 to serve in the role for about a year. Her replacement has not yet been named.
Her predecessor as chief secretary to the Treasury, John Glen had been in place since last October.
Kate Smith, head of pensions at Aegon UK, said Trott packed a lot into a relatively short time in her ambition to deliver “fairer, more predictable and better run pensions”.
During her time in the role, Trott was involved with the chancellor’s Mansion House pension reforms and pushed for extensions to automatic enrolment.
This included the value for money framework, small pots work and collective defined contribution pension schemes and the drive towards scheme consolidation, with fewer larger pension schemes.
Smith said: “Many of these initiatives have been intertwined with the chancellor’s interest in encouraging pension schemes to invest in private equity to boost economic growth. Although an ambitious agenda, much of this is still ‘work in progress’ and with no Pensions Bill included in the King’s Speech, or in sight, it means delivering these initiatives could be some years off.”
She added: “One area where Trott has made a difference, and delivered, has been to define and publish the first official statistics showing the gender pensions gap, shining a light on the difference between male and female private pensions wealth.
“This will allow the government, and employers, to monitor the impact of policies and the wider economic pressures on the gender pensions gap, hopefully helping to develop solutions to narrow the gap.
“It will be vital for the new minister to get up to speed quickly, and continue driving forward these key pension initiatives.”
A new housing minister again
Elsewhere, Rachel Maclean was asked to step down from her role as housing minister.
Taking to social media platform X, she said: “Disappointed and was looking forward to introducing the renters reform bill to committee tomorrow and later the leasehold and freehold bill. It has been a privilege to hold the position and I wish my successor well.”
She has been replaced by Lee Rowley, who has previously held the role before.
Maclean was appointed minister of state at the Department for Levelling Up, Housing and Communities in February 2023. She was the fifteenth housing minister since 2010.
Paresh Raja, chief executive of Market Financial Solutions, said: “The merry-go-round continues.
"We are about to welcome the 16th housing minister since 2010, and while the chopping and changing of ministerial positions has become all too common across the board in recent years, the level of turnover in this particular role is a notable concern.
“Creating clear and consistent policies – let alone delivering on them – is inevitably difficult with such frequent changes in personnel, and this impacts homeowners, buyers, renters and investors alike.
“A sense of stability is important in virtually every industry, and the property sector would certainly benefit from an extended period with a single housing minister, although this is only likely after the next general election.”
Other changes
The role changes come as prime minister Rishi Sunak reshuffled his cabinet, with the surprise appointment of former prime minister David Cameron as the new foreign secretary and the sacking of Suella Braverman as home secretary.
James Cleverly has since stepped into her role.
Elsewhere, Will Quince quit as health minister and Victoria Atkins was appointed health secretary.
Therese Coffey quit as environment secretary and Steve BArclay took on this role.
amy.austin@ft.com
