Torsten Bell has been appointed as the new pensions minister for the UK government in yet another quickfire change to the line-up of people responsible for this important and complex area.
Bell’s appointment follows the resignation of Tulip Siddiq as Economic Secretary to the Treasury yesterday (14 January) over an anti-corruption investigation in Bangladesh.
Consequently, the previous pensions minister, Emma Reynolds, was appointed as the new Treasury minister, leaving the pensions role vacant for Bell.
Kate Smith, head of Pensions at Aegon said: “We welcome Torsten Bell’s appointment as new Pensions Minister, replacing Emma Reynolds. Bell’s appointment is unlikely to ‘ring’ in any immediate pension changes to the Government’s pension and growth agenda given most initiatives bear the Treasury footprint where Reynolds now resides.
“Bell will have his hands full due to the extremely busy and ambitious pensions agenda, including the ‘Unlocking the UK pensions market for growth’ which closes tomorrow and the Pension Schemes Bill scheduled for the Summer.
“Although this is a change in Ministerial leadership, we expect little change in the strategic policy direction. But we would welcome clarity on when the Government will return to the ‘adequacy’ phase of its Pensions Review. This is also an opportunity to carry out a review of all the policy initiatives in flow, considering the sequencing which works best to deliver the government’s objectives without causing customer confusion or market chaos. “
