New Pensions Minister

Ros Altmann appointed Pensions Minister

At Pensions Management Limited, we were much encouraged to hear of the appointment of pensions’ champion, Dr Ros Altmann CBE to the role of Pensions Minister within the Department of Work and Pensions as part of David Cameron’s ministerial team

Her appointment route to the job vacated by Lib Dem MP Steve Webb (who lost his seat in the election), is to be via a peerage.  Whether this will be seen as a double celebration or a double whammy is yet to be seen – but Ros Altmann, a knowledgeable and respected industry figure, will be taking over at a time of huge change in the entire pensions scene.

Ros has a long and distinguished history campaigning for the interests of pension savers

An economist, with investment management experience, she rose to prominence in 2002 when energetically championing the causes of disinherited private sector final salary scheme members and Equitable Life policyholders.  More recently she has worked tirelessly for annuity reform, whilst being an outspoken critic of quantitative easing.  Last year she was appointed by the coalition as Business Champion for Older Workers – and in that role has spoken fearlessly in support of the employability of the over 50s.

There are some key early pension priorities for Ros

One of Ros’s top priorities as the new pensions minister is to ensure that the new Pension Freedom reforms launched in April, which allow over-55s to cash in their entire retirement pots to spend, save or invest as they wish, are implemented successfully. In addition, she will be overseeing the rolling out of auto-enrolment pension saving to more businesses, and a big overhaul and simplification of the state pension system starting next year.

As pensions specialists we will be watching closely to see how she deals with these major challenges and wish more power to her elbow!

In the meantime, if you need some help or advice on Pension Freedom, Small Self Administered Schemes or any other pension related issue you might have, please contact us or call us on 0121 693 0690. We’re here to help.

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