Campaigner Ros Altmann named new pensions minister
Her appointment was welcomed by the pensions industry
The campaigner Ros Altmann has been appointed pensions minister. David Cameron announced before the election that the former adviser to Tony Blair would become a minister with responsibility for financial consumer protection and financial education, but has given her a more senior appointment following the failure of the last pensions minister, Steve Webb, to hang on to his parliamentary seat.
Dr Altmann, who previously worked as a director of Saga and was a “business champion” for older people for the Coalition government, will be made a Tory peer in order to take up the position.
When news of her ministerial appointment was released, she said: “I have worked hard for many years to help ordinary pension savers and expose injustice. I’ve been trying to make pensions and savings work better for ordinary people.”
Her appointment was welcomed by the pensions industry. Nick Ayton, the managing director at GenLife said: “Ros Altmann brings considerable experience which, given the challenges ahead in getting more people to take a serious interest in preparing for retirement, will be essential in the coming weeks and months.
“But Ros will have her work cut out to ensure the pensions revolution... does not hit the buffers and that consumers are protected.”
Tom McPhail, the head of pensions research at Hargreaves Lansdown said: “Ros’ s experience in pensions will be a great asset. She is inheriting a pension system which is in the throes of implementing three hugely significant reforms; auto-enrolment, freedom of access and the changes to the state pension.”
David Fairs, chairman of the Association of Consulting Actuaries added: “Ros is well attuned to both the private pensions market and the aspirations of the public in terms of pension outcomes and delivery of service.”
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